A former high flyer in the Tech boom days - I bought back in at an average around 30p after it was obvious they had more cash than cap - took a few profits in the fifties but held most for a cash back deal but one day found them suspended with the cash missing .... a few peeps over on the dark side had a good laugh but I like the last laugh and maybe that's not far away ....


ains





Orb poised to strike deal with Izodia over 33m
By Simon Goodley (Filed: 22/02/2003) Telegraph


Izodia and Orb Estates, the two companies at the centre of a Serious Fraud Office investigation into 33m of missing cash, are understood to be on the verge of agreeing a settlement.

The deal, which is thought to have been provisionally agreed by both parties, has been struck just as Orb was to be ordered by a Jersey court to reveal the whereabouts of the missing funds, which disappeared from Izodia's account last year. A hearing had been provisionally scheduled for yesterday.

Orb is thought to have agreed to repay the missing cash, plus costs and interest, although timescales are not clear. Sources speculated last night that the deal could lead Orb into a sale of the 37 hotels it bought from Thistle Hotels for 600m last March.

Despite the deal, the SFO's investigation - which is separate from the Jersey hearing - continues. Its officers raided Orb's premises in December after receiving "an allegation of unlawful appropriation of funds" belonging to Izodia.

Orb is the largest shareholder in Izodia, a former software company which has been reduced to a cash shell. Izodia's only two directors during the period being investigated were Jarlath Vahey and Peter Catto, both of whom have ties to Orb.

Orb denies any wrongdoing.

Izodia admitted last month that most of its remaining 33m cash pile is no longer under its control. The exact whereabouts of the funds is still unknown, although the majority of the money - thought to be around 27m - was transferred to associate companies of Orb.

Both companies declined to comment last night.

Any sale of the hotels acquired by Orb from Thistle would add to the activity in a sector which is already at the centre of consolidation and merger speculation.

Coincidentally Singapore investment group BIL International yesterday said it might make an offer for the 54pc of Thistle Hotels it does not already own.

BIL, controlled by Malaysian tycoon Quek Leng Chan, said it was considering paying a modest premium to Thistle's closing share price of 98.5p on Wednesday.

Thistle shares closed up 7.5 at 107.5p.

jesus wepped ..... you are a sad little turd

LOL!!!!!!!!!

Fresh blow for Orb as Thistle sale turns sour

Secretive Jersey-based company may recoup less than it paid for hotel group

Jamie Doward, deputy business editor
Sunday April 27, 2003
The Observer

Attempts by Orb Estates, the secretive company at the centre of a Serious Fraud Office investigation, to sell 37 Thistle hotels to Newcastle tycoon Allan

Rankin for750 million, have come unstuck.
The Jersey-based firm has been trying to dispose of the hotels to Rankin for weeks in an attempt to pay off creditors. Rankin, a close business associate of Jon Pither, a 'serial' director and former adviser to Orb, said the deal was 'a dream come true'.

But sources familiar with the situation say Rankin is no longer in the running, leaving the way open for two other parties. An announcement on the eventual winner is expected within the next two weeks. The company leading the pack is said to be a financial bidder that has so far not been linked with the deal.

News that Rankin has failed to acquire the Thistle hotels portfolio could be a serious blow for Orb. The company needs to pay off outraged investors in bombed-out dotcom firm Izodia, in which Orb owns a 29 per cent stake. Shortly after acquiring the stake, 33m of the firm's cash was transferred into an account belonging to an Orb subsidiary, a move that prompted the SFO to investigate. The company also owes a number of banks more than 30m and the Thistle hotel group around 15m.

Although Rankin pledged to buy the hotel portfolio for 750m it is not clear how he would raise the cash. Sources say advisers for Rankin had started sounding out interested parties to buy chunks of the hotel group within weeks of him buying the assets.

His removal from the bidding war leaves open the prospect that the eventual buyer may end up acquiring the hotel assets for significantly less than the 600m Orb paid for them last year.

The hotel sale is being masterminded by Morgan Stanley. The bank is attempting to ensure that all parties are satisfied with the outcome and has presided over a complex series of discussions to produce a settlement.

One party keenly involved in the negotiations is Laxey Partners, which holds a sizeable stake in Izodia, has a rep resentative on its board, and has been vigorously pressing Orb to return the missing millions. However, in a move that once again highlights the Byzantine complexity of Orb's network of business dealings, it appears that the Jersey company has been involved in transactions with Laxey in the past.

In April 2002, Laxey sold a 17 per cent stake in Izodia to MU Nominees, a company that had bought a sizeable interest in another Orb investment, Atlantic Caspian Resources in 2000. MU Nominees bought the Atlantic Caspian stake on behalf of Jersey Asian Venture Fund ILP - a joint venture with Orb's parent company Lynch Talbot. The revelation will once again draw attention to the strange links between Orb and Izodia.

