The engines have fired up at last for MDX. ( BPRG ) At long last they are being recognised for the force they will become over the next two years. On the cusp of disclosing huge revenue-earning deals with Global pharmacists. These have been hinted at as being unrolled before the years end, but may be in the next days.You still have time to get in at a bargain-basement price before the SP takes off for real shortly.

Oh dear.
Guess it's truth time then.

Is there no end to this sorry saga?

Acutally, it must be quite galling for those calling for the head of RT that he was legitimately owed money. The zoo must be beside themselves.

I think the sooner this company dies its deserved death the better.

Yeah but what we gonna do when we're bored then Al ?

:-)

How many more creditors will jump on the winding up petition? Danger is if they don't they could get left behind in any possible administration battle.

That looks to me like why he did it pt and wouldn't be suprised if he had been in contact with other creditors.

If I was Lexuss I would go after the whole lot of them now , who knows maybe he is.

Can't really work out RT's motives. He's certainly the target for most of the PIs and probably with some justification, although until the dirty washing is hung out to dry there is no way of knowing for sure - perhaps he's been shafted himself and is seeking his own revenge?

I'm certainly no expert in winding up petitions but from the little I have read, if RT can prove that MDX are insolvent then the petition may suceed (if it gets that far).

I did look at the 'fire sale' ratios after publication of H1 and MDX were even then on the cusp of insolvency. With the news that there are big holes in those accounts and recent events, it's an absolute certainty they are. So BJM has to stump up his own money (which I doubt he will) or convince others MDX is worth saving. Why not just let the petition take its course, appoint a liquidator, siphon off the IP and start again? Probably cheaper in the long run. MDX has no credibility in the market now and just the name is a huge albatross.

May the farce be with you!

My tuppeneth fwiw:

You can't simply present a winding up petition to any old Tom, Dick or Harry. To do so, this chap will have firstly needed either a judgement against MDX or he will have needed to serve them with a nasty little piece of paper called a Statutory Demand.

Assuming the latter, MDX will have had 3 weeks to apply to the court to set it aside before the petition was presented. So this mucky business has most probably been floating around since the beginning of December. MDX will have had plenty of opportunity to dispense with it before the petition was presented. They will have either been playing an expensive game of "Call My Bluff" in the hope that they can negotiate a reduced sum or they simply can't afford to pay the demand.

If they had disputed the amount, these would have been grounds to set it aside. You've got to assume therefore that they do actually owe the man 76k. Has this been taken off the books somehow? What was the key date of the Nomad resignation? This is is significant because it may well have been the date upon which he was made aware of the company's technical insolvency and was obliged to resign.

I don't know if that might help anyone, but things don't look good for shareholders.

The amount was negotiated and agreed at 23k hils which MDX agreed to pay subject to the winding up petition not being publicised.

pt - I have also wondered if RT is innocent and that the real blame lies elsewhere. Wouldn't be hard to convince the zoo of anything if someone wanted to.

Might go and tell them the moon is made of cheese later .

Yes, I read that Dilbert. But that is only the MDX side of the story and the petition has been presented for nearly thrice that amount.

Reminds me of the BPRG/SEO patent court case when both claimed immediately after they had both won, wasn't BJM in charge then as well?

Edit. Clearly RT hasn't been paid, how else could he proceed with the petition? Any judge would crucify him for doing so had an acceptable agreement been reached. Waste of court time, misuse of due process etc.

That was when Barry was acting "reluctlantly" as a consultant on 1500 a day I believe pt.

Dil,

:-)


Wish someone would force me to work for such a pittance!

Good morning allwont be around much todaymust make a comment on rns and some silly subsequent postsThe winding up petitionby RT is imho his last desperate manoeuvre to save his neck by forcing it into administration the sections highlighted confirm the company have complied:-

