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Message to Langbar Spread Bet Holders
27 April 2008
The recent settlement agreement of £30m might be of significant benefit for any person that had a spread bet position in Langbar.
If you agreed a repayment plan to pay off the debt over time, then you need to consider contacting the SB provider and possibly agreeing a moratorium on further payments.
If you paid your spread bet debt in full, then you need to contact the Spread Bet provider and remind them that the recent settlement equates to a share value of 28p. So if you paid your spread bet as if the finish price was 0p, you are now owed a significant sum of money, based on the revaluation.
It is unlikely that the Spread Bet Provider would make any payment to you at this stage. Whilst they might agree to suspend any repayment plan, the Provider will probably want to wait and see the final value of the company when the management declare the recovery completed.
The estimated shareholder losses equate to £85m+, not including the legal and administrative costs.
If the company managed to recover all the shareholder losses, then this would equate to an average share price of (£85m/107m shares) 79p. So if you purchased your bet at a lower price, you would be expecting to see some profit.
However, the Spread Bet Provider may have agreed certain conditions with the customers. This may include a limited life for the Spread Bet. I know that some were told that the bets would last for 2 years after February 2006 and be treated as total losses. So if there was any repayment by the company, then that would be matched by the SB provider. Some of the SB providers extended the lifetime of the bets, but you need to check with your individual provider.
The SB provider may state that any repayment by them would only match an actual repayment by the company. As you all know, the Scheme of Arrangement provides for a payment of 25% of the NAV (Net Asset Value) after repayment of Creditors and only if the NAV is greater than £10m. This value has not yet been determined. If you did pay your SB Provider as if the Bet was a total loss, then you would be able to claim an amount proportional to the Langbar payout, provided that your bet agreement has not expired.
It is important that you check the status of your agreement with your SB provider and make sure that they are aware of the recovered funds or any pay out by the company, so you can claim what you are owed.
Court proceedings update
21 April 2008
To All Shareholders,
The Directors of Langbar International Limited ("the Company") are very pleased to announce the successful conclusion of the proceedings against Mariusz Rybak, Izabela Rybak, Magdalena Rybak, CMC Crown Management Limited and SCI Atol ("the Rybak Defendants").
This morning (21 April 2008), after 56 days of trial, Mr Justice Blackburne approved an Order under which the Rybak Defendants have agreed to pay to the Company a sum amounting to about 30 million in settlement of the Company’s claims. This represents substantially the whole of the Rybak Defendants’ assets after payment of their legal costs. Part of the payment will come from the sale or mortgage of their residence in Monaco; a further sum may be payable to the Company depending on the proceeds received on any sale. The Order brings to an end the proceedings which were commenced against the Rybak Defendants in early 2006.
Proceedings are still pending against Abraham Arad Hochman, Jean-Pierre Regli and Lambert Financial Investments Ltd. The Company is pursuing those claims and has obtained a short stay to consider how best they can be advanced. The Company is also investigating other avenues for recovery, including against its former professional advisers and against associates of Mr Arad and Lambert. It is hoped that further significant recoveries for the benefit of shareholders will be made in due course.
The Company instructed Jones Day. together with Ali Malek QC and David Quest (3 Verulam Buildings), in the proceedings against the Rybak Defendants and continues to instruct them in seeking further recoveries. The Company will be making a more detailed announcement to shareholders shortly.
Yours sincerely
David Buchler
Chairman
Langbar International Limited
UK Office:
12 Curzon St, London W1J 5HL
Reg Office: Thistle House, 4 Burnaby Street, Hamilton HM11, Bermuda
Reg no: EC33737
Tel no: 00 44 (0) 20 7647 9900
Fax no: 00 44 (0) 20 7647 9911
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 16 April 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday 15 April 2008
At 10 O’clock
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday 14 April 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday 10 April 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 9 April 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday 8 April 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday 7 April 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday 1st April 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 19 March 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday 17 March 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Friday 14 March 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday 13 March 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 12 March 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday 10 March 2008
At 10 O’clock
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
to be held at
Withers LLP, 16 Old Bailey, London, EC4M 7EG
Before MR JUSTICE BLACKBURNE
Monday 3 March 2008
At Three O’clock
Unrobed
FOR VIDEO CONFERENCE
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday 28 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 27 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 20 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday 19 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday 18 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday 14 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 13 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday 12 February 2008
At 10 O’clock
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday 11 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday 7 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 6 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday 5 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday 4 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Friday 1 February 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday 31 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 30 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday 29 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Friday 25 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday 24 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday 22 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday 21 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Friday 18 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday 17 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 16 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday 15 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday 14 January 2008
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Friday 21 December 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday 20 December 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday 19 December 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday 18 December 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday 17 December 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
30 November 2007
After the completion of the opening statements by the counsel for the Claimant, the Judge heard the application by counsel for the Defendant for a 2 week adjournment. This was to consider the new evidence and pleadings placed before the court by the Claimant.