Last year, Pither stood down as Izodia chairman Pither following advice from the Takeover Panel. Investors had expressed concerns that, as a former director and close business associate of Abingdon Capital, Orb's main financial adviser, Pither was open to a conflict of interest claim.

Fresh blow for ainsoph as Thistle sale turns sour !!!

Jesus wepped ..... you are a prat gravy/dreamer/ollie/shagnasty/snappy etc etc .... the shares are suspended - they have been suspended for months

I think it's time for some positive action - maybe they should approach things in a more laterial way


ains


Izodia considers legal action on RBSI
By Astrid Wendlandt
Published: May 8 2003 22:54 | Last Updated: May 8 2003 22:54


Izodia, the former e-commerce software company, is understood to be considering whether it has grounds for action against Royal Bank of Scotland International arising out of the circumstances in which 27m of its cash was transferred by the Jersey bank last year.


Jenners, Izodia's retained law firm in Jersey, has been in contact with RBSI's lawyers. The bank said it would defend any proceedings that may follow.

Izodia said in January that most of its funds were no longer under its control after having been transferred to a company associated with Orb, the Jersey-based investment group that is Izodia's largest shareholder.

The funds are believed to have gone to Lynch Talbot, an investment company that has common shareholders with Orb.

Orb's offices were raided by the Serious Fraud Office in December as part of an investigation into allegations that it misappropriated Izodia's cash. Orb denies any wrongdoing.

Rory Macnamara, Izodia's chairman, said: "Our lawyers are looking at every possible avenue for returning the funds."

RBSI said: "Given Izodia's threat of litigation, it would be inappropriate to comment on the specific allegations they have made." The bank added that it had no intention of "acting as a guarantor of Lynch Talbot's liabilities" and would "vigorously defend any proceedings that may follow".

Izodia is engaged in legal proceedings against Orb in Jersey in an effort to obtain disclosure of how it disposed of its funds. Izodia's shareholders, which include institutions such as Prudential, Morley Fund Management and JO Hambro Capital Management and Laxey Partners, have been trying to get Orb to return the cash since last year.

They have been hoping that the Jersey investment company would return Izodia's funds once Orb sold a portfolio of 37 hotels it bought from Thistle in a 600m deal. But Orb has been trying without success for two months to find a buyer for the properties. RBSI said it would "co-operate fully with all relevant authorities".

The longer it drags on the less chance IZO shareholders have got of seeing any ca$h imho.

Best of British luck to any unfortunate shareholders but this does appear to be one wild goose chase.

Perhaps IZO holders could be offered a few free weekends in the 37 Hotels that Orb are trying to shift?

I don't think you know any more about the situation here than you do on Tads

I did say some months ago that tracing the ca$h and getting it back would be very difficult. Here we are some months later and still no ca$h.

The free hotels stay is only fair as it looks like the IZO shareholders money has been used in part to pay for the hotels.

Sounds like you are very bitter abouot this ains. Relax enjoy the nice weather, have a cup of tea.....

The record seems to be stuck snappy - why do you always assume peeps are bitter about everything. I made my money out of these a while back and the current situation will eventually be resolved and whilst no one likes money being lost or stuck somewhere - it's hardly life threatening and I am sure there is more than one way to skin a cat.

Currently having a drink on the terrace and feeding the KOI who are starting to get friskey as the weather warms up ....

get a life


ains

try that and I'll report you to the RSPCA!!!!!!!!!!

jesus wepped ..... this thread is about news on IZO snappy .... please F.O

Experience says you can only negotiate with peeps like orb on the steps of the courtroom a few minutes before going live.

ains




Izodia presses case against shareholder
By Carolyn Batt (Filed: 10/05/2003) Telegraph


Izodia, the former e-commerce software company chasing 33m of missing funds, yesterday said a legal case against major shareholder Orb was back on, after the investment group allegedly failed to disclose the whereabouts of the money.

Rory Macnamara, chairman of Izodia, said: "We thought we would get disclosure from Orb voluntarily, but it was not forthcoming. The halt to proceedings was only temporary, but I have no date for when we are back in court."

Mr Macnamara said that Izodia had brought actions against Orb, Lynch Talbot - an investment company that has common shareholders with Orb - and Gerald Smith, who was an adviser to Orb before becoming a director.

Mr Macnamara said that the company was also considering legal action against Royal Bank of Scotland International, with whom Izodia had an account, and "every other party that was concerned with the company during the relevant period."

Meanwhile, the Serious Fraud Office, which raided premises of both Orb and Izodia in December, has an ongoing investigation into the disappearance of Izodia's cash.

Orb, which could not be contacted yesterday, has consistently denied any wrongdoing. A spokesman for the Royal Bank of Scotland said that the bank would "vigourously defend" any proceedings.