RNS Number : 9705L
Meldex International Plc ('Meldex ' or 'the Company')
Receipt of Winding-Up Petition
The Company informed Mr. Trevillion's lawyers that the amount claimed by him had been incorrectly calculated. The Company and Mr. Trevillion's lawyers subsequently agreed that the correct sum due was 26,209.93 and this sum has been paid to Mr. Trevillion's lawyers along with 3,500 on account of Mr. Trevillion's costs in the matter.
On 16 January, 2009 the Company's lawyers confirmed to Mr Trevillion's lawyers that the revised amount demanded had been agreed by the Company's directors and that funds in the total amount including a sum on account of Mr Trevillion's costs in the matter would be transferred to Mr Trevillion's lawyers to be held to the Company's account pending confirmation that the winding-up petition had been withdrawn prior to being publicized in the London Gazette.
Notwithstanding the foregoing, on 19 January, 2009 Mr. Trevillion acting through his lawyers published the winding-up petition in the London Gazette. The Company believes this action to be a wholly inappropriate process and intends to forcefully defend the winding-up petition, which will be heard at the Royal Courts of Justice, Strand, London WC2A 2LL on 18 February, 2009
------------------------------------------------------
I think that is pretty much clearthe published winding-up petition should not have been made as there were no longer a legitimate claim.I would suggest the publication was presented to cause maximum disruption and damage with open invitations.
RT has most definitely misjudged Barry/Garry as well as pis including myself.he will go down!
Trevillion is on the board at Centrom FinCap are the NOMADthat could be fun with a number of approachesthe evil man has now made many enemiesit is our time to shine

Ive mulled quietly over the events of the past 6 weeks or so, and even raised the odd chuckle as this saga has unfolded towards its end. Ive long since consigned the investment in MDX to the tails - you lose draw, and any return now would be a bonus. But here, for what its worth, is what Ive seen and experienced over the past year or so...... IMHO, of course......

The BOD of this company instigated the demise of a company they were charged with protecting by drawing unsustainable salaries against ever dwindling capital reserves. They then, I wont say encouraged, but rather failed to discourage the hounding of the shareprice by organised shorting, until the companys stock was unusable as collateral against essential future gearing ..... Then, when they were removed from their positions during the death throws of the company, unsatiated, one of them has returned and, in deference to an agreed settlement (hopefully no-one will have the gall to call it a performance bonus) appears to be insisting on one last callous act of sh!tting on the rotting corpse for good measure!

Im no longer amazed at how twisted the rules of the AIM market have become, to the point where it has collapsed from playing any useful role in encouraging investment for fledgling companies - MDX was, and will be, my last foray into this market. But above all other memories, what will stick with me more than any other, and fully reflects where we have sunk to in society in general, has been the sickening revelry expressed by many in the losses of others .......

Apologies to those who still hold true to some moral values, but to the others, enjoy your shallow lives, but never profess to be of the same species as me!

Methinks there's only 1 silly poster on here .............................. thanks for you contribution Tabatha. ;-))

Its not the AIM rules that are at fault bert.

Hopefully anything illegal that has gone on will be unearthed and those responsible will be prosecuted but don't hold your breath.

I guess this will give some a degree of confidence. Interesting that despite what everyone spouts in the zoo no one, except the poster took up the offer to visit Cambridge.
Tabby, your view on the comments about RT...

The Bull - 21 Jan'09 - 14:30 - 41091 of 41162

I also attended the meeting on Friday. I did this off my own back and not through any prior invite. I simply dropped him an email several days after Bargain Bob was looking for volunteers as I did not fancy being vetted/scrutinised and voted for on these bb's LOL. I am simply a PI with over 400K of shares and am facing large losses like most, including a 22 year old pension scheme which I converted to a SIPP 18 months ago and now this has close to sfa value.

I expected that Barry would have been swamped with visit requests but was shocked to find that I was the only one at that stage that had sought to visit. Given the intense interest and speculation here I am at a loss to understand why this should be so.

Anyhow prior to the meeting I wanted to hear from other side in order to help me form a better opinion of the situation, so I emailed RT and he called me back and we had a lengthy discussion. The long and the short of it from his side that is that from the end of December 2007 and a good part of early 2008, he was looking after his wife who was hospitalised and very ill and then soon after or concurrently, his son became ill and entered a coma. Because his mind was not on Meldex, he offered to resign from the BOD but was asked not to do so and that others would steer the ship in his absence. He said that although he was not completely Meldex focussed, he started to notice the cash drain and suspected all was not as it should be on the Melbo side. He warned the BOD members but was ignored.