His Lordship granted the adjournment and the court will recovene on Monday 17 December 2007 at 10:30 am
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Friday, 30 November 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday, 29 November 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday, 28 November 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday, 27 November 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday, 26 November 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Friday, 23 November 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Thursday, 22 November 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Wednesday, 21 November 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Tuesday, 20 November 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors Pt Hd
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday, 19 November 2007
At 2 o'clock
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors
Langbar International on Wikipedia
13 November 2007
New entries have been made to Wikipedia - the online encyclopedia. The Langbar International story is located at the following URL:
The Serious Fraud Office entry has also been updated to include the Langbar International Fraud, as has the AIM entry and Barry Townsley. Shareholders are invited to complete entries for Rybak and the others from the material in the public domain.
Court Hearing
COURT 56
Before MR JUSTICE BLACKBURNE
Monday, 12 November 2007
At half past 10
Robed
TRIAL LIST
TLC 42/07 Langbar International Ltd v Rybak & ors
Hearing Delayed Again?
5 November 2007
Word has reached the Langbar Action Group that the proceedings of Langbar International v Rybak and Others has been delayed yet again. An application was made by Withers on behalf of Rybak, to exclude the evidence of the Demagistri’s and Michelutti. The grounds for this application were not specified, but the Chancery Department has confirmed that the earliest date that this hearing can be held is 19 November 2007.
It has also been mentioned that the Judge may require a week or so to read into the case, before the opening arguments by counsel, when the case commences for real. Given the possible delay for the application, it is highly likely that the case will not be heard before the third week of November 2007.
Given the amount of evidence, it is highly likely that the case could now extend into 2008 and that the Judge may reserve Judgement.
Nabarro Wells censured and fined by LSE
over Langbar listing
19 October 2007
Nabarro Wells has been fined £250,000 by the London Stock Exchange and labelled as incompetent for a string of listings that resulted in scandals, including Langbar.
Whilst the reputation of this Nomad, the first City Nominated Adviser to be fined, is now in tatters, many are asking why the London Stock Exchange should benefit from the £250,000, when they were equally responsible in not regulating the Nomads properly.
That fine rightfully belongs to the Langbar shareholders, the victims of the scandal and is it Obscene that the Stock Exchange benefits from it, whilst the shareholders still suffer as a result of the crime.
The Stock Exchange should be ashamed of themselves for their negligence in this scandal and others.
Court Hearing
COURT 54
Before MR JUSTICE LEWISON
Thursday, 27 September 2007
At half past 10
Unrobed
Skeleton arguments and bundles for any listed application must be delivered by 10 a.m. on the day before the hearing of the application. The Chancery Listing Office will accept them if delivered to Room WG4 in time. The papers for any urgent unlisted application (and any skeleton argument or bundle sought to be delivered out of time) must be delivered directly to the Judge's Clerk.
Further information about skeleton arguments, bundles, chronologies and lists of issues will be found in paragraphs 5.1 to 5.40 of the Chancery Guide (October 2005)
Applications
Langbar International Ltd v Rybak & ors
Cititec Associates Ltd v Clarke & Anr
Hawkes v Cuddy & ors
FSA to investigate Nabarro Wells?
9 March 2007
It was reported today that the Financial Services Authority is rumoured to be conducting an investigation into Nabarro Wells, the first Nominated Adviser for Crown Corporation, now known as Langbar International.
Nomads are required to perform various checks on the assets of companies that list on the London Exchange. This is termed Due Diligence. It appears that Nabarro Wells did not spot that some of Langbar’s key assets were actually falsified documents. This information was also missed by Insinger Townsley (Crown’s broker), Baker Tilly (Crown’s auditors) and Lawrence Graham (Crown’s lawyers) and later on by Arden Partners, Langbar’s new Nomad and broker. However, the fake ‘Certificate of Deposit’ was spotted by Banque SCS Alliance in 2004 and this fact was transmitted to the company directors.
The London Stock Exchange has recently instituted tougher standards for Nomads, including achieving “a sound understanding of the applicant and its business” and considering “any issues relating to the applicant’s country of incorporation and operation.”
Langbar was incorporated as Crown in Bermuda and listed on the AIM in the UK. It is alleged by the shareholders that the lax regulation of the Nomads by the London Stock Exchange, was primarily responsible for allowing the fraud to carry on so long and doing so much damage to the credibility of the London Markets.