Izodia shareholders cheer but 33m missing
By Edward Simpkins (Filed: 25/05/2003)


Accountants and regulators have failed to trace the millions of pounds that vanished from a Jersey bank account. Edward Simpkins reports

It is the news that Izodia's long-suffering shareholders thought they would never hear. Six months after 33m vanished from the failed dotcom company from the failed dotcom company, a deal has been struck that should see their loss made good - albeit in several tranches over the next two years.

A buyer has come forward prepared to pay 650m for a portfolio of Thistle hotels owned by Izodia's biggest shareholder, Orb Estates. The buyer, Midlands-based businessman Andy Ruhan, has agreed that part of the purchase price should go to Izodia's shareholders to head off potentially damaging litigation.

The shareholders are relieved and delighted. But unanswered questions remain about how the money was removed, who was responsible and what steps the authorities, banks and professional advisers took to protect investors.

What we know for sure is that some 33m, the internet software company's main asset, vanished in August and September last year.

Shareholders expressed concern after Orb, a property company, acquired a 29 per cent stake in Izodia and new directors, several closely associated with Orb, joined Izodia's board.

In circumstances that have never been comprehensively explained, Izodia's funds were then transferred to Royal Bank of Scotland International (RBSI) in Jersey, where Orb is based and where its parent company, Lynch Talbot, held accounts. What has happened to the cash since then is unclear.

The Jersey and London offices of Orb, which has denied any wrongdoing, were raided by the Serious Fraud Office in December and large quantities of documents were removed. Five months later there has been no further action, no arrests and none of the money has been recovered. "The SFO has told us nothing, there is a total vacuum," one shareholder said this weekend.

A professional adviser to Izodia has told the Telegraph that despite concerns being raised as early as September last year he has still not been contacted by the SFO or asked to provide copies of relevant documents.

Orb is part of a huge web of companies stretching as far afield as Australia and the Middle East. Attempts to map the empire have led to dead ends and endless cross shareholdings between companies based in Jersey, Lichtenstein and the British Virgin Islands.

Last year Orb bought a 600m portfolio of hotels from Thistle and leased them back to the hotels operator. It then raised 531m through issuing debt backed by the hotels, with the interest to be paid from the rent from the hotels. That refinancing was arranged by Morgan Stanley, the investment bank.

While it was arranging the debt, Morgan Stanley did not discover that a leading figure at Orb, Gerald Smith, who had been attending meetings with the investment bank, was sentenced to two years in prison in 1993 for stealing 2m from the pension fund of a company of which he was chief executive.

Morgan Stanley points out that it had previously done business with Orb without problems and that Smith was an Orb adviser, not a director, at the time. However, it appears that late last summer the bank account at RBSI that was supposed to have been reserved for receiving rent from Thistle's hotels and paying interest to creditors was being used for other purposes.

An insider with knowledge of the deal says part of Izodia's money could have been transferred into that account. He says payments from the account may have been used to pay interest on loans to other Orb subsidiaries. A 13m shortfall in the account then came to light and the account was transferred from RBSI to HSBC on the mainland.

On Friday RBSI issued the following statement. "RBSI is aware of the ongoing SFO investigation into the Orb group and will of course co-operate fully with all relevant authorities. Given Izodia's threat of litigation against RBSI, it would be inappropriate to comment on specific allegations. RBSI has no intention of acting as guarantor of Lynch Talbot's liabilities and will vigorously defend any proceedings that may follow."

It is not known who authorised the transfer of the funds. Izodia's efforts to get Orb to hand over documents that could help trace its money have so far been fruitless. Orb was ordered to hand over documents to Izodia by a Jersey court earlier this year and is due to reappear before the court next month to answer contempt proceedings for failing to produce them.

The money vanished in such complicated circumstances that a team of forensic accountants from Ernst & Young, appointed by creditors four months ago specifically to track down the cash, has so far failed to find it.

Investors are dismayed by the apparent slowness with which the Jersey authorities have moved and by the difficulty in obtaining basic information. "There appears to be a real road block in Jersey," one shareholder said. "It is extremely difficult to get to the facts."

Richard Pratt, the director general of the Jersey Financial Services Commission and also the registrar of companies in the island, said the authorities there had been aware of the situation early on and continued to monitor the case.

"The allegations that have been made are extremely serious but there is nothing about them that is unique to Jersey," he said. "It hasn't made it any harder for people to do something about it because the company and bank involved are based here."

Meanwhile a spokeswoman for the SFO said: "We've only had this case since December and with our cases being both serious and complex, that can mean a hell of a lot of evidence to be sifted through. I don't think it would be fair to say this case has taken a particularly long time."

S Telegraph

Orb sells Thistle hotels for 650m
By Edward Simpkins (Filed: 25/05/2003)


A multi-millionaire property entrepreneur is close to buying 37 Thistle hotels from Orb, the troubled property company, in a 650m deal.

