An earlier post on Moestar's Fiscal Troubles has now more news. And appears to be quite a scandal....

In Q1 2009. Mobestar announced to the public the planned to to "relaunch, reposition and relocate." It gave the appearance that the company was on a comeback.

Earlier posts on this thread, along with other boards, and their insolvency notices made such claims hard to believe. I figured it was best to sit back and watch.

On May 20, Mobestar's adminsitrators PKF issued this document :
Report to Creditors Pursuant to Rule 2.47 of the U.K. Insolvency rules 1986

Here are the highlights:

1) They sold their assets to Venture Pilot Limited for a mere £35,000 (net of VAT). (see page 2)

Who's Venture Pilot? That is the best part! From my earlier post. Venture Pilot Limited is a company founded by Peter Richards--This part is important -- He's Mobestar's former CEO and Founder.

Venture Pilot hasnow all the technology assets of Mobestar, leaving Mobestar with basically nothing but a shell company.

2) The Administrators are bleeding the company dry with their "Charge Out Rates" see the last page of the document, and you will see what PKF charges to administer Mobestar at this stage. The lowest rate per hour is at:
£120 per hour
..
A supervisor charges Mobestar £120 - £197 per hour.
A manager: £182 - £328 per hour.
The Partners at PKF charge £282 - £477 per hour.
(...are they hiring?)


Rates like this, plus the fact that they are selling everything they have mean that they are simply bleeding the company to death. Whatever is left, it will be gone soon. Among all the creditors owed money by Mobestar, I can only make a safe guess that the University of Surrey were not paid the £5400 they were owed. As I said earlier, its a pretty low thing to do to rip of a school.


...
The news from Q1, followed by this report makes it apparent that Mobestar tried a 'pump and dump' of their company.

Former customers, creditors or business partners should keep a close and watchful eye on Venture Pilot Limited (a company with NO website). [ more company info here] ] Peter Richards pretty much has what is left of Mobestar's assets. He appears to be the one to watch, and to warn others about.


Marc Lesnick
Conference Organizer
SNC 2009



Edited 1 times. Last edit at 06/10/09 02:35AM by yorktown.