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  • Alistair Kevin
    • #2
    • 27th Apr 13, 5:26 PM
    • #2
    • 27th Apr 13, 5:26 PM
    Con or Not
  • Hole in my bucket
    • #3
    • 28th Apr 13, 9:46 PM
    • #3
    • 28th Apr 13, 9:46 PM
    How much do you know or how much does your dad know. There is a lot of information available on the web. A brief summary of my opinion would be that they are a very high risk investment. The directors/ board members are convinced that they will be successful and they are convincing themselves. I invested and was prepared to take a gamble over a 3 to 4 year period. But the company still has no traditional real worth. They need money or a partner who can provide finance in order to grow large enough to become proffitable. We will have to wait for information from the directors.
    • jimjames
    • By jimjames 28th Apr 13, 9:59 PM
    • 12,773 Posts
    • 11,472 Thanks
    jimjames
    • #4
    • 28th Apr 13, 9:59 PM
    • #4
    • 28th Apr 13, 9:59 PM
    How did he get shares if they are not traded? Was he cold called?

    Untraded shares are impossible to value as they totally depend on finding someone else to buy at any price unlike traded ones where you can immediately see their value.

    Excuse my cynicism but 2 new posters on same topic talking to each other rings alarm bells.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • j0nathon2
    • By j0nathon2 28th Apr 13, 11:05 PM
    • 284 Posts
    • 169 Thanks
    j0nathon2
    • #5
    • 28th Apr 13, 11:05 PM
    • #5
    • 28th Apr 13, 11:05 PM
    Seems there is a holding company "Global Food Tech Inc" which has nothing but shares in "Global Food Technologies Inc".

    It also seems like the shares are worthless, and considering you cannot trade them anyway, you may as well just hold them and hope a miracle happens.

    I say worthless, based on the fact it's accumulated over $70m of loss, has as many liabilities as assets, and has almost 400 000 preference shares in issue which are entitled to the first $1.8m in the event of liquidation (I assume you don't hold preference shares).

    No doubt one, or both of the above posters is going to tell us about the R&D nature of the business, how good a prospect it is, then get some dodgy company to offload their shares.
    Last edited by j0nathon2; 28-04-2013 at 11:07 PM.
  • Shaolin Monkey
    • #6
    • 28th Apr 13, 11:30 PM
    • #6
    • 28th Apr 13, 11:30 PM
    OP you should probably read this - http://www.cityoflondon.police.uk/CityPolice/Departments/ECD/Fraud/boilerroom.htm And also watch out for "recovery room" frauds where another cold caller will offer to buy your dad's shares for a high price (or otherwise get the money back) in exchange for some sort of admin fee. It won't be a genuine offer...
  • Hanfordson2
    • #7
    • 11th Feb 14, 1:17 AM
    Avoid Global Food Technologies!!!
    • #7
    • 11th Feb 14, 1:17 AM
    It's a horrific investment sold by dodgy brokers to financially unsophisticated investors. Read the public filings (10K, 10Q) - no revenues, no assets, huge debt and no cash. Just a bunch of empty promises for a big-hit IPO, always just around the corner. There was a website article from 2009 where posters to the comments section did an excellent job of showing just how bad the company is. Those comments were removed a few weeks ago, after years of pressure from the company. The article was permanently archived through google however, and although I'm not able to link it here, you can search "global food technologies and find the boards.fool site for GFT which does have the link.
  • Mokolua4856
    • #8
    • 30th Jan 15, 10:39 PM
    • #8
    • 30th Jan 15, 10:39 PM
    I got suckered into this over 15 years ago. Might as well have p!zzed into the wind! SO MAD!!!!
    • PSHopeful
    • By PSHopeful 26th Mar 16, 7:08 PM
    • 1 Posts
    • 0 Thanks
    PSHopeful
    • #9
    • 26th Mar 16, 7:08 PM
    GFT-iPura nil stock movement
    • #9
    • 26th Mar 16, 7:08 PM
    I felt it was a worthy cause back in 02/03 when I was contacted by an agent touting their shares as IPO's. Now 14 yrs later, I'm having serious doubts as to whether in todays market, and with so many other food industry related expenditure, that they will secure short term success. Their shareholder information has been good over the years, but has certainly dried up in the last year or so, to the point where I cannot now get a response from their directors via direct emails to them, requesting the status quo.

