UK 09:24 Friday, 6 November 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I noted today that the ability of the (value) Wrecking Crew that is David Lenigas and associated gophers at Polemos was dire and I doubted if anyone could do worse (see HERE). But a kind reader has managed to find an even more disastrous investment made by Jabba The Hutt using - natch - other folks cash. Let's wind back to 2008 and LGO Energy (LGO), then called Lenigas & Oil.
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Comments
wildrides
No doubt the mug punters made it all back again by averaging down at fractions of one penny and riding the SP all the way back to the 6 pence you often quote . Its called the stock market Thomas . Prices can go up as well as down and the journey is often bumpy . Be selective in your journalism if you must …….. but most of us take a more even handed view about risk and uncertainty . Many punters will have made a lot of money on that journey and be grateful . Others not so tactical will have held too long or got in too late on the growth curve and not be so happy .
Drunken Sailor
Pretty incredible and he can’t even blame the oil price. He just goes after any old shite that he thinks will make a good story. This has nothing to do with stock markets going up and down and everything to do with incompetence and greed on the part of Big Dave (I still got my 100ft yacht in Monaco) Lenigas.
sdh
Wilderides
As a short term trader you can argue the same for any share or fraud. Its long term holders who suffer. Mind you most of the BBMs from LGO were not registered on the LSE at this time.
Duck and Dive
Dastardly Dave loves these deals with opaque private companies – presumably because they are opaque and Dastardly can make up anything he likes about them. Well worth tracking down the missing £10m, I reckon.
Most of Afriag shareholder cash went into a private company too; and Lenigas Cuba are busy salting away cash into obscure private businesses which apparently only exist in order to receive Dastardly’s cash.
But in any event, he must be the world’s worst investment picker. Even the PLCs that Polemos shareholders funds went into fell off a cliff.
WR thinks that this world-class failure is a good punt because he’s also a world-class ramper so traders can make money — but that was in the good old days when he strutted his stuff on AIM Street. Nowadays he just Tweets and Tweets to little effect…which is a good thing for share buyers.
Bearfacts
Errr The placings were at 8p so anyone who participated got stuffed and the money was clearly spunked against an Aussie wall. (So to speak)
Be interesting to see who ran the Byron energy outfit and what they spent the money on!
Byron Energy certainly did well out of it!
All the best….
wildrides
Drunk ………..pissed again I see ( well I suppose it is Friday )
Every company goes through a life cycle ……… birth …….. boom …….bust or nearly …….maybe rebirth , rinse repeat . Its just the business cycle . Excluding fraud ,investing is just an entry and an exit . Like Lemon Gas or not ( and I dont ) he made it possible for LGO to make punters with good timing skills alot of money , but oil price stopped the gravy train , just as it has for BP and shell ( take a look at the graphs ) and the Gold FTSE stocks over the last few years ( again look at the graphs ) Many of the big retailers have been from feast to famine many times over the years . Choose and Hold turns to choose and lose over time . Just like Bowie said “Fashion”. Unless its a water company ZZZZzzzZZZZzzzzz.
Bob the Brush
Wildes, its hard to see exactly what your point is so excuse me if I have it wrong but how I read it you are saying that it doesn’t matter if a company is shit because some people will profit from trading it? the reasoning being that all companies go down eventually, so it doesn’t matter if its a shit company or a good one as its the same overall.
This is bizzare thinking even from you. putting a shit loss making company on AIM and then using it to extract as much money from investors as possible to line your pockets is not ok just because a very small minority of lucky traders will also profit. And its not the same as proper companies where a large number of people have profited from dividends and on average will profit. companies like those you mentioned have paid out more in dividends over time than their MCAP has been at its recent peak and ALSO allowed many people to profit from trading AND not directed a much smaller amount into directors pockets. so overall they generate and release profit, unlike the aim stocks that you mention which destroy value. its a mind bogglingly simple concept.
The fact that you are so imbued in AIM that you have forgotten how a company is supposed to generate +ve shareholder value over its lifetime for a majority (albeit never all by definition), not just for a small minority is quite indicative really.
Your apologistic reasoning is akin to saying ‘it doesn’t matter that I stabbed him, he was going to die anyway right?’
Drunken Sailor
Wildes if you think buying some oil assets for $28.57m in 2008 and selling them back to the people you bought them off for just $1.714m 4 years later, when the oil price had gone up over that period is just one of those cycle things then you are clearly completely out of your mind on something far stronger than alcohol.
Where are the LGO Q4 production figures? Where is the LGO year end cash in bank figure? We need to know to work out whether the froggies are going to put LGO into receivership in Mar (only a few weeks away now) or April.
wildrides
Duck
Just to clear up for readers …………..I dont have a twitter account or Facebook or belong to any Bulletin Board .
Although I sometimes sign off as WR on here .
Cuban Ring smoker
A leopard wil never change its spots. Lenigas and his bloody private companies. Evocutis aswell cant find anything out about the million invested in a Brazilian tungsten play. The man is a joke a hipercrite and smokes those cuban cigars through his ring peace. Fact jabba is just a liar and all companies that he has been involved in should be investigated, He should be barred from entering the UK