Recently, one of the senior US regulators on the Securities Exchange Commission (the SEC) was quoted as saying that London's rules for share trading have created a market like a "casino". Roel Campos, a commissioner at the US securities and exchange commission, likened London's junior market Aim - the alternative investment market - to a gambling den.
Representative Action Brings Claim
Against Rybak, Regli and Langbar International
22 December 2006
Yesterday in the High Court, a group of 132 Langbar shareholders issued a writ against Mariusz Rybak, Jean-Pierre Regli and Langbar International. The claim alleges fraudulent misrepresentation and deceit. The claimants are represented by Edwin Coe solicitors and have retained both junior and Queens counsel.
Abraham Arad Sentenced to 12 months in Prison
01 December 2006
Today in the High Court, Mr Justice Blackburne sentenced Abraham Arad ‘Hochman’ in his absense to two sets of 12 months imprisonment for contempt of court.
The first set was for failing to comply with the disclosure requirements of a court order made in March 2006 and the second was for wilful defiance of the worldwide freezing order on the assets of Lambert Financial Investments and IMI, of whom Arad is a director, when Arad moved two sets of 3 million Euros (6 million total) whilst the injunction/Mareva was already in place.
Arad a resident of Barcelona and Lambert Financial Investments are two of the defendants of an action brought by Langbar International Limited, the company at the centre of the largest ‘pump and dump’ fraud on the AIM, which was discovered in 2005. Langbar already has a summary judgement against Lambert Financial in the High Court for the sum of USD $350 million.
Arad is wanted for questioning by the Serious Fraud Office, along with the former CEO Mariusz Rybak - a resident of Monaco and former CFO Jean-Pierre Regli, a resident of Lugano in Switzerland.
Notice of AGM
22 November 2006
LANGBAR INTERNATIONAL LIMITED
(FORMERLY KNOWN AS CROWN CORPORATION LIMITED)
INCORPORATED IN BERMUDA UNDER NUMBER EC33737 (THE “COMPANY”)
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that an annual general meeting of the members of the Company will be held at The Washington Hotel, 5 Curzon Street, London W1J 5HE England, on 22 December 2006 at 10.00am for the following purposes:
- To receive the Directors’ Report and financial statements for the year ended 31 December 2005.
- To reappoint David J Buchler as a Director.
- To reappoint Christopher R Wallis as a Director.
- To reappoint The Right Honourable Sir Jeremy Hanley as a Director.
- To appoint BDO Stoy Hayward LLP as auditors of the Company.
- To authorise the Board to establish the auditors’ remuneration.
- To amend by special resolution Bye-law 8.11 of the Company’s Bye-laws to reduce the quorum for a general meeting
of the Company to two members present in person or by proxy.
By order of the board
Stephanie J Kyme
for and on behalf of Quorum International Limited
acting in its capacity as Assistant Secretary
Registered office:
Thistle House
4 Burnaby Street
Hamilton HM11, Bermuda
Date: 20 November 2006
Results of Scheme of Arrangement Meeting
7 November 2006
Langbar International Limited – Scheme of Arrangement ("Scheme"):
Meeting of Creditors ("Scheme Creditors") held on 20th October 2006 ("Scheme Meeting").
Please be advised that the result of the vote at the Scheme Meeting was as follows:
FOR:
No of Scheme Creditors: 849
% Scheme: 99.5%
Claim Value: Ј26,304,414.09
% Scheme: 99.8%
AGAINST:
No of Scheme Creditors: 4
% Scheme: 0.5%
Claim Value: Ј48,609.33
% Scheme: 0.2%
TOTAL:
No of Scheme Creditors: 853
% Scheme: 100%
Claim Value: Ј26,353,023.42
% Scheme: 100%
Please be advised that 157 prospective Scheme Creditors opted out of the Scheme; the Company estimates that the aggregate of the Scheme Claim Values of these persons would be just under Ј2.2m.
Thank you to all those who participated in the voting process.
With kind regards
Mahesh Desai on behalf of
David Buchler (Chairman)
Scheme Meeting Held
20 OCTOBER 2006
The adjourned meeting for the Scheme of Arrangement was held at the New Connaught Rooms. All resolutions tabled were unanimously passed at the meeting. Here is the report of the meeting:
Langbar International Limited - Scheme of Arrangement Meeting ("the scheme")
Please be advised that the adjourned meeting for the scheme was held today and I can report that the resolutions tabled were unanimously passed at the meeting. Subject to adjustments and ratification by Victor Joffe QC acting as adjudicator, the vote taken was as follows:
- Votes in Favour of the scheme: 99.75% holding 72,055,147 million shares.
- Votes Against the scheme: 0.25% holding 52,328 thousand shares.
