The People's Smooth Operator

[Auggie]

I don't remember all the details, but it had something to do with using WMF funds fraudulantly, such as "a massage" or something while traveling (in Moscow if I remember right). He came back and a little bit later he "resigned" under pressure. They allowed him to keep a founders seat on the board, but basically removed all his voting rights and control. Maybe someone else can give more info.

I think you've been misinformed. There were definitely rumors of Russian massages and misuse of funds, but there were no consequences that I can remember. Maybe some of the more intense Jimbo watchers can chime in.

[Kumioko]

Yeah the WMF brushed it under the carpet officially, but multiple people tattled on him and he resigned.

[Poetlister]

Both he and Wikipedia itself have suffered.

In what way was Wikipedia under Jimbo's control better than the current arrangement?

[Auggie]

Both he and Wikipedia itself have suffered.

In what way was Wikipedia under Jimbo's control better than the current arrangement?

It was more inclusionist.
It was easier to become an admin.
Fewer articles were protected.
The technology was more advanced for its time.
The wiki code was easier for humans to read.
The gangs were less entrenched.
There were many more new users.
There were regular news stories about Wikipedia.
Relevant new articles were being created at a fantastic rate.
The management was personally involved in running the site.
etc.

[Poetlister]

There were regular news stories about Wikipedia.

We have a whole forum full of stories about Wikipedia, with several added every single week.

The management was personally involved in running the site.

Was that good?

[No Ledge]

Average revenue per user in the US was $20.15

I have no idea whether I could sign up for service with them (based in Ohio). I've never been solicited by them, and wouldn't even know they existed were it not for my associations with Wikipedia and Wikipediocracy. I suppose I could go to their website to find out, but of course I have no motivation to sign up for cell service with a company that could leave me stranded any month now. Though I assume that they will sell their users to another cellphone company when they shut down their service. Their user base, such as it is, is probably one of their only assets.

Heh heh. I guess I saw this coming. The People's Operator has sold their U.S. customers to a rival operator

http://www.lse.co.uk/AllNews.asp?code=6 ... al_Network

[No Ledge]

85-hundredths of a penny to 12-hundredths of a penny in about five weeks. Can it drop below one-hundredth of a penny and trade in thousandths? (December 2017)

Per the story I just linked in the above post,

"The stock continued to fall following the news and was trading 29% lower at 0.01 pence per share on Friday."

Looks like I'm about to get an answer to my question.

This stock seems overdue for a reverse split (T-H-L).

[No Ledge]

Hmm, the Alternative Investment Market (T-H-L) has no minimum share price requirement, so no worries, I guess

[Poetlister]

That will be a relief. This thread is one of the longest on the site.

[Randy from Boise]

My friend Marty points out the following bit of corporate weirdness:

The Company will not be in a position to send its report and accounts for 31 December 2017 to shareholders until it has shareholder approval at the General Meeting to complete the Disposal and has agreed with Barclays the quantum of its facility that will be required to be repaid from the proceeds of the Disposal. Based on the current timetable the Directors believe that the Company's annual report and accounts for the year ended 31 December 2017 can still be sent to shareholders before 30 June 2018.

linkhttps://uk.webfg.com/news/Company-Annou ... 77273.html[/link]


He also notes with hilarity and mirth the following:

"As a result of the market price of an Ordinary Share now being below its nominal value of £0.0005, it is not currently possible to issue new Ordinary Shares to raise finance as it is not possible to issue a share for a subscription price which is at a discount to its nominal value. The second resolution to be proposed at the General Meeting seeks to approve the sub-division of each ordinary share of £0.0005 into one ordinary share of £0.0001 ("New Ordinary Shares") and one deferred share of £0.0004 ("Deferred Shares")."

RfB

[No Ledge]

the Board therefore wishers to be able to allot further shares for cash

I see that the price has doubled from its low of £0.0001 to recently trade at £0.0002

But, given that it's already traded at the "New Ordinary Share" price, seems they're at risk of still not being eligible to issue new shares even after that resolution to "defer" shares passes.

I wonder if the software that runs the London AIM supports trades at a price below £0.0001 -- I suppose it shouldn't be hard to find a company trading at a lower price if it's possible.

The company's issued share capital is only £300,000 (I suppose about the value of an executive condo in London) and they want to issue £300,000 worth of "new shares". Kind of like the Weimar Republic (T-H-L) issuing "new currency", I suppose.

[No Ledge]

It's the lowest priced telecom operator trading on the London exchange.

