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Redback, you alerted the board to Peter's con-man ways years ago and were spot on, it's amazing that the people who funded him after he started his scams in the US didn't pay enough attention, perform their due diligence or simply listen to what you were trying to tell them...!
Ex-Henry County official’s trial starts
Witnesses describe Myers’ zeal to bring firm to county
BY JENNIFER FEEHAN
BLADE STAFF WRITER
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NAPOLEON — The longtime clerk of the Henry County Board of Commissioners said she was taken aback when former Commissioner Richard Myers ordered her to hand over checks totaling $300,000 made out to a company that had not yet met the county’s conditions for the loa
“In a tone of voice he’d never used with me before or since, he told me I would give him these checks,” Vicki Glick testified Monday during the first day of Mr. Myers’ criminal trial in Henry County Common Pleas Court. “I told him if this comes back to bite us, I am not going to be happy.”
Last fall, it came back to bite Mr. Myers, 64, of Liberty Center, who was indicted for having an unlawful interest in a contract. The Democrat, who was subsequently defeated in his re-election bid in November, is on trial for two felony counts each of having an unlawful interest in a contract and money laundering.
Special Prosecutor Robert Smith, assistant chief legal counsel for State Auditor Dave Yost, said Mr. Myers loaned $25,000 of his own money to Revenge Designs Inc., a specialty automaker run by Peter Collorafi, convinced fellow commissioners to loan the firm $300,000 from the county’s revolving loan fund, and personally delivering the checks. He did not disclose his interest in the company, Mr. Smith alleged, and voted on the loan despite that conflict.
During a full day of testimony at a bench trial before visiting Judge Randall Basinger of Putnam County, county officials and representatives of the Maumee Valley Planning Organization, which administers Henry County’s revolving loan fund, testified that Mr. Myers was the project’s biggest cheerleader.
Commissioner Tom VonDeylen said Mr. Myers was “clearly infatuated” with the project even though the revolving loan fund committee had recommended that commissioners deny the loan application. Mr. Myers brought the project to the board Aug. 11, 2009, and the three agreed to extend the loan if Mr. Collorafi came up with $450,000 in private financing, moved his business from Indiana to Henry County, and met other conditions.
Mr. VonDeylen insisted he did not like the sound of the project but agreed to it with stipulations that he didn’t expect the company to meet. He said he was stunned to learn in 2010 that Mr. Collorafi had received the $300,000 without meeting those conditions.
To date, none of the money has been repaid, and commissioners used $300,000 from the county’s general fund to repay the revolving loan fund, which was frozen by the Ohio Department of Development as a result of the bad loan.
“I will go to my grave thinking the county should not have repaid that $300,000,” Mr. VonDeylen said. “Commissioner Myers said at the time that he didn’t lose any sleep over it. I did.”
Defense attorney Martin Mohler told the court in opening statements that his client was simply trying to help give his county a badly needed shot in the arm during the low point of the economic downturn.
“This is a story of failed economic development,” Mr. Mohler said. “… Everything Rich Myers did was motivated solely by his desire to bring jobs and industry to Henry County.”
Mr. Mohler suggested Mr. Myers’ criminal prosecution was all about trying to get the $300,000 back “even though everyone agrees he received not one cent of the loan funds.” He put much of the blame on the Maumee Valley Planning Organization, which he said made a series of errors in the deal.
Brent Gerken, president of the Napoleon-based Gerken Companies, testified that Mr. Myers introduced him to Mr. Collorafi and that he later loaned him $405,000 — a loan that has not been repaid.
“I found it to be risky but very possibly viable in Henry County,” he said of Mr. Collorafi’s plans. “I know he’s still out there trying to make this work, but not in Ohio.”
The trial is expected to conclude today.
Contact Jennifer Feehan at: jfeehan@theblade.com or 419-213-2134.