I challenged him by saying that if the company ended up failing, there would doubtless being criminal procedures against him by shareholders for all of the misleading rns statements, trading updates etc. He says that these were done by others. I asked him if he was taken to court did he think he could come out squeaky clean and provide evidence to back himself up. He was quite clear that he could. I said that if he genuinely believed this, he should try to have a meeting with as many shareholders as possible. He said that he would be willing to do this. Appreciating that such a meeting could be rather hostile and potentially dangerous for him, I said that It would only be wise to do so if attendees could be non violent (a big ask maybe). I do not know now whether such a meeting is viable. He did mention that his lawyers were dealing with the existing BOD (this was on Thursday so BJM and GC not on BOD at that time). I expressed concern that this should be the case and hope whatever it was in connection with, it would not harm the companies shareholders. He said he did not want to harm shareholders.

Anyway, back to Meldex HQ on the Friday. Arrived early but entered the building at 9.59am and was shown into the meeting room. Barry entered and we had a drink and a chat about his early career path which included being an apprentice at the early British telecom company (was it post office telecom or something), and then onto a manufacturing company that were into live broadcast vehicles. He spotted some great opportunities with some of the high end technology involved but was unable to get management on board to exploit this and decided to leave. He set up Tangerine computers later and grew sales and staff and eventually sold it.

Ferret arrived fashionably late lol. Gary Cressman was not there but was on the phone to Barry a couple of times as other issues cropped up throughout the day. Barry gave us what appeared to be a pretty good picture of where the company currently is and whilst I am sure not everything was disclosed, I do not think he was trying to hide anything much. I asked if they were officially on the BOD and why if they were was this not announced. It was the winding up petition by RT that they had to deal with first before doing so, why would anyone join a BOD and then be part of a company being wound up. Makes sense to me and I do not think any rules were necessarily broken as the existing BOD was in place until as I understood it, the petition was sorted and then that triggered the subsequent resignations of JM, SA etc and the promotion of BJM and GC to the BOD. I would have loved to be a fly on the wall when GC asked JM very politely to step down, classic stuff.

These guys certainly have their hands full. Barry says that his top priority is keeping the AIM listing and getting a Nomad on board. This then makes the job of raising funds so much easier. However in doing so, we are going to learn the true state of the company, the value of its IP and the trading figures. I think shareholders will be in for a huge shock when this happens. I believe it will be actually quite a lot worse than what poorold was suggesting. I am unable to recall exact figures and in any case the guys had not finished their initial investigation so this must be done properly so that accurate figures can be put out.

Ferret asked how confident of appointing a Nomad he was and he seems pretty confident that if he can present a true picture and can handle the creditors/debtors etc that we should retain the listing. I recall him being asked to give a score out of 10 for this and I think 10 was the answer. Perhaps a bit too optimistic but the man is not a doomster, he is a doer. We talked about the value of the IP etc and he has SM completing an honest and open review of this, but do not worry, Barry is intimately knowledgeable about all of the techs just needs to be updated on the status and approval progress.

I said that did he believe as I did that the initial strategy of RT to build a sales and distribution network to funnel all of the in house and bought in products was a good thing but it was just that it was very badly executed. He agreed but also believe that a lot of crap products were bought. Tampa was a bad decision, ferret asked if it could be saved but the investment sadly is probably too high to reverse this now. We have Wafer tab film there that big pharma is interested in but until the company pays the back rent, its stuck at the factory. I asked if it is stored ok and they believe it is and I think in due course they will get their hands on it.

The $100K figure that was needed by the company to get approval for the non regulated soluleave product for Poland and other markets was quite shocking in the fact that the company was wasting vast sums of money on HL, Lawyers, Patent attorneys, Blogs etc and not progressing a key company earner was quite an inditement of how badly this company has been run. If you think about the lost sales here, the over selling on a sale or return basis and resultant dead stock and the lack of funds to push other projects through, you may then appreciate why we are in for some unpleasant truths.

However, I sincerely believe we have the man for the job, he is 100% a doer. I watched that Art Williams Do It speech a number of times (google it if you have missed it) and it is quite inspiring despite being a few years old. Barry is the opitomy of who Art is talking about, he does it, he doesnt procratinate, he seems totally focussed, he doesnt take any shit from anyone and if anyone is going to sort this company out its him. As well as an Engineer, hes a born salesman and you can be sure he will squeeze a good deal out of any of the future supply negotations. As ferret said, the Patent office had been advising the BOD for months that their billing was getting high, Barry goes and reduces it down to around 35K per month down from near 75K I recall. There only a handful of people in business that I have come across over the years who inspire me, Barry is right up there. Sounds like I am being a right brown nose, apologies I rarely praise people so its new for me. I am quite confident that he has our inerests high on his ajendure, maybe he will even spare the company the expense of running that monster V12 Merc he had parked outside.