If you sort the FTSE AIM All-Share Index by the lowest price, it floats to the top of the list (in a 3-way tie with Andalas Energy And Power and Flowgroup). Sorry, I literally was ROFL this time, but it's time to call mercy so I won't post that "smilie" again.

[Poetlister]

The company's issued share capital is only £300,000 (I suppose about the value of an executive condo in London)

Oh no, even a one-bed flat in a decent part of London is far more than that.

[Randy from Boise]

the Board therefore wishers to be able to allot further shares for cash

I see that the price has doubled from its low of £0.0001 to recently trade at £0.0002

But, given that it's already traded at the "New Ordinary Share" price, seems they're at risk of still not being eligible to issue new shares even after that resolution to "defer" shares passes.

I wonder if the software that runs the London AIM supports trades at a price below £0.0001 -- I suppose it shouldn't be hard to find a company trading at a lower price if it's possible.

The company's issued share capital is only £300,000 (I suppose about the value of an executive condo in London) and they want to issue £300,000 worth of "new shares". Kind of like the Weimar Republic (T-H-L) issuing "new currency", I suppose.

Actually, I was thinking when I got that info from Marty that it was very much like a hyperinflation, in which low value paper is supplanted with even more low value paper as the powers that be clutch at straws to keep from drowning.

RfB

[Randy from Boise]

Oops, it appears that the lovely cash that is being raised by selling off the American division might be spoken for. At least Mr. Barclay doesn't want it being frittered away...

Update re: Barclays
Fri, 15th Jun 2018 15:06
RNS Number : 6019R
The People's Operator PLC
15 June 2018

The People's Operator ("TPO", the "Company" or the "Group")

Update re: Barclays


Further to the announcement of 8 June 2018 (the "Announcement"), The People's Operator (AIM: TPOP), the cause-based commercial mobile virtual network operator, announces the following update regarding its ongoing discussions with Barclays Bank plc ("Barclays").

As outlined in the Announcement, TPO has been in discussion with Barclays, its sole secured creditor, regarding the use of proceeds from the proposed disposal of TPO's US business (the "Disposal") and the extent to which such proceeds would be required to repay amounts outstanding to Barclays, which currently stand at £1,020,000.

Barclays has requested that all proceeds from the Disposal and the related release of deposits should be placed into a security realisation account only to be released on the basis that the Company can demonstrate that it can raise further funds to invest in the UK business.

As set out previously the Company currently has limited cash resources. The Board believes that it is highly likely to require bridge funding to cover the period to receipt of the proceeds of the Disposal. The Board is therefore urgently considering all its options while the Company continues to seek such bridge funding.

Further announcements will be made in due course.

linkhttp://www.lse.co.uk/share-regulatory-n ... e_Barclays[/link]

Bridge funding? Does that mean somebody will be selling somebody else a bridge? I hear there is a nice one in Brooklyn...

RfB

[Poetlister]

Bridge funding? Does that mean somebody will be selling somebody else a bridge? I hear there is a nice one in Brooklyn...

This is London. We have Tower Bridge.

Seriously, they just mean a bridging loan (bridge loan (T-H-L) to Americans).

[Randy from Boise]

Bridge funding? Does that mean somebody will be selling somebody else a bridge? I hear there is a nice one in Brooklyn...

This is London. We have Tower Bridge.

Seriously, they just mean a bridging loan (bridge loan (T-H-L) to Americans).

It's an old American joke about con artists trying to sell greenhorns a stake in the Brooklyn Bridge...

linkhttp://www.nydailynews.com/new-york/bro ... e-1.330399[/link]

Meanwhile, this...

People's Operator in funds crisis


A mobile operator backed by the Wikipedia co-founder Jimmy Wales is in a scramble for new funding after warning shareholders its cash pile is dwindling and its lender is circling.

Aim-listed The People’s Operator is selling its US customer base to reduce its costs and raise up to £700,000, but has told investors that Barclays has ­demanded that proceeds are set aside against debts of more than £1m.

The cash, needed to cover ongoing losses, would only be released if The People’s Operator is able to raise new outside funding. The company was listed less than four years ago on a valuation of £100m. Mr Wales said at the time it could be worth £2bn in four years. The shares have instead collapsed to a market capitalisation of ­under half a million pounds, less than the remaining cash of £535,000 it ­reported earlier this month.

linkhttps://www.telegraph.co.uk/business/20 ... ds-crisis/[/link]

RfB

[Poetlister]

It's an old American joke about con artists trying to sell greenhorns a stake in the Brooklyn Bridge...

I know, and in London the same joke is told of Tower Bridge, which is prettier.

[Auggie]

Jimmy has a million dollars. He could buy it.

[Poetlister]

And, he's jumped ship.

