Ann: Sale of Flamingo Ai assets, page-86

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johnnyspizza

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25/05/20

10:31

Post #: 44810650
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Originally posted by canemcalcitro: ↑

I'm still baffled at how opaque the "new owners" are. Aside from an apartment in Pyrmont as an address, I can't figure out a single solitary thing about them. I suppose SH are meant to decide whether this is a legit transaction based on zero information - you'd think they'd have to present other attempts to shop the company for various prices and how that went.

Also, it's a bit hard to tell if this is a legit arms-length transaction when you have zero idea who is buying it. It's also not clear to me whether the corporate structure that's buying it is really a going concern - certainly there are no search engine hits on the companies, no-one claiming to run them on LinkedIn that I can see, etc.

Just because you can look up these entities and see they've been around since 2013 doesn't mean that they aren't "shelf companies" (i.e. companies that got created 7 years ago to sit around and be sold to someone else to create the impression that the companies had some history).

Note also because this isn't a actual TO, but a asset purchase, FGO is left with any lingering liabilities (aside from those explicitly transferred - the new company is taking over employee entitlements). So if someone wakes up and decides to sue FGO for patent violation it comes out of FGO, not out of the new company, even though FGO has no ability to make money from exercise of the IP any more. Similarly if any litigation pops up out of old business it's on FGO not the new company.

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Stock Swami post on twitter https://twitter.com/stockswami/status/1263258017434234880 points to Craig Neil "Rymamay
Investments (as trustee for the Craig Neil Investment Trust)"

Interestingly he was the CEO of IPscape - where Olivier Cauderlier also previously worked...

FGO Price at posting: 0.2¢ Sentiment: None Disclosure: Held
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Last 0.4¢		Change 0.001(16.7%)		Mkt cap ! $3.651M

Open	High	Low	Value	Volume
0.4¢	0.4¢	0.4¢	$1.576K	450.3K

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Price($)	Vol.	No.
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Ann: Sale of Flamingo Ai assets, page-86

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Ann: Sale of Flamingo Ai assets, page-86

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