The company was based on a module-based concept invented by Norwegian marine engineer Dag O. Aavitsland.
[2] In the company's annual report for 1998, dated March 22, 1999, Pickupcat still maintained that a contract with Gerrards Rederi existed, and that Pickupcat's negative balance was a result of the failure of Gerrards Rederi to meet its obligations,[5] when in fact no such contract had been signed.
According to the Norwegian business newspaper Dagens Næringsliv, a memo written for Pickupcat by lawyer Ronny Mulstad in January 1999 furthermore indicated that there were plans to sell stocks to Monaco-based French businessman Michel Batis to an artificially high price of NOK 125 per share.
[2] Practical problems with securing evidence in the UK hampered the investigation.
[7] The founder and former CEO Aavitsland was convicted to seven months imprisonment for having mislead the company's stock holders.