Someone brought this interesting piece of information to my attention today and I don't have time to deal with it at the moment so I’m passing it on to you for you to make of it what you will.

A recent release from our friend Andy at Debt Free Direct (DFD) said:

“Following the completion of the acquisition of Clear Start UK Limited (as announced to the market on 26 June 2007), the board of Debt Free Direct is pleased to announce, the appointment of Charles Mindenhall to the board as a Non-executive Director with effect from today.
 
Charles is the co-founder and Chief Executive of Agilisys, one of the UK's leading IT and Business Process services companies. He is also Managing Partner of Blenheim Charlcot, an investment management company that has created a portfolio of businesses in the financial services, tourism and media industries.

Charles co-founded Clear Start in 2005.
 
At the same time John Reynard has taken the opportunity to step down from the Board.
 
Commenting on the board changes, Mike Blackburn, Chairman said:
 
"Having completed the acquisition of Clear Start we are delighted to welcome Charles Mindenhall to the board. His experience will be invaluable to Debt Free Direct as we consolidate our position as market leader.
 
I should like to pay tribute to John Reynard and his contribution as a founding shareholder and Director. His wise counsel has been invaluable throughout"
 
Charles Mindenhall is interested in 1,568,563 ordinary shares, of 1p each in the Company representing approximately 3.75% of the Company's issued share capital.
 
In accordance with AIM Rule 17, Charles Stuart Mindenhall (36) is required to disclose the following information:

Some of the directorships Charles Mindenhall has held in last 5 years (see release for complete list):

TDX GROUP LIMITED
TDX PUBLIC SECTOR LIMITED 
THE DEBT EXCHANGE LIMITED
THE INSOLVENCY EXCHANGE LIMITED


Here is what was pointed out to me that makes this otherwise dull stock market story, interesting.

The history page on Blenheim Chalcot states that Manoj Badale and Charles Mindenhall, the founders of Blenheim Chalcot are also the founders of TDX. “TDX was launched by Blenheim Chalcot founders”.

This site reports that Manoj Badale is or was also the "Chairman of TDX Group the UK's leading broker of non-performing consumer debt."

The net also shows that Manoj is or was also on the board of TDX group, and Clear Start. You will note that Clear Start is the company that Debt Free Direct purchased.

It is reported to me today that Charles Mindenhall resigned as company director of The Insolvency Exchange Limited and TDX Group Limited on 30 November 2006 and that as of the last annual report of TDX, he still owns 3,233,010 (32%) of TDX.

So is it significant that handsome man and successful entrepreneur Charles Mindenhall who has played an integral part in the formation and growth of TDX, which the insolvency Exchange (TIX) is a part of, is now inside the IVA industry as a Director and part owner of Debt Free Direct, that has to seek acceptance of its IVAs from TIX, part of TDX? 

Keeping in mind the recent events with TIX IVA demands and the IP profession, do these new bedfellows create an opportunity for an inside deal that favours DFD with TIX and if so, how do we make sure it does not place consumers and other Insolvency Practitioners at a disadvantage?

By the way, I had to do the math. Now that Charles owns 1,568,563 share of Debt Free Direct and at a current market price of £2.65 per share his ownership of DFD is worth about £4,156,691.95.

Anyone have any comments or feedback on this issue they would like to share about this or a factual update to the information presented? Please enter your comments below using the link in the article in the voting box.