Interesting article in the Telegraph: Investment vehicle linked to Conservative donor David Rowland sued after 'not paying for £2m shares'. It mentions Johan Bohman and is a fascinating insight into behind the scenes share dealings involving xG. For me, two points stand out:
Firstly, think back to a previous Johan Bohman thread: Johan Bohman is a Crook. In it is a fascinating post from xStureplan. His conclusion about how Johan got involved in xG is that someone (whom we now know to be unregulated stock promoter Fredrik Wahlman) took advantage of Johan's "drink addled brain" and used him as a "dumping ground" for stocks everyone wanted out of.
Contrast that with the Telegraph article which says "The money [from Jonathan Rowland] did not arrive but the shares were later sold on to a vehicle belonging to a Swedish billionaire, Johan Bohman, for $1.4m." So, yep, Johan = Dumping ground.
These were 3 million shares. 'Do-ing the math' gives us $0.47 a share, which is pretty shit considering during 2008 the price ranged from $6.50 to $1 so it's a minimum of a 50% discount. Johan probably thought this a good deal at the time, pity the rest of his shares were so expensive...But who was so keen to get rid of shares at such a discount to the market rate?
The shares had come from failed Icelandic bank Straumur. Who do we know that is Icelandic and has a connection with xG? Which brings us on to...
Secondly, do please kindly note the reason why the Rowlands' disputed the sale of the xG shares. It was because the shares were restricted! It doesn't take the brains of an Archbishop to work out the original source of those 'restricted' shares.... It would be someone with Icelandic contacts.... Someone who was illegally selling restricted shares previously...
Palmi Sigmarsson! You know; the xG director that was illegally selling 'restricted' shares via some loser boiler-room slob in Spain? Yeah the same Palmi Sigmarsson who had his investment company closed down by the finance inspectorate for some serious irregularities. Yep the same guy who was working with NCR the Spanish Boiler-Room owned by a Sarasota friend of Rick Mooers.
He's certainly has his fingers in some pies. This is of course the same chap who made up to $2,250,000 shorting xG in 2008. In May '08 he borrowed and immediately sold 450,000 shares at $5 each. The shares were meant to be returned to Landsbanki Luxembourg SA before Feb 2009 at the prevailing market rate. BUT Palmi certainly called this one right. Perhaps he knew that Landsbanki were in trouble: They went bust in October 2008 so, possibly, there was nobody to repay the shares to, and even if chased he knew where there was a large reserve of shares at $0.47 and under - his own holdings...!
Put it all together - Around the same time Palmi is:
1) Selling xG shares for less than $0.47, he is also
2) Shorting the same shares for $5.00 - and I wouldn't be surprised if I was told who bought these shares...
Johan: You've been played my boy.