Ben,
Thanks for keeping in touch and the support you always give.
It has taken several days to sift through the information provided to me and a proposed settlement agreement with the SEC.
No matter what we do, it is in the best interest of the shareholders, you can be sure of that.
As it sits they have suspended trading for not getting the filings current. What really exasperated the problem, is the fact they sent mail the Silverdale address and none of it was returned to the SEC as undeliverable, addressee unknown etc. This would have probably ended with a different short term result, but a still more costly and time consuming result for the shareholders.
I have been trying to bring the filings current, with little or no support or co operation from the old management. This in turn has forced me to re construct the financials for the last 8 years, but specifically 2005 and 2006. These records were under the old management control and despite repeated attempts to get them, they never provided them.
When the litigation ensued, everyone plays games and sometimes it is better to attempt to throw others under the bus when it comes to defending your actions. Human nature is what human nature is.
After carefully consulting with the SEC, it will probably be in the best interest of the shareholders to enter into a settlement agreement with no admission of right or wrong and specifically barred from either party calling or referring to it as a victory.
If we enter into the agreement, we take what is called a “time out” for layman terms. We then file the past 2 years financials and refile the registration and once we do this, we are back trading after 60 days.
It does not take a rocket scientist to see the cost benefit of doing something like this. I have been provided a list of other companies that were in this position and they were back trading in 5-12 months depending on how complex their finances were.
Nothing changes from a day to day point of moving the business forward. It takes a huge workload off my back and I have everything I need in my possession to bring the filings current and no longer depend on legal action to recover it.
I will finish review the paperwork provided to me just yesterday and will make a final decision and will be posting an update on the website.
I really do not give shit about some of the posters. One is a pedophile, one a drunk and the other a ghost writer for a worthless lawyer that could not hit his ass if it was in front of his nose.
I am sorry for the revocation, but will move heaven and earth to get it resolved. The nay Sayers can banter about, but I am coming after them one by one and will make their lives a financial hellhole.
Brad Goodspeed and i approve this message
You only have to do a very few things right in your life so long as you don't do too many things wrong.
W. Buffett