Those share holders opting-out of the scheme totalled 157 holding just over 4 million shares.
Full details will be published on the company website next week, prior to the court sanction hearing in early November.
May I take this opportunity to thank all those who attended the meeting today and participated in the voting process.
With kind regards
Mahesh Desai for and on behalf of David Buchler (Chairman)
Minutes of Meeting Disputed
1 OCTOBER 2006
The management of Langbar are disputing the minutes of a meeting held between the Langbar Action Group, Edwin Coe and Langbar International held at Lovells Solicitors on 12 July 2006.
The only copy of the minutes that had been provided to the Action Group was posted to the ADVFN Bulletin Board on 25 September 2006 at 16:31. This was also the same minutes that had been previously supplied to each shareholder in the Action Group, as well as posted to the iii Bulletin Board in July 2006.
Langbar International complained (through a letter sent by Lovells - wasting shareholders’ money) that the version on the Bulletin Board was not the agreed minutes of the meeting. However, as Edwin Coe and the Action Group have pointed out, the Langbar management can hardly complain about the minutes, as the version they have circulated is not agreed either!
After all, if the Action Group has not seen the minutes, then it has not been agreed by them and the ‘official’ version has no more credibility than the version that was posted to the Bulletin Boards.
The management of Langbar are making ‘mountains out of molehills’ and wasting shareholders’ money in the process. Therefore they can hardly complain when the shareholders consider that it is far better to Opt Out of the Scheme, than to leave their funds under the control of a management that is wasting their assets on expensive letters, when they could have picked up the telephone and sorted the matter out in a few minutes.
Management Rattled by Opt Outs
22 SEPTEMBER 2006
David Buchler, the Chairman of Langbar International Limited sent an email to the shareholders in the Langbar Action Group and placed a letter on the Langbar.com website. In this communication he said:
It is with some dismay that I have read email traffic on the internet, particularly that emanating from the Langbar Shareholders Action Group ("LSAG"). You may have become aware or indeed even seen a document entitled "Alternative to the Scheme of Arrangement for Shareholders" circulated by LSAG. It urges persons who would be eligible to participate in the Scheme to opt out and commence proceedings against a number of parties (including the former directors and Langbar) by way of a collective action. I find this very disappointing as Langbar has consulted closely with LSAG in relation to the Scheme during the course of its development. In the view of Langbar's directors a separate collective action would be most damaging to the prospects of recovery for all creditors and shareholders of the company. It is in the interests of both Langbar under its new management and its shareholders and creditors to achieve the maximum realisation of claims against third parties and to distribute those realisations fairly. The Scheme goes a long way to achieving this and I and my fellow directors would urge you to participate in it.
The document then goes on to make several misleading statements which indicate that the Langbar managment appear rattled by the growing support for the Representative Action, being coordinated by Edwin Coe and Nigel Smith of the Langbar Action Group.
One of these comments questions the success in litigation of Edwin Coe in the Railtrack case and Nigel Smith and the action against the London Stock Exchange for the Room Service Shorting Scandal. Yet the Chairman fails to mention that the case against the London Stock Exchange is now in the Appeal Court and not concluded, whilst Edwin Coe have had some recent high profile successes with Yoomedia, the Resort Hotels case, the Soccer Boiler Room case and the NISA case - all of which can be read about in the quality financial newspapers.
It is a pity that the Langbar management have to stoop to slurring the reputation of the advisers to the shareholders. Particularly when these advisers were giving their time and effort pro-bono - for the benefit of the shareholders - whilst in contrast, the management agreed a massive bonus and pay structure for their own work and that of Lovells and Jones Day the TWO sets of (expensive) lawyers employed by the company.
David Buchler closed the letter by urging shareholders not to Opt Out of the Scheme of Arrangement. Yet the numbers show that more and more investors are unhappy with the composition of the Scheme and are voting with their feet to Opt Out and join the independent shareholders taking legal action for recovery of their own money.
Scheme Letters
08 SEPTEMBER 2006
Letters were sent to all Scheme Creditors from David Buchler, along with the Scheme of Arrangement and relevant forms. Copies of all documents are available on the Investor Relations page of this web site. There will be a Scheme Meeting on 6 October 2006 at 10.30am at The New Connaught Rooms, Great Queen Street, Covent Garden, London.
Revised Opt Out for Scheme
08 September 2006
A revised version of the Scheme has been written to ensure that shareholders wishing to opt out of the current Scheme of Arrangement, to take independent legal action are able to do so without needing the agreement of the registered Nominee holder as well. In the event that the Nominee is in conflict with the beneficial holder, the legal rights of the Nominee revert through the Langbar back to the beneficial holder.
