HAS THE LAST CHANCE SALOON FINALLY CLOSED FOR GOOD?
WORLD EXCLUSIVE by DOUGLAS SHEPHERD
It was a business which its joint life presidents Martin Frost and Dr Bob Jennings used to spread a myriad of false claims that their "disruptive technology" company was being courted by the Israeli Intelligence Service, and told over 280 shareholders that enigmatic investors from the USA were ready to splash out $400 million to acquire its valuable fuel additive patents.
But now, after none of the outlandish and fictional promises or the threatened multi-million pound law suits against a host of 'naysayers' ever materialised, Dr Jennings has sensationally lodged an application to have Genfro Ltd. struck off the Register of Companies and dissolved.
It means that Genfro, dubbed "Son of Avocet" by long-suffering shareholders in the two men's various companies, will cease to exist unless there are objections to the application. The outfit, which started life in September 2020 as Gennfros Ltd., has never filed accounts.
A number of other firms of which Frost and Jennings are or were directors now find themselves in liquidation or administration with combined debts running into many millions of pounds. In one case, administrators have been seeking to recoup £1.25 million from Jennings.
The scheme which had the development of the Avocet 'wonder fuel' at its heart was hatched in 2014. A company bearing the name Avocet Infinite PLC and headed by Frost and Jennings persuaded some 650 investors to take shares with repeated promises of astronomical returns. But production of the fuel never even started as the pledges from Avocet's directors grew ever more fanciful.
At one point Frost circulated extracts from court documents he had filed as evidence for his bankruptcy hearing which claimed Avocet IP patents had been independently valued by patent attorneys Coller IP in December 2019 with an estimated worth of up to £400 million.
The paperwork also showed there was a pending transaction for the purchase of Avocet/Gennfros 'jet fuel from air' intellectual property for 100 million US dollars to be concluded in mid-April 2021. Despite assurances given in court at Leeds that IP sales would allow Frost to pay one major creditor £3.2 million, the judge was far from convinced and declared the self-dubbed 'controversial Anglo-Irish businessman' and his wife to be bankrupt in October 2021
Earlier, Avocet Infinite had changed its name to Omega Infinite before becoming the subject of a compulsory liquidation court order.
However, even that major setback failed to dampen the enthusiasm of Frost and Jennings as they continued to peddle their non-existent promises of jam tomorrow. They became self-appointed joint life presidents of Gennfros at its formation in September 2020, and handed themselves index-linked honoraria of £24,000 a year.
One of countless shareholders' letters, distributed by Frost in January 2021, outlined proposals for a Gennfros research and development facility and the creation of joint fuel and energy ventures with major world oil and gas suppliers.
The circular declared: "Dr. Bob Jennings and his team continue to establish new families of IP [intellectual property] in energy and agriculture. From £8 million of funds provided by the new investors measures are in hand to establish a Gennfros Limited research and development centre upon a site identified in Northern England. Land purchase negotiations are well in hand.
"Gennfros Limited’s new intellectual property shall be subject to an independent valuation in April 2021. Given the huge interest in the non-explosive methanol additive, it is hoped that such valuation shall exceed £200 million". But like every previous claim these ones were described by disgruntled shareholders as 'complete hogwash' or 'utter bunkum'.
Undeterred by his critics, Frost told investors in May 2021 that Parachute Holdings (PCH), "a company with annual revenues that exceed the GNP of Scotland", would invest £400M into Gennfros. It may be worth noting that at that time Scotland's GNP totalled a mildly impressive £170.9 billion.
Following the name change to Genfro Ltd in June 2021, the contents of Frost's newsletters became even more incredible and ridiculous. The imaginary organisation he called (PCH) headed by an individual by the name of Tim Carter, M.B.A. PhD arrived on the scene. Unfortunately no-one had ever heard of PCH - a company with no office address or contact numbers - or Carter, apart from Genfro management.
There followed a missive alleged to have been written by 'Carter' himself in which it was stated: "PCH will develop Gennfros for mankind's benefit. PCH hopes that many of you will take up its generous offers. Those that remain will be well impressed by PCH's forward drive and blunt approach. But those of you who have reservations please just take our offers and GO".
Then, in a 'Dear Friend' email Carter told shareholders his name was Tim, and his instructions were to establish a London office from which his top brass would develop a "merchant adventures emporium".
Here are a few more incredible extracts from Frost 'newsletters'
January 2021 - "Chevron, Total, and Rosneft will enter
into joint venture agreements with Gennfros, followed, in early March, by many
other oil companies".
January 2021 - "A 'major' oil company is offering £50M
for Avocet IP Ltd., and £200M for all of Gennfros Limited".
February 2021 - "An offer of US $100M has been received
for the air-to-fuel patents".
April 2021 - "An offer of $50M has been made for the
residual IP in Avocet IP (after the sale of the air-to-fuel IP)".
March 2022 - "A deal has been concluded with a foreign government that has agreed to pay £400M for all of Gennfros' intellectual property".
June 2022 - "The Israeli Intelligence Service
will give extravagant gifts to Avocet and Gennfros shareholders".
Whenever challenges were encountered or criticisms levelled there were threats that Genfro would move lock, stock and barrel To Wilmington, Delaware from where even more law suits would be initiated. Not a single action was ever raised in the courts seeking damages.
Now comes what could be the final act in this long-running fairy tale.
The Companies House website carries details of Jennings' application to have Genfro committed to the flames.
Headed IMPORTANT NOTICE FOR ALL INTERESTED PARTIES, and dated April 5th, 2024, the paperwork explains: "This company has applied to be struck off and dissolved. The registrar will proceed unless there is reasonable cause not to and on dissolution any assets remaining in the company will be passed to the Crown. Guidance is available on grounds for objection. If in doubt seek professional advice".
In a so-called DECLARATION OF DIRECTOR signed by Jennings, it states: "I apply for this company to be struck off the register and declare that none of the circumstances described in sections 1004 and 1005 of the Companies Act 2006 (being circumstances in which the directors would be otherwise prohibited under those sections from making an application) exists in relation to the company".
And a FIRST GAZETTE NOTICE scheduled for publication on April 16th according to the website informs readers: "The Registrar of Companies gives notice that unless cause is shown to the contrary, the company will be struck off the register and dissolved not less than two months from this date."
Government guidance on strike off and dissolution of companies includes an instruction that directors who make the application must, within seven days of transmitting the application to Companies House, send copies to members [usually the shareholders], creditors, His Majesty's Revenue & Customs [HMRC] and the Department of Work & Pensions [DWP]
It remains to be seen whether any of Genfro's listed shareholders will even bother to try and keep the worthless business afloat. It may only be remembered for the untruths spouted during its distinctly underwhelming
existence.
Meanwhile, it is understood a long-running investigation by Police Scotland into complaints of alleged fraud linked to the Avocet Group's activities is continuing.
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