Wikipedia founder Jimmy Wales has left the struggling mobile network he helped take public as it fights to resolve a funding crisis by securing new cash. The People’s Operator, which floated at a £100m valuation in 2014, said Mr Wales had stepped down from the board “to concentrate on his other interests”.

Daily Telegraph

[Randy from Boise]

And, he's jumped ship.

Wikipedia founder Jimmy Wales has left the struggling mobile network he helped take public as it fights to resolve a funding crisis by securing new cash. The People’s Operator, which floated at a £100m valuation in 2014, said Mr Wales had stepped down from the board “to concentrate on his other interests”.

Daily Telegraph

.........which involve making lots and lots of money.

RfB

[Poetlister]

.........which involve making lots and lots of money.

No, which involves trying to do something with Wikitribune.

Anyway, this thread can now be closed as the company is no longer relevant to Jimbo.

[Poetlister]

I was wrong; he's still being mentioned.

An ethical mobile phone provider that counts Jimmy Wales, the Wikipedia founder, as one of its largest shareholders has been thrown a lifeline that could prevent it from going bust. The People’s Operator yesterday revealed that it has entered talks with a new investor, who is lending the company cash to tide it over until the sale of its American division completes. The bridging loan would convert into new shares in TPO, giving the white knight a sizeable, but undisclosed, stake.

The Times

[Dysklyver]

I was wrong; he's still being mentioned.

He is still a director of the company. He is failing in his duties because the accounts were due on 30 June 2018. Filing the accounts late is a criminal matter, so they are clearly in dire straits. They still haven't filed the 2017 annual report either, what a mess.

Jimmy Donal Wales still seems to own about 7% of the shares, probably because he can't sell them. Shucks. Considering that the shareholders lost 97 million pounds in this failure, I can't say I am surprised. But by rights this represents a personal loss to Jimbo of over seven million pounds.

[Poetlister]

He is still a director of the company.

Odd, according to the news source I quoted last month, he's left. Are they wrong or is Companies House not up to date?

[Dysklyver]

He is still a director of the company.

Odd, according to the news source I quoted last month, he's left. Are they wrong or is Companies House not up to date?

Companies House is the legal register. When he leaves it will be reflected within a few minutes. A day or two at the longest if they mail the termination to them.

He is still a director. Ergo the news source must be wrong...

[Streaky]

He is still a director of the company.

Odd, according to the news source I quoted last month, he's left. Are they wrong or is Companies House not up to date?

Companies House is the legal register. When he leaves it will be reflected within a few minutes. A day or two at the longest if they mail the termination to them.

He is still a director. Ergo the news source must be wrong...

It says "RESIGNED" now.

[Dysklyver]

Well that's it over now then, Jimmy is out and "The People's Operator" is on its own.

(edited per below)

[No Ledge]

Well that's it over now then, Jimmy is out and "The People's Operator" is on its own.

Greg could not have let that go without correction.

[Poetlister]

Hurrah. The thread can be closed now.

[Midsize Jake]

Hurrah. The thread can be closed now.

Don't we have to cover the inevitable rise in the stock price once it's more widely publicized that Jimbo is no longer on the management team?

[No Ledge]

Hasn't happened yet. It's still maintaining its position at the top of the chart as the lowest-capitalization stock in the AXX, quoted at the lowest price that can be quoted there, with zero volume... no shares traded today. linkhttps://uk.webfg.com/index/FTSE_AIM_All ... _price/asc[/link]

[Eric Corbett]

Hurrah. The thread can be closed now.

Don't we have to cover the inevitable rise in the stock price once it's more widely publicized that Jimbo is no longer on the management team?

Any idea how much money Jimbo made out of wasting the money of others? Surely it's only a matter of time before someone brings a case of fraudulent misrepresentation against him.

[Poetlister]

I think he was paid £250,000 a year as chairman. I don't know how much he got when he was just a director.

[Eric Corbett]

I think he was paid £250,000 a year as chairman. I don't know how much he got when he was just a director.

So he did pretty well out of it then. Can't see him being too bothered about any of the investors losing all their money.

[Kumioko]

I think he was paid £250,000 a year as chairman. I don't know how much he got when he was just a director.

So he did pretty well out of it then. Can't see him being too bothered about any of the investors losing all their money.

I'm sure he isn't, this will give him more time to spend on making Wikia/Fandom profitable...

[Poetlister]

If he could just run Wikia properly, he wouldn't need to do anythig else to earn money.

[Soldado Sin Nombre]

If he could just run Wikia properly, he wouldn't need to do anythig else to earn money.

He lost that job long ago, but of course he says otherwise.