Shareholders wishing to opt out will be required to complete the Non-Participation Form on the Langbar.com website and send a completed and signed copy to Langbar at:
Mahesh Desai or Chris Willis
Langbar International Limited
12 Curzon Street
London
W1J 5HL
You can also confirm the Opt-Out by emailing
Mahesh@dbuchler.com or Chris@dbuchler.com or David@dbuchler.com
Please ensure that you notify your Nominee broker that you are opting out and ask them to confirm the same to Langbar and send you a written or email confirmation of this fact.
If your nominee broker is not opting out, then you will need to notify Mahesh, Chris or David of this fact and get confirmation from them that they have acknowledged your choice.
Court Hearing
01 September 2006
There will be an application hearing in Court 53 of the Royal Courts of Justice in the Strand on 1 September 2006 concerning the Scheme of Arrangement:
COURT 53
Before MR JUSTICE RIMER
Friday, 1 September 2006
At half past 10
Unrobed
Scheme of Arrangement
In the matter of WH Smith Plc & ors
Not before half past 10
Unrobed
Application Notice
In the matter of Langbar International Ltd
DVD of Shareholders Meeting Available
16 August 2006
The DVD of the informal meeting of shareholders that was held at the New Connaught Rooms in London on 25 July 2006 is now available and can be ordered on this website.
Shareholders Meeting - 25 July 2006
25 July 2006
An informal meeting of shareholders was held at the New Connaught Rooms in London. David Buchler made a statement updating shareholders on the current position, followed by statements from Sion Richards of Jones Day, who are managing the legal investigation, and Robin Spencer of Lovells, the Company's legal advisers. It was announced that in excess of £4m has been recovered from monies held by Insinger de Beaufort on behalf of Lambert Financial Investments Limited. Copies of all statements are available on the Investor Relations page of this web site.
Report of Court Hearing - 4 July 2006
On 4 July 2006, the hearing of the application to convene the meeting of Langbar's Scheme
Creditors (as defined in the proposed Scheme of Arrangement), adjourned from 16 June 2006, was resumed. Certain small shareholders represented by counsel and solicitors, appeared at the hearing of the application. Following submissions, the hearing was adjourned to enable the scheme to be amended to allow beneficial owners of the shares with Scheme Claims to vote on the scheme directly and be personally bound by it.
Langbar will therefore be assembling a list of persons who have an interest in Langbar shares even though they do not appear on the relevant registers. This list will be assembled by contacting persons believed to have interests in Langbar shares directly, contacting those names which appear on Langbar's registers and advertising in appropriate newspapers in relevant countries. It is hoped to restore the court application at the end of this month and proceed with a revised Scheme of Arrangement.
23 June 2006
Langbar inquiry
The former chief executive of AIM-listed shell company Langbar is under investigation by accounting regulators over his role in the “establishment, listing and affairs” of the failed firm. Stuart Pearson, a trained accountant, faces an unlimited fine or loss of his licence if he is found to have behaved inappropriately.
19 June 2006
In the High Court on 16 June 2006 Langbar applied for leave to convene a meeting on 25 July 2006 of certain creditors of Langbar referred to as ‘Scheme Creditors’. Scheme Creditors are principally investors who are holders of Langbar’s Common Shares or Depositary Instruments who have or may have claims against (1) Langbar and (2) certain persons formerly associated with Langbar such as certain founder shareholders and former directors. The purpose of the meeting is to vote on and approve a proposal for a scheme of arrangement under section 425 of the Companies Act 1985 (the “Scheme”) between Langbar and its Scheme Creditors. The proposed Scheme is important for the future direction of Langbar. The Court adjourned the hearing to 4 July 2006 to enable a letter concerning the proposed Scheme (the “Practice Statement Letter”) to be sent to Scheme Creditors and draft documents relating to the proposed Scheme to be posted on Langbar’s website. You will find the Practice Statement Letter and these draft documents under the section of this website entitled ‘Investor Relations’. Please read the Practice Statement Letter dated 19 June 2006 carefully. It gives a summary of what the Scheme entails and why it is being proposed. In particular, please read the section headed “THE ACTION YOU SHOULD NOW TAKE”.
A draft of the Scheme itself can be found at pages 41 to 52 of the draft document entitled ‘Scheme of Arrangement – Explanatory Statement’. This is preceded in the same draft document by a statement, known as an explanatory statement, explaining the effects of the Scheme. This can be found at pages 5 to 40.
The Form of Proxy and Claim Form displayed on the website are also draft documents and should not be completed at this time. Final versions of these documents will be sent to Scheme Creditors by post, along with the final version of the Scheme Document, once the Court has made an order convening the meeting of Scheme Creditors.
