[Doomberg] "It is in your moments of decision that your destiny is shaped." — Tony Robbins
In June, Prax Group, a UK energy conglomerate and fuel supplier, fell into insolvency. It didn’t take long for British authorities to uncover what appears to be significant fraud in the company’s £780 million receivables securitization facility. A "large hole" of cash is missing, leaving creditors to scramble for what residual value remains. In a statement to Prax’s administrators, former CEO Winston Soosaipillai dryly claimed, "I am without the direct knowledge necessary to concur with the outstanding balances owed to creditors."
Our interest in Prax arises from the fact that the company operated the Lindsey Oil Refinery in North Killingholme, England. At the time of the filing, it was one of only five operating across the entire UK. The refinery has since ceased operations, and no bidder has emerged with a plan to reopen it—the country is now down to just four:
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