Read more at http://www.toledoblade.com/Courts/2013/08/27/Ex-county-official-s-trial-starts.html#jWUbvPKmpug7lGYg.99
WHOA.....! pitadog, I just figured it out, what's going on here is that the car with the magic motor is going to be redesigned by a Queensland, Australia car guy from his global HQ in nowhere F'n Indiana and it's going to feature magic battery operation (and be painted red, not green) ..... and it's not going to USE any fuel at all, it's going to PRODUCE energy every single second it operates (that's the magic part)and Dougie and Peter and Mr. Patel (Arenja) and Mr. "Mon" down in Belize are all going to get big gold crowns and probably a bunch of Nobel prizes and be total major bazillionaires and fart out free cotton candy for all of us, just because we were former shareholders ..... then, the SEC is going to award us super huge "screwee" compensation benefits and we can all ride off into the beautiful rainbow flavored sunsets .... whew, that was good for me, I think I'll go take a nap now!
Spot on, pitadog .... regardless of whether he was simply a boob, a crook or just blatantly incompetent, your money is gone and the only "winners" were Peter, Carnes and Carnes' cohorts, that's just pretty simple to understand, even for the most conciliatory (or IQ challenged) of those of us still posting here .... what does it take for some people to realize and accept that they were simply hosed ... I repeat my comment of several years ago "the emperor has no clothes", just like Peter had no sales, no cars and the shareholders had no hope.
That is all ..... live with it, the whining and crying part is over .... you should have listened early on, that is all there's left to say ..... those of you who haven't learned from this mistake will keep on repeating it until you learn ....
He was apparently plenty smart enough to see this dog for exactly what it was ..... and he did so long before you did Sparky .... ROFLMAO ...!
Given the standing of the various entites that have now joined the prosecution of former Commisioner Myers, there may well be some significant criminal legal issues in the works for Collorafi as well , it's not a civil thing anymore and it couldn't happen to a more deserving guy!
You are incorrect in your comments regarding court appointed receivers, one can be appointed for many reasons, including a company that may be under criminal indictment, a circumstance of corporate abandonment, civil malfeasance, judgement perfection and many others.
The is and has never been any hope for this POS, nor will there ever be for the current shareholders, as the recently proposed reverse split will for all intents and purposes wipe them out in one stroke.
Yah gotta love this ........ !
Wow..... Just Wow...!
The circus seems to be still going on.
The Company is gone.
The RVGD stock is dead.
The "magic motor" proved to be BS.
It's all over.
And now along comes someone, "Mr. Larry Schwable" who is writing to Interpol about Petey, aka "The Emperor who had no clothes" on behalf of "Mr. Magic Motor" himself, Doug Pelmear.
I respectfully suggest that anyone interested in the substance of this development simply Google "Mr. Larry Schwable"...
For those of you who might be too busy to do so, here's a little piece from a local Napoleon OH area newspaper:
The Crescent News
For The Record - 8-23-07
Napoleon OH Court of Common Pleas
Larry Schwable, 43, Napoleon, was arraigned on two counts of assault, forth-degree felonies, and failure to comply, a third-degree felony. He pleaded not guilty by reason of insanity and a mental evaluation was ordered. Bond was set at $30,000.
Nothing much surprising here.... it just gets better and better!
Dog, your take on the relevant mathmatic distribution profile is 100% correct.
The reality of the situation is that not a single shareholder of RVGD will likely see a penny.
SEC disgorgement history tells us that few, if any shareholders actually ended up with any money whatsoever.
So, regardlesss of what we're going to read about the amount of money that the defendants have been instructed to disgorge, the SEC sadly lacks the level of enforcement capability to ever garner any dollars other than what it initially takes itself for its investigation / prosecution expenses. Sad but true.
It looks good on paper, though!
Only in the real world, Chipster22, ROFLMAO, only in the real world!
Throughout the Peter and Doug love fest, my opinion was always that it was a "You lie and I'll swear to it" relationship.
In fact, as I recall, Peter had to secure a loan or capital infusion of some significance ($450k??) as a credibility statement to re-assure the County that he borrowed the $300k from, and I always wonder if that body of additional funds was in the form of an instrument in some way tied to Doug and the "magic motor company".
I think that the fact they used each other is undeniable and agree wholeheartedly with your take on why Doug never went the OPM way that Peter did.
