Yesterday, ASX:BPS announced that Trevor Dietz has [effectively] gone from Bartercard. “Good riddance!” I say. As I shared recently with the impending move by the BPS shareholders waking up and indicating their intent to rid the board of crooks, he jumped before he was pushed. So that’s now two of the original three “Smiles in Suits” from Bartercard who have now bailed – just as I predicted. Trev will now cash up, pocket what he can and move onto another scam-ridden industry or make it dodgy. The third one will go in due course as well, for his sake, hopefully before the house of cards falls around him. Here’s my take . . . enjoy.
Trevor Dietz puts a smile to dodginess. Presenting a sows’ ear as a silk purse is the name of his game. The purse is always empty for the other dudes though . . . that’s the power of commercial barter, where as ‘bankers’ outside of regulation and without accountability you can play with and profit from the goodwill and credit of your
suckers members. Welcome to commercial barter, Bartercard style!
I’ve blogged extensively that the core business of BPS Technology is the Bartercard barter exchange which has been run as a Ponzi scheme, for decades. It has been in decline for the last decade by all metrics (membership numbers, trade turnover, profitability, market presence). BPS has been changing too (it had to!) so that you never hear of the incredible, amazing, best in the industry (according to IRTA’s Ron Whitney at the time) Tess. No surprises there – totally predictable as I said from the outset.
Bucqui too while talked up by the Smiles in Suits at the time is far from the stunning success it was intended to be. Recent purchases of other technology systems appear to be stabs in the right direction – others more skilled in analysis of these can pass comment. I’ll stick with my knitting and analyse Bartercard, and its dodgy management.
The BPS IPO was a stitch-up. The three Smiles in Suits used a ring-in who was director of a pension/superannuation fund to secure the required capital. They got it in record time (funny that!) and one of the directors bailed with his golden handshake shortly after the 2 year moratorium on vested interests selling up. The other two will do likewise shortly, with Trevor’s bailing now brought about no doubt because he saw the writing on the wall. Presented as organised succession planning “BPS announces succession planning” [PDF], it wasn’t. WTF? Is this idiots they think they are talking to?
This is a big black mark on Trevor’s CV. He won’t like that and should have taken my advice and bailed before he had to. His sights should be on bigger fish. Sharks always eye others as predators. His ego really will have taken a beating over this one – public companies are a little different to private ones.
Trevor and integrity are not comfortable bedfellows. One cannot be at the top of this company and play the game with a straight bat. Aside from the myriad of stories over the years I learned the truth about this man personally when I commenced exposing him and his operations around the launch of BPS. Trevor slipped a communication to the industry warning them about me, telling the world that I lacked credibility and that they were squeaky clean, going to make waves in the industry – blah blah blah. We’ve commenced litigation in half a dozen jurisdictions across the planet . . . yeah right!
First I’ve never lost a court case in 42 years; secondly three of those cases were against Bartercard (and I’m working on a fourth one at the moment); thirdly the litigation (sadly) was all BS, because I would have loved to get the evidence out there; and fourthly the communication was an amateur piece of work from th top dude at a publicly listed company but it read like a school child had written it! I wasted his dopey reply at the time. It’s worth a read if you missed it a few years ago. A warning though, you’ve got to deal with big egos – both his and mine!
So let’s take this latest announcement and put it into context . . . an ASX publicly listed company ASX:BPS is forced by the majority of its shareholders, who BTW are corporate investors and clearly no fools and are not happy, to defend a move to have the board members I’ve been calling shonky, dodgy, crooks and Smile in Suits for years. These guys claim that there has been insider trading (well duh!) and that they have concerns for their investment (double duh!!) and that they want the crooks gone and to appoint people they trust to do the job.
Oh and Trevor Dietz the head poncho is departing a couple of weeks later . . .
Over the last few years I’ve written tens and tens of thousands of words about this crooked operation called Bartercard. I’ve called the BPS Technology IPO documents nonsense; their plans clearly the stuff of dreams; their Smiles in Suits to be crooks through and through hiding hundreds of millions of trade debt off-balance and leveraging the credit of their members for massive personal gain . . . and that’s just the beginning.
Under the photo of Trevor Dietz above I questioned whether this was the start of accountability. I think that Trevor has left it too long with BPS – he’s got himself caught with the shareholders trying to sort him out. In situations like this it is usually pride that prevents people doing the smart thing – he probably thought he could ride the beast a little longer than he should have.
I notice that there have been moves from other quarters too to ping some of these Bartercard crooks. When it all finally comes out in court, and it will, Bartercard will cease to exist. BBX has effectively gone now, with serious trading issues and internal strife since my exposure around the BBX Thailand resignation and The BBX Investigation.
When I publish my book Bartercard Secrets, they too will be no more. Whether it will come through the criminal processes of the civil court processes or through social media and the facts getting out there, I cannot predict, but there will be an end to the Bartercard con-job, sooner rather than later, I can assure you.
Like with all the others, Ormita, IRTA, Tradeqoin, Qoin, BBX, the truth will out. Bartercard will go . . . perhaps flushing out these directors may save the ASX:BPS thing, which for their sake I hope it does survive, but at the end of the day any business needs to create value and long term it needs to be real value. The slightest squeeze in the future and these guys will just pop!
Thanks for keeping up with the play here . . . it really has been a hoot watching it all unfold.
And the last four words of course just have to be . . . I TOLD YOU SO!
In my next post I analyse the rot: http://www.dennis.co.nz/2017/09/bartercard-analysing-the-rot/
Bartercard in 2017/2018
- Something’s up with Bartercard!
- Bartercard – Analysing the Rot
- Bartercard Update – Bye Bye Trev
- MEDIA RELEASE: Bartercard Insider Trading
- Bartercard Boardroom Battle
- Bartercard 2018 Q1 - We Lied!
- Fighting Bartercard in Court
- Bartercard vs Down – CIV 2014-096-428
- Bartercard vs Down – Trial Analysis
- Bartercard vs Down – Trial Report
- Bartercard’s Demise: Updates
- Seasoned Investor: Sells ASX:BPS
- Fair Market Value of Trade Dollars
- How to Fight Bartercard (& win)
- Analysing the Bartercard Sale
- Bartercard Sale Questions & Feedback