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BREAKING: A final kick in the gonads from Lyin’ James Draper to Bidstack shareholders

By Tom Winnifrith, the Sheriff of AIM | Saturday 23 March 2024

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.

Lyin’ James says that he was “delighted” to share this news on LinkedIn. He and his fellow directors at Bidstack (BIDS) have done a prepack deal with the administrators of the PLC to buy the operating businesses, Bidstack Ltd. Without management they would have had sod all value so as the only bidder they will have paid buttons. The administrator will get its costs mist creditors, parked in PLC not Ltd, will take a monster haircut, shareholders will be wiped out. And Lyin’ James et al sail on, running a business created with £40 million of other folks' cash.
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