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  1. BarterCard true membership numbers is easy to work out. I ran a spider over the website to copy every single listed member. Then you go and ask the Brokers if they will share membership numbers with you. Funny thing is many will if they want something from you. The shocking truth is much less then the stated amount of members. They are including non trading and not active accounts in the numbers. I have staff that worked for BarterCard and they tell me the numbers quoted are complete lies also.

    As for international… Same stories and easier to get to the truth.. Thailand is barley 1000 members despite numbers of 7000+ told to members. They even merged 4 Bangkok offices into 1 without telling the members and so in short all the “Many offices” are all located in the same building.

    Add to this what happened to the UK operations and you start to see a horrific trail of failed businesses and franchises. They honestly cant give franchises away and the lies about “Buying Back” franchises don’t make sense as the people giving it back have lost money and are going broke. I had a Franchise owner call me asking if I could pay my fees early as they did not have enough money for payroll and that they had not been paid themselves in months. Ask ex staff about whats going on and you can see they have very few staff for more then a year.

    This business is in very real trouble and they know it.

    • Thanks Anon
      555,00 -> 24,000 from their own figures [and as you say, probably a lot less than that] is not a good look!
      Their own balance sheet reporting nigh-on $100m Trade Deficit! Woah!
      Pulling out of many countries and never able to return due to their conduct. Ouch!
      Dishonest practices reported time after time [as you have done here]. It’s serious!
      An IPO which reads like a dream-story but actually conceals a horror story.

      I totally agree with your assessment of a company in very real trouble.
      Thank you for commenting.

Trackbacks

  1. […] Bartercard should not list Bartercard released  their IPO yesterday but the Prospectus is at best a grossly misleading document and at worst is arguably fraudulent. I believe that their IPO should be suspended immediately until much missing information is supplied and the misleading information is corrected to accurately reflect the reality. These two strong statements reflect my very serious concerns covering many issues to do with their listing and a personal desire to see investors more informed and less susceptible to their inevitable pain or loss should they part with their readies when using this Prospectus. Bartercard is currently an inch away from landing in my Hall of Shame. […]

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