    Ipura has been accepted in principle, for predominantly fish/seafood processing, in the big asian canning plants, but the essence of GFT making money out of it now appears to be whether they can sell on the concept to other major supermarket store chains like Safeway, as well as getting their process approved for poultry, and then selling on that concept too.
    • annanickels
    • By annanickels 26th Feb 17, 3:36 PM
    • 1 Posts
    • 0 Thanks
    annanickels
    can we get our money back
    Hello i have just found 1000shares which i took out with GFT- ipura can we get our money back if this is a con ..
    • phil6666
    • By phil6666 9th Apr 18, 10:00 AM
    • 2 Posts
    • 0 Thanks
    phil6666
    Waste of Space
    I ended up with 5000 shares in GFT certificate dated 2002. sold to me by Morgan Young. I was taken in by their sales pitch. Cost me a small fortune with no sign of recovery. They even tried to sell me a second batch of stock, which I wisely steered away from. I doubt I will ever see a return and this has put me off all deals in stocks and shares. I think there should be some way of bringing both Morgan Young and GFT to account, because I dont believe they ever acted in the shareholders best interests. Just to make profit for their own personal gain,
    but they were very clever Morgan Young said they were operating from Luxemburg and GFT used a holding Company, a small office in California.
    • Malthusian
    • By Malthusian 9th Apr 18, 10:24 AM
    • 4,795 Posts
    • 7,687 Thanks
    Malthusian
    I doubt I will ever see a return and this has put me off all deals in stocks and shares.
    Originally posted by phil6666
    The vast, vast majority of retail investors invest in stocks and shares via mainstream diversified regulated funds, while taking advice from intermediaries authorised to provide advice in the UK by the Financial Conduct Authority (if they need it). Consequently their investments are spread across hundreds or thousands of shares, and there is negligible risk of permanent loss in the long-term. Provided they do not panic, borrow to invest or fail to diversify properly.

    Very few people deal in stocks and shares by doing what you have done and investing all their money in a single ultra-high-risk investment on the strength of a cold call from an unregulated outfit.

    While this is of very little comfort to you, saying that you won't invest in the stockmarket is a bit like crossing the road with your eyes shut, being hit by a car and then saying you'll never cross the road again. The road wasn't the problem.

    The money is almost certainly gone, but you should consult a regulated solicitor to find out whether there is any realistic prospect of obtaining redress from Morgan Young. Beware of throwing good money after bad. Even if you won a judgment against Morgan Young, your ability to obtain redress depends on whether they have any assets that can be accessed by the courts.
    • Reaper
    • By Reaper 9th Apr 18, 2:32 PM
    • 6,325 Posts
    • 4,611 Thanks
    Reaper
    The money is almost certainly gone, but you should consult a regulated solicitor to find out whether there is any realistic prospect of obtaining redress from Morgan Young.
    Originally posted by Malthusian
    I wouldn't bother. Solicitors are expensive and Morgan Young appear to be a boiler room outfit hiding behind virtual offices and even managed to get evicted from those which takes some doing.
    http://www.thisismoney.co.uk/money/news/article-1529385/Share-scam-trades-on-Wall-Street-name.html

    P.S. If the firm's name is actually Morgan Young Financial Consultants then there is a warning out about them:
    https://www.fca.org.uk/news/warnings/morgan-young-financial-consultants
    Last edited by Reaper; 09-04-2018 at 2:38 PM.
    • phil6666
    • By phil6666 16th Apr 18, 7:58 AM
    • 2 Posts
    • 0 Thanks
    phil6666
    Gft
    I tend to agree with Reaper I wouldn't bother with a solicitor, good money after bad. As far as crossing the road with my eyes shut I think the analogy is out of place. But thank you for your interesting comments
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