Hopefully we will get the confirmation of the Nomad this week and then the update. I hope we remain suspended for as long as possible so that we can digest the update fully before coming back to market.

Chilli,

I'm sorry but you've got your rose-tinted specs on again. The points of the RNS that you have highlighted are points which originate from MDX and simply portray their side of the story. The fact is though that the petition has been presented for a sum around 3 times this amount and this is the sum that will be heard by the court. So, unless Trevillion himself says that 26k is acceptable, it doesn't really matter what MDX say.

In addition, when a petition is advertised, compliance departments at all of the banks are meant to pick up on the advert from the London Gazette and freeze the bank accounts of any of their customers who have been presented with a winding-up petition. It's not uncommon for some to slip through the net, but who's to say whether their bank accounts have now been frozen?

You've also got to hope that nobody decides to support the petition because, if they do, it won't matter whether MDX sort something out with Trevillion or not because there'll then be somebody else who won't go away until they've been sorted out.

This could have been dispensed with long before a petition was presented and the signs are that they were incapable of sorting it out. Winding-up petitions are normally only presented when a company is incapable of meeting their liabilities.

BertYour usual good and well thought out post is the reaction of most decant human beingsI am sure there will be a bonusLexuss famous chant [and he means business]we get sortedor nine heads would like to think maybe bothBarry is pissed big timefireworks isacomin>

Bertand other genuine investorshere is a post that has only gone on advfn bb a couple of hours agoand by a pi that attended the meeting Barry gave an open offer to last Fridayit is very informative imhothe other cretins on here that postwill no doubt play mock of the week

The Bull - 21 Jan'09 - 14:30 - 41091 of 41177


I also attended the meeting on Friday. I did this off my own back and not through any prior invite. I simply dropped him an email several days after Bargain Bob was looking for volunteers as I did not fancy being vetted/scrutinised and voted for on these bb's LOL. I am simply a PI with over 400K of shares and am facing large losses like most, including a 22 year old pension scheme which I converted to a SIPP 18 months ago and now this has close to sfa value.

I expected that Barry would have been swamped with visit requests but was shocked to find that I was the only one at that stage that had sought to visit. Given the intense interest and speculation here I am at a loss to understand why this should be so.

Anyhow prior to the meeting I wanted to hear from other side in order to help me form a better opinion of the situation, so I emailed RT and he called me back and we had a lengthy discussion. The long and the short of it from his side that is that from the end of December 2007 and a good part of early 2008, he was looking after his wife who was hospitalised and very ill and then soon after or concurrently, his son became ill and entered a coma. Because his mind was not on Meldex, he offered to resign from the BOD but was asked not to do so and that others would steer the ship in his absence. He said that although he was not completely Meldex focussed, he started to notice the cash drain and suspected all was not as it should be on the Melbo side. He warned the BOD members but was ignored.

I challenged him by saying that if the company ended up failing, there would doubtless being criminal procedures against him by shareholders for all of the misleading rns statements, trading updates etc. He says that these were done by others. I asked him if he was taken to court did he think he could come out squeaky clean and provide evidence to back himself up. He was quite clear that he could. I said that if he genuinely believed this, he should try to have a meeting with as many shareholders as possible. He said that he would be willing to do this. Appreciating that such a meeting could be rather hostile and potentially dangerous for him, I said that It would only be wise to do so if attendees could be non violent (a big ask maybe). I do not know now whether such a meeting is viable. He did mention that his lawyers were dealing with the existing BOD (this was on Thursday so BJM and GC not on BOD at that time). I expressed concern that this should be the case and hope whatever it was in connection with, it would not harm the companies shareholders. He said he did not want to harm shareholders.

Anyway, back to Meldex HQ on the Friday. Arrived early but entered the building at 9.59am and was shown into the meeting room. Barry entered and we had a drink and a chat about his early career path which included being an apprentice at the early British telecom company (was it post office telecom or something), and then onto a manufacturing company that were into live broadcast vehicles. He spotted some great opportunities with some of the high end technology involved but was unable to get management on board to exploit this and decided to leave. He set up Tangerine computers later and grew sales and staff and eventually sold it.

