Good article but it barely scratches the surface of the absurdity of the pirate crew.
Where is the detail of the $1 put option worth $80 mil that was gonna boost HML's NTA because JBFG was going to promise to buy shares in itself for an amount greatly in excess for what they were issued?
What about the non-recoverable $1m loan for chicken wings?
How about the the millions paid to related parties for brokerage for a quarter of a million trades that lost money last financial year?
What about the fact that JBL initially tried to list on ASX but for mysterious reasons never made it there?
What about the fact that Stuart was just a futures day trader at Aliom, an entity which was folded into Genesis Proprietary Trading, which was sold to Epoch Capital, another futures proprietary trading firm, who then sold Genesis to... JBFG? How about the fact that Stuart was trying to flog Genesis off to another futures prop trading firm called Propex Derivatives for nothing more than shares in Propex (ie no cash) as recently as 3 months ago?
Good article but it barely scratches the surface of the...
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