Please note that not all investors in Langbar will be entitled to vote on the Scheme, including those whose investments are held by a nominee (where only the nominee will be entitled to vote). The Practice Statement Letter has been sent to all Scheme Creditors by post. If you have not received the Practice Statement Letter by post you may not be a Scheme Creditor (as defined in the Scheme).
You should contact Langbar as set out in the Contact Details section of the Practice Statement Letter or your broker or other financial adviser without delay if you are in any doubt as to what you should do.
To link to the pages on the Scheme of Arrangement, click on this link
Regli Given 6 Months Prison Sentence For Contempt
14 June 2006
In the High Court today Langbar was successful in its application to have Mr Regli committed in absentia to Pentonville prison for a period of 6 months for contempt of Court by failing to comply with each of his obligations under the Freezing Order dated 24 February 2006. Mr Regli is currently believed to be inSwitzerland. Mr Justice Kitchin commented that a sentence of 6 months was entirely appropriate (indeed at the lower end of the scale) given the seriousness of Mr Regli's non-compliance.The Judge also agreed to the Company's request that a similar application for committal against Mr Arad be adjourned for a period of 28 days.
Court Hearing
13 June 2006
There will be an application hearing in Court 58 of the Royal Courts of Justice in the Strand on 14 June 2006:
COURT 58
Before MR JUSTICE KITCHIN
Wednesday, 14 June 2006
At half past 10
Unrobed
Skeleton arguments and bundles for any listed application must be delivered by 10 a.m. on the day before the hearing of the application. The Chancery Listing Office will accept them if delivered to Room WG4 in time. The papers for any urgent unlisted application (and any skeleton argument or bundle sought to be delivered out of time) must be delivered directly to the Judge's Clerk.
Further information about skeleton arguments, bundles, chronologies and lists of issues will be found in paragraphs 5.1 to 5.40 of the Chancery Guide (October 2005).
APPLICATIONS
Langbar International Ltd v Rybank & ors
Same v Same
One TV plc v Eadem
COMPANIES COURT
EFC Holdings Ltd
Unsuccessful Application by Rybak Defendants to Delay Submission of Defence
12 June 2006
In the High Court today an application made by the Rybak Defendants (Mr Rybak, CMC Crown Management Corporation, Izabela Rybak and SCI Atol) to delay service of their defences until 28 days after their application for summary judgement and/or to strike out part of Langbar's claim failed. Instead, the Court ordered that the defences be filed by the end of July 2006.
Permission to appeal this decision was refused.
The hearing in relation to the application for summary judgement/strike out is likely to be heard in October 2006. The Company believes that the Rybak Defendants' application is without merit and will fail. However, an argument on these grounds has been anticipated since the initial hearing on 24 February 2006 and the Company is in the process of discussing with its shareholders the best way forward in order to successfully progress the claims in a manner which best protects the Company and all its shareholders.
The Company is determined to continue the good work and successes achieved to date in order to ensure a substantial recovery for its shareholders.
- ENDS –
For further information, please contact:
Andrew Benbow/ Stephen Benzikie
Bell Pottinger Corporate & Financial Tel: 0207 861 3232
Court Hearing
11 June 2006
There will be an application hearing in Court 58 of the Royal Courts of Justice in the Strand on 12 June 2006:
COURT 58
Before MR JUSTICE KITCHIN
Monday, 12 June 2006
At half past 10
Unrobed
Skeleton arguments and bundles for any listed application must be delivered by 10 a.m. on the day before the hearing of the application. The Chancery Listing Office will accept them if delivered to Room WG4 in time. The papers for any urgent unlisted application (and any skeleton argument or bundle sought to be delivered out of time) must be delivered directly to the Judge's Clerk.
Further information about skeleton arguments, bundles, chronologies and lists of issues will be found in paragraphs 5.1 to 5.40 of the Chancery Guide (October 2005).
APPLICATIONS
Lloyd v Pickering
The Governor & Company of the Bank of Scotland v Young & anr
Langbar Int'l Ltd v Rybak & anr
Same v Same
Crowley & anr v Law & anr
Autotech Design Ltd (s/o)
COMPANIES COURT
St Elphin's 2000 Ltd
Kirankumar Mistry
Lexi Holdings
MC Fabrications Ltd (s/o)
http://www.hmcourts-service.gov.uk/cms/list_chancery.htm
Dan Leahy Freed by Judge
12 May 2006
The marvellous news received this afternoon is that Dan Leahy was released from detention by the Monegasque Authorities earlier today. We applaud their decision to free Dan as he was innocent of the charges made by Mariusz Rybak - a fraudster wanted by the British Police for the biggest fraud on the Alternative Investment Market.
