Thread regarding NEOS GeoSolutions layoffs

Sued by russian investor for fraud

Nepotism? Ceo gives wife and son jobs

Hostile workplace? Bullying by the ceo

Embezzlement? 2nd times the charmer. Ironic the Fraudstir got embezzled by one of his great hopes

tough for neos managrs to present plans that made little sense

employes told for years that real value is interpretaton and acquisitionis a commodity. next minutes trying to become largest aircraft acquisition company in world

for years focus on larger oil companys. then told their evil trying to steel neos technologies and focus shifts to governments the shadyer the better

then told forget selling services too boring no monies and instead become an oil company and drill wells and buy an operates oil fields

then new employees without proper experiences arrives and forced onto teams that never interviews them and unclear whose in charge. same issue in fameman vs haulass

messy

Jonathon's job during the attempted merger seemed to be to woo MP and CGG management, show them his lavish lifestyle, get them to buy into his business scheme. That worked! It was up to NEOS middle managers to go around and introduce NEOS's operation and present their plans on a more technical level. That raised more questions than it answered.

Bottom line ? Human nature. There are still people trying to help Nigerians get "huge sums" of money out of the country. Greed (or desperation) over-rules logic.

jonathon could easily have raised the money to put the two companys together if he said "i'm trying to build a great geophysics company with a large acquisiton fleet great operating personnel and a unique capability to interpret all sorts of data. i'm buying at the bottom of the cycle and will flip this when exploration activity returns in a few years." All the nonesense about secret technologies finding buried trucks of gold and a side business competing with customers in mineral\oil explorations just muddyed things up and scared off investors

2cnq - it wasnt just cgg mgmt captivated by jonny. mp mgrs were equally smitten. we never asked what does this guy know about natural resource exploration. we just got onboard in part happy to leave the cgg mothership and in part because we loved jonnys stories about oakado, his network of shady russian oligarchs and middle eastern shieks and his home in monaco and his tugboat\yacht. even when all the signs were there that the deal was coming apart and with neos employees hving gone months without paychecks noone at mp picked up on it. in the end i suppose all got what they deserved except jonny who deserves some time in jail

To be honest, I think that CGG was willing to take a chance to get rid of the MP side of things; after all, had the deal gone through, CGG would have a bit more money and be rid of a unit that they had back in the 90's, wanted to get rid of, and sold to Fugro in 1999. (and Fugro s---ered them into buying it back in 2013 if they wanted all those seismic boats!). If the NEOS deal went through, MP would have to deal with the fall-out - they had the most to lose , yet management were swept up by Jonathon's personality and jumped on the NEOS bandwagon without looking. It was an expensive wasted year!!

breech of contracts

neos fails to pay one of its international partner the royaltys they earns by negotaiting contract with goverment even thou oil companys pay neos lisencing fees

1pqf - good analysis of situation and players. problematic that neos did intensive due diligence on the m-p business but cgg failed to do any dd on neos. if they had they would have learned that all the big money investors had given up and essentially sold their interests to fameman who didnt have the cash in the bank to complete the purchase. he tried for a year to raise it but never could mostly because of the issues you note related to sketchy claims on the technology, expertise, project successes and conflicted business model

The proposed NEOS take-over of CGG's Multi-Physics was pure hype. Nor sure how much due diligence was done because that deal stunk right out of the gate. NEOS was making claims that they knew more about oil and gas exploration than all the big oil companies (really?). Proof was sadly lacking. Their proprietary algorithms were bogus, their "business plan" was unrealistic ( they wanted to drill their own wells!) Their international "projects" were only in countries where management had connections. They had little to no experience yet they hyped themselves as experts. And CGG believed then right up to the point of the actual purchase when NEOS tried to low ball the agreed upon price. NEOS may have been fraudsters but CGG wins the Gullibility Award of the Decade.

How many beds in the cell? We need at least 3

I like fugro fraud. Cgg a public company. Neos had no means to close the deal but claimed they did. Led cgg along for a year with millions spent on lawyers etc