on the fraudsters - I can’t see that Billis was ever convicted for fraud. Giovinazzo was.
billis gage rim quite a lot of money at a very critical time when it was struggling to raise money with a very low share price. Hard to argue he didn’t help rim a lot in those actions
the Supreme Court case appears to show Billis removed Giovinazzo as a director because Giovinazzo was trying to remove his security for the loans he gave GPR to other assets with not much value.
Giovinazzo then issued himself 8910 shares - I think for free or for virtually nothing.
Givinazzo also raised some millions whilst acting in the capacity of a director of GPR even though he was never appointed (not appointed because Pendergast just suddenly resigned after a fallout with him and did not appoint a replacement director).
the appeal of the Supreme Court decision means there is legal uncertainty around the original decision. The appeal is to be heard in early July. It will be a big deal. I Believe the appeal is because the judge refused to allow a new and previous unlisted witness to appear after Billis and many others already gave evidence.
if the appeal is dismissed then it would become certain Giovinazzo raised money acting as a director whilst not appointed.
this is a big problem for him if he cannot get the money he raised paid back to those investors. It’s possible his actions will also be problematic for rim because it accepted the money
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