It is expected that Dan will be flying home to his family in Ireland and to celebrations for his release. The Langbar shareholders are delighted that a fellow shareholder, an innocent victim of the Langbar fraudsters is back home with his family at last.
Langbar shareholder Leahy to be released this week
08 May 2006
The following article by John Mulligan appeared in the Sunday Tribune:
DAN LEAHY, the Donegal native arrested in Monaco six weeks ago after he attempted to confront the former executive chairman of failed UK-listed investment firm Langbar, is due to be released from prison this week.
Email from the Company
04 May 2006
Thanks to Langbar’s management, yesterday the majority of the shareholders received the update below by email. Further updates will be sent when there is news.
UPDATE RE PROCEEDINGS
28 April 2006
The Board of Langbar is pleased to confirm that, as a result of the very substantial work undertaken to date, the Company's advisers have made significant progress in tracing the proceeds of the fraud which the Company believes has been perpetrated. As a result, the level of the worldwide asset freezing injunction granted by the High Court on 24 February 2006 was increased on 3 April 2006, so far as it relates to Mr Mariusz Rybak, from Ј29 million to EUR 49.5 million. The claim issued on 28 February 2006 against Mr Mariusz Rybak, Mr Jean-Pierre Regli, Mr Abraham Arad Hochman, Lambert Financial Investments Limited and CMC Crown Management Corporation Limited has also been extended to include a claim for certain declarations against Mr Rybak's wife, Izabela Rybak, and a company incorporated in Monaco, SCI Atol. There are therefore now seven defendants in the English proceedings (the "Defendants"). Mr Rybak, Mrs Rybak and SCI Atol have stated that they intend to defend the claims brought against them.
The Company and its advisers continue to seek to trace money and assets believed to constitute proceeds of the fraud and, in this regard, the Company has also commenced proceedings against Mr Mariusz Rybak and Mrs Izabela Rybak in the High Court of the Republic of Singapore. A claim was issued on 12 April 2006 and is supported by a freezing injunction granted on 13 April 2006 securing assets in Singapore. The Company has also made a criminal complaint against certain of the Defendants in Switzerland. The complaint is currently being handled by an investigating magistrate. The Company understands that an order securing certain assets has been made in Geneva as part of these proceedings and it will be providing all assistance possible to the magistrate to ensure that monies which are the proceeds of the sale of shares in the Company are secured and relevant documentation is recovered.
Further information will be provided when it is possible to do so regarding these matters. The Company and its advisers continue to work assiduously on the recovery of sums for the benefit of the Company and its shareholders. The Company continues to actively consider further claims which may be appropriate to pursue against other individuals or entities.
Free Dan Campaign
19 April 2006
The shareholders of Langbar were incensed to hear of the injustice of Dan Leahy & Ted Maye being locked up whilst Mariusz Rybak walks free. The Action Group have started a campaign to help him get free. We are asking all Langbar shareholders, including the current Chairman of the company - who kindly wrote in whilst on his holiday - to help get Dan free and back with his wife and family in Ireland.
If you can write a letter in support of Dan and forward it to the Action Group at the email address on the Contact Us page, we will ensure that Dan’s solicitor get’s the letter and it will be translated into French and sent to Monaco. Help us to get Dan free please.
Langbar Victim Held by Police
Whilst Fraud Suspect Walks Free
17 April 2006
An article appeared in the Irish Independent today stating that one of the Langbar investors has been arrested by the Monaco Authorities in Monte Carlo whilst one of the suspected fraudsters of Langbar is walking freely.
In a quite disturbing development, Dan Leahy has been arrested for ‘verbal assault’ whilst someone that is suspected of fraudulently taking millions of pounds is left free to carry on with his activities without being detained.
London Stock Exchange Intends to fight
Market Abuse Claim
14 April 2006
News was received today that the London Stock Exchange intends to defend the market abuse claim that has been made against them. The evidence supporting the claim can be reviewed at the Room Service Shareholders website, that is located on www.rsvshareholders.co.uk. It appears that the London Stock Exchange keeps making one bad decision after the other, as this claim will no doubt highlight the Exchange’s failure to abide by the Recognition Requirements and that they lied to the Room Service shareholders.
It should be remembered that the Exchange were also stupid enough to list Crown Corporation, a company that had little or no assets and certainly not the funds that the directors claim had been invested. The Exchange also allowed their Regulated News Service to be used to make an RNS release that was completely misleading and certainly contributed to the number of victims of the Langbar fraud. The Exchange should be ashamed of themselves.