[Kumioko]

If he could just run Wikia properly, he wouldn't need to do anythig else to earn money.

He lost that job long ago, but of course he says otherwise.

Yeah the truly sad thing is Wikia/Fandom could be a really profitable site but their skin is so F'ing ugly and cumbersome hardly anyone wants to use it.

[Dysklyver]

Hurrah. The thread can be closed now.

Don't we have to cover the inevitable rise in the stock price once it's more widely publicized that Jimbo is no longer on the management team?

Any idea how much money Jimbo made out of wasting the money of others? Surely it's only a matter of time before someone brings a case of fraudulent misrepresentation against him.

He made around £750,000 out of the exercise before tax.

[Randy from Boise]

This thread is about at its end, as the cold corpse of TPO is being slid into the grave...

linkhttps://seekingalpha.com/article/421966 ... ipt?page=3[/link]

I mentioned last quarter that we had agreed to purchase customers from The People's Operator, another MVNO. The migration of those customers has taken longer than expected as TPO has, quite publicly, work (sic.) through some financing issues. The base has also shrunk, which is now at about 8,000 customers. We're now hoping to migrate those customers in Q4.

RfB

[No Ledge]

Posted: Tue Aug 28, 2018 4:21 pm

It's still maintaining its position at the top of the chart as the lowest-capitalization stock in the AXX, quoted at the lowest price that can be quoted there, with zero volume... no shares traded today. linkhttps://uk.webfg.com/index/FTSE_AIM_All ... _price/asc[/link]

Broken record playing here... status unchanged.

[Dysklyver]

How long it is taking to wind it up is directly proportional to how little interest anyone has in now.

[tarantino]

The People's Operator Secures Major Investment With LycaMobile Owner

LONDON (Alliance News) - Mobile network operator the People's Operator PLC on Tuesday said that it has secured a major investment and funding deal with WWW Holding Company Ltd, the majority owner of LycaMobile.

WWW agreed to provide working capital of up to GBP50,000 per calendar week to the company as bridging finance while discussions continued.

Meanwhile, the company is proposing a share reorganisation on a 2000-to-one basis in order to reduce its capital. It currently has 3.02 billion shares in issue.

Furthermore, the firm said it is looking to raise GBP1.3 million via an allotment of 645,000 shares to WWW at 10 pence each and the allotment to WWW of GBP1.2 million convertible loan notes.

People's Operator shares closed untraded at 0.01p on Tuesday.

The UK Refused To Raid A Company Suspected Of Money Laundering, Citing Its Tory Donations

The British government refused to assist a French investigation into suspected money laundering and tax fraud by the UK telecoms giant Lycamobile – citing the fact that the company is the “biggest corporate donor to the Conservative party” and gives money to a trust founded by Prince Charles.

French prosecutors launched a major probe into the firm and arrested 19 people accused of using its accounts to launder money from organised criminal networks two years ago, after BuzzFeed News revealed its suspicious financial activities in the UK. But the Conservatives continued taking Lycamobile’s money – and it can now be revealed that the British authorities stonewalled a formal request from French prosecutors to carry out raids in London as part of the ongoing investigation.

Oh, the company Jimbo keeps.

[Kumioko]

Oh my!

[Poetlister]

If the shares are currently 0.01p and are bundeed at 2000 to 1, the new shares will be priced at 20p each. They can then fall further without looking ridiculous.

[No Ledge]

Wow, it's been six months since I called for a reverse split and Poetlister declared that the end was nigh. After six months stuck on the floor of the trading floor, this dawg has apparently resurrected itself. It must have nine lives. Sorry, no, can't lock this thread yet. There's life again in the dawg pound!

[Randy from Boise]

Wow, it's been six months since I called for a reverse split and Poetlister declared that the end was nigh. After six months stuck on the floor of the trading floor, this dawg has apparently resurrected itself. It must have nine lives. Sorry, no, can't lock this thread yet. There's life again in the dawg pound!

This is a permutation of a trick used with rapidly depreciating currencies during periods of hyperinflation. Redefine the new ruble as equal to 10 old rubles or whatever and you're instantly back where you were a couple months ago...

RfB

[No Ledge]

This aint no run-of-the-mill 1-10 reverse split this is 1-2000 on steroids! I think that means they'll have to cash out anybody holding 1,999 odd shares, which is not enough to convert to a new share. At £0.0001 per share × 1999 shares that's £0.1999 I suppose they round to 20p.

[Randy from Boise]

I don't understand why regulators don't step in to put this dog down... Instead, yet another round of heisting cash from ignorant speculators is in the offing...

RfB