Ferret arrived fashionably late lol. Gary Cressman was not there but was on the phone to Barry a couple of times as other issues cropped up throughout the day. Barry gave us what appeared to be a pretty good picture of where the company currently is and whilst I am sure not everything was disclosed, I do not think he was trying to hide anything much. I asked if they were officially on the BOD and why if they were was this not announced. It was the winding up petition by RT that they had to deal with first before doing so, why would anyone join a BOD and then be part of a company being wound up. Makes sense to me and I do not think any rules were necessarily broken as the existing BOD was in place until as I understood it, the petition was sorted and then that triggered the subsequent resignations of JM, SA etc and the promotion of BJM and GC to the BOD. I would have loved to be a fly on the wall when GC asked JM very politely to step down, classic stuff.

These guys certainly have their hands full. Barry says that his top priority is keeping the AIM listing and getting a Nomad on board. This then makes the job of raising funds so much easier. However in doing so, we are going to learn the true state of the company, the value of its IP and the trading figures. I think shareholders will be in for a huge shock when this happens. I believe it will be actually quite a lot worse than what poorold was suggesting. I am unable to recall exact figures and in any case the guys had not finished their initial investigation so this must be done properly so that accurate figures can be put out.

Ferret asked how confident of appointing a Nomad he was and he seems pretty confident that if he can present a true picture and can handle the creditors/debtors etc that we should retain the listing. I recall him being asked to give a score out of 10 for this and I think 10 was the answer. Perhaps a bit too optimistic but the man is not a doomster, he is a doer. We talked about the value of the IP etc and he has SM completing an honest and open review of this, but do not worry, Barry is intimately knowledgeable about all of the techs just needs to be updated on the status and approval progress.

I said that did he believe as I did that the initial strategy of RT to build a sales and distribution network to funnel all of the in house and bought in products was a good thing but it was just that it was very badly executed. He agreed but also believe that a lot of crap products were bought. Tampa was a bad decision, ferret asked if it could be saved but the investment sadly is probably too high to reverse this now. We have Wafer tab film there that big pharma is interested in but until the company pays the back rent, its stuck at the factory. I asked if it is stored ok and they believe it is and I think in due course they will get their hands on it.

The $100K figure that was needed by the company to get approval for the non regulated soluleave product for Poland and other markets was quite shocking in the fact that the company was wasting vast sums of money on HL, Lawyers, Patent attorneys, Blogs etc and not progressing a key company earner was quite an inditement of how badly this company has been run. If you think about the lost sales here, the over selling on a sale or return basis and resultant dead stock and the lack of funds to push other projects through, you may then appreciate why we are in for some unpleasant truths.

However, I sincerely believe we have the man for the job, he is 100% a doer. I watched that Art Williams Do It speech a number of times (google it if you have missed it) and it is quite inspiring despite being a few years old. Barry is the opitomy of who Art is talking about, he does it, he doesnt procratinate, he seems totally focussed, he doesnt take any shit from anyone and if anyone is going to sort this company out its him. As well as an Engineer, hes a born salesman and you can be sure he will squeeze a good deal out of any of the future supply negotations. As ferret said, the Patent office had been advising the BOD for months that their billing was getting high, Barry goes and reduces it down to around 35K per month down from near 75K I recall. There only a handful of people in business that I have come across over the years who inspire me, Barry is right up there. Sounds like I am being a right brown nose, apologies I rarely praise people so its new for me. I am quite confident that he has our inerests high on his ajendure, maybe he will even spare the company the expense of running that monster V12 Merc he had parked outside.

Hopefully we will get the confirmation of the Nomad this week and then the update. I hope we remain suspended for as long as possible so that we can digest the update fully before coming back to market.
-------------------------------------------
The Bull - 21 Jan'09 - 14:36 - 41093 of 41177


Oh one point, reading back on that RT bit, I remained open minded until I learnt of the winding up petition and a few more things. Taking that action is either in the attempt to cover tracks, born out of madness or part of an orchestrated magnificent master scheme that involves everyone that has ever been on the meldex Bod. Track covering seems the obvious choice