Langbar Delists from AIM
12 April 2006
At the close of business today, Langbar International ceased to trade on the London Stock Exchange’s Alternative Investment Market. As the company was suspended for over 6 months, under the AIM Rules, the company can be de-listed.
A decision was taken to save funds for the company whilst they fight the legal actions concerning the fraud. It is anticipated that once the funds are recovered, the investors will be consulted about the possibility of the company re-listing on the market.
In the meantime, as the company is now unable to issue RNS news releases to the market, they are contacting the shareholders directly. The company has the names of members of the Action Group and intends to contact them directly whenever there is news posted to the Langbar.com website.
London Stock Exchange Sued for Market Abuse
03 April 2006
The momentous news this morning is that the London Stock Exchange is being sued for Market Abuse by Nigel Smith, one of the coordinators of the Room Service Shareholders Action Group. According to reports, the Exchange lied to the Room Service shareholders in 2003 and 2004. These people were the victims of a market abuse performed by Evolution, then known as Evolution Beeson Gregory in October 2003.
The FSA found Evolution guilty of market distortion amounting to market abuse. It was the first case of serious market distortion prosecuted by the FSA. Evolution was fined GBP 500,000 and their chief market maker, Christopher Potts, GBP 75,000.
Evolution sold over 252% of the legally issued share capital of Room Service and made the market hopelessly disorderly. As it was the Exchange’s responsibility to restore the orderly market and they had already failed to prevent it becoming disorderly, they had to find a solution. The Exchange choose to arrange a Settlement Offer. To make a cash payment in lieu of delivery of the shares - as there was not enough shares to complete actual physical delivery. The Exchange approached a Nomad to value the price of the Offer.
What they did not reveal to the shareholders was that they gave instructions to the valuer, to discount the effect of the open short positions on the value of the share price. The effect of closing the open short positions would have caused the share price to rise dramatically - far higher than it was when the original market abuse happened.
In other words, by setting narrow parameters to the valuation, the Exchange predetermined the value of the Settlement Offer - They rigged the price.
Later on the Exchange misled the shareholders by telling them that it was an independent valuation. But worse than that, their dishonesty in concealing the valuation instructions was proved when they actually lied to the shareholders - They lied Twice in one letter.
The Exchange committed market abuse when they claimed in a letter that the valuation was free from influence by the Exchange or the market makers and that it was fair. They also claimed that acceptance of the Offer or outcome of any legal claim (for additional compensation) would not be prejudiced. But in a court action in 2005 it was found that the Exchange did something that denied the investors their compensation.
When the Exchange did not get enough acceptances to the Settlement Offer, they used dilution shares of lower value created after the abuse to settle trades for the higher pre-dilution shares. This effectively destroyed the value of the shares BEFORE the shares were restored to the market - thereby denying the investors their compensation.
What the Exchange did – in a moment of madness is dishonour themselves and damage the good reputation of the City – a reputation built up over hundreds of years under the motto:
“Dictum Meum Pactum” – My Word is my Bond.
For hundreds of years, people have been able to rely on the word of the City of London Markets – because of their tradition and honour in upholding their word, no matter what. But what the Exchange did was drag the good name of the City through the mud, by acting more like a trade association protecting market abusers than a Recognised Investment Exchange.
I only hope that someone can take over the Augean Stables on Paternoster Square and put new management in that can understand the rules of the market and the law of the land and follow them. Let’s hope that they do so fast.
The Exchange are not the only ones with woes. The FSA have been implicated in four separate scandals, involving their handling of Room Service Group plc, Mayflower Corporation plc, African Diamonds plc and of course the Langbar International Fraud – the biggest fraud on the LSE’s AIM market.
A company that was a fraud from inception and at GBP £370m, seven times the size of the Tonbridge robbery in Kent.
A company that the Exchange allowed to list on their Alternative Investment Market.
A company that put out a false RNS that caused hundreds of investors to lose millions of pounds.
A company that the Exchange is obstructing the investigation into, by withholding vital information that they and the FSA have requested.
Complaint Filed with
FSA Complaints Commissioner
28 March 2006
A complaint has been filed with the FSA Complaints Commissioner, ahead of next week’s events. It alleges that the FSA is ignoring the investigation of market abuses and trades that were not completed with the suspected fraudsters.
The CFD and SB companies are attempting to make the case a ‘fait accompli’ by calling in the payments by 12 April 2006. What they are not aware of, is the strength of feeling that will be caused by so many politicians calling out for a full investigation after the events that are planned for Monday morning.
The press will not be able to ignore the historic event that is planned for Monday and the focus will be on why the regulators have not only listed a company with no assets - but that they are failing to investigate the the obvious market abuses that remain.
Are they trying to conceal yet another market abuse by their members?
Langbar International Featured on
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