Under the deal, Andy Ruhan will take on 531m in debt and also provide 123m in cash. Ruhan is best known for setting up Global Switch, the property company specialising in buildings that house telecoms equipment, which he has now sold. Ruhan may redevelop some of the hotels into luxury apartments.

Orb is being investigated by the Serious Fraud Office following the disappearance of 33m from Izodia, a cash shell in which it is the biggest shareholder. Orb has denied any wrongdoing. Ruhan's deal has been structured to provide for 33m to be paid to Izodia while a number of Orb's outstanding debts will also be paid off.

The majority of the portfolio, 32 hotels, was refinanced last year in a 531m bond issue by Morgan Stanley, the investment bank. The remaining five properties are country house hotels not included in that deal.

Last year a 13m deficit was found in an account which was set up to receive rent from Thistle and pay interest to bondholders. The deficit will be made good from the sale proceeds. A 17m bridging loan made by Morgan Stanley to Orb that has been in default since December will also be paid off.

Well you have to be pleased with yourself ainsoph for
pushing this share on every bb around and giving any
investor who was foolish enough to listen to you many
many sleepless nights.

Well done !!!

Gravy

Are you on drugs gravy ....... do you have any idea what you are talking about - or do you just let your mouth do it's own thing ....




Ian

Is there any chance of stopping this peeps from posting this kind of garbage. some people might be shareholders and have an interest in reading on what is happenning. This isn't the first time today - or any day - that the gravy peeps posts gargage to try ang get attention for some ulterior purpose.

Nice Keith.....very nice !!!

So by saying the truth about you and this share you come
and reply that i am on drugs.....charming !!!!

Gravy

You two are like siemese sisters


Time Tomorrow

May 26, 2003

Izodia to press on with 33m lawsuit
By Nic Hopkins



IZODIA, the failed internet start-up, is to press on with a lawsuit against Orb, its largest shareholder, over a missing 33 million, despite being promised the cash by the entrepreneur that has agreed to buy Orbs hotel business for 650 million.
Andy Ruhan, a Midlands-based businessman, has offered to pay Izodia the 33 million within the next two years as part of a deal to take control of 37 Thistle hotels owned by Orb Estates. The deal, brokered by Morgan Stanley, is expected to be signed this week.

Mr Ruhan, who made a fortune in telecoms and property, is likely to convert some of the hotels into luxury flats. He has also promised to repay 11 million that is missing from the accounts of the hotels portfolios bondholders, as well as a 70 million bridging loan provided to Orb by Morgan Stanley.

Rory Macnamara, Izodias chairman, said that while the news was clearly a positive development, Izodia would keep its next date in court with Orb, set for mid-June.

Izodia is demanding that Orb and Lynch Talbot, a firm associated with the investment company, return the missing funds. When the funds went missing Izodia had only two directors, Peter Catto and Jarlath Vahey, both of whom had been appointed by Orb, an investment group that holds almost 30 per cent of Izodia.

Ruhan linked to Orb's Thistle portfolio

JOHN BOWKER The Scotsman


ORB Estates, the secretive Jersey-based property company, is believed to have sold off its Thistle Hotels portfolio to a little-known Birmingham-based entrepreneur.

The deal, thought to be worth about 700 million for 32 hotels, will end months of speculation over one of the embattled Orbs most prized assets. The company has been rocked in recent months by spiralling debts and an investigation by the Serious Fraud Office.

The hotels are reportedly being bought by Andy Ruhan, who made his fortune in the property and telecoms sectors. The businessman has beaten off several better known names for the portfolio, including Newcastle tycoon Allan Rankin, who reportedly offered about 900m for 37 properties earlier this year.

Ruhan is understood to be inheriting 531m of debt, and will put up an extra 123m in cash. The deal also includes a 70m bridging loan provided by Morgan Stanley, on which Orb had defaulted.

The deal will raise the hopes of shareholders at decimated dotcom firm Izodia, who have seen 33m of their cash mysteriously disappear into an account belonging to Orb.

Ruhan is believed to be replacing the missing cash, which prompted the Serious Fraud Office inquiry as well as the threat of legal action from Izodia shareholders. The sum can be redeemed in two years time.

Orb has recently put a number of assets up for sale, including Seafield Logistics and Poole Pottery, as the firm strives to raise cash and cut debts.

The future of Thistle Hotels is unclear, although Ruhan is said to be continuing with plans to convert three of the properties into luxury flats.

In March the group rejected a 540m takeover approach from major shareholder BIL Investments. The suitor failed to secure the required 94.6 per cent of shareholder backing, after Thistle directors urged shareholders that the offer was too low.

Thistle Hotels operates 55 properties in total, most of them four star hotels. .

Ruhan is chairman of internet network provider PSINET Euroipe. He made his fortune with Global Switch, the property company specialising in buildings that house telecoms equipment.