Perfectly articulated DrNuclear!
Your summation of the entire "magic motor" fiasco is objective, factual and compelling.
The whole "real facts thing" is a difficult one to argue against and your presentation was spot on.
Your input here is fully characteristic of the high level of quality commentary that you've provided to the board throughout.
Thank You!
Chipster22, I believe that the phrase you have reference to can be visually characterized by someone putting their fingers in their ears and singing "la la la la la... I can't hear you"..... in other words, we have been dismissed.
I, for one can live with the disappointment of this rejection, particularly considering the source.....
I am of a similar opinion as Doghouse.
I have felt for some time that RVGD is the personification of all that is wrong with pink sheet stocks.
I believe that a multitude of outright blatant misrepresentations of fact were made throughout the short but (in retrospect) totally ridiculous lifespan of this little piece of garbage.
It was quite simple to put together a package comprised of the many unfulfilled and unsubstantiated announcements made by the Company as well as the plethora of hollow relationships with companies such as Doug Pelmear's farcical H2PG.
To even begin discussing the "liturgy of ludicrous" that was at the core of RVGD would take more time than I have during this Bears - Seattle halftime, so suffice it to say that there was simply no business substance displayed there and it became easy for the Mobile (AL) County Commissioners to make their decisions.
To assist the Mobile (AL) county commissioners (Merceria Ludgood, Connie Hudson and Mike Dean) with their due diligence, I provided comprehensive factual packages to each including the RVGD releases.
I also came to be interviewed at some length by local Mobile newspaper writer Jeff Amy and learned from him a quite a bit about the local politics at play there, along with an extremely interesting story about Jeff's attempts to verify some of the "facts" that had been provided to the County which proved to be by and large undocumentable (supposed assembly plant locations, manufacturing experience, office location, financial vaguery, etc). Jeff Amy's "reporter's instincts" had apparently led him to certain conclusions which he duly reported.
To some of us, it would seem to be foolish and imprudent to speak to situations that would financially impact ourselves in a negative manner.
To me, quite the opposite call to action is what circumstances such as those surrounding the RVGD fiasco mandate. If there is anything that I can do or say which would keep pink sheet hyenas such as Peter Collorafi et al from any downstream fleecing, then I will do so...... it might not be a "smart" financial decision, but to me it is most assuredly the correct moral and ethical one.
And that's what I believe is still most important to me.....
If you ever get to Naples, FL, you'll be my guest as long as you can hold out......!
Burrrrrrrrrp!
My DOB is 7/22/1944 and the President of Dog N' Suds I met back in the 60's was a guy named Manfred Morrow...... and yes, I HAVE remembered everybody I've ever dealt with in business named Manfred....(pretty small list, of course)
Dog, I was just having a thought about Prichard after reading alll about the poor city in Alabama that Peter planned on screwing......(in my opinion, anyway)
How funny would it have been if Peter had actually scammed lots more people and sold some bonds, only to be re-screwed indirectly by Prichard when their creditors froze ALL the money around with Prichards's name connected to it..... talk about poetic justice!
Dog N' Suds.....wow! Talk about the past coming back to remind someone!
In the mid 1960's, my Dad's company was a "sole supplier" to the Dog N' Suds chain, then headquartered in Champaign IL. What his company would do is source, purchase, warehouse, inventory and then distribute everything except fresh buns and produce to all of the Dog N' Suds stores nationally. Their root beer wasn't just good, it was outright fantastic and their char-burgers and chili dogs were obvious superior products as well... they were well ahead of their time quality-wise for sure! (By the way, among the other companies he did this for was McDonald's and his company will generate billions in sales to them this year alone, growing every year since the 1st franchise McD in Des Plaines IL!)
Fast Forward...... to 1989..... as a favor to an old friend, I had put his handicapped-operator focused hot dog chain, Heavenly Hot Dogs, into a shell so that they could get some financial traction in the marketplace. It worked too, in that the infusion of capital from penny stock sales allowed them to develop vans that could be operated by handicapped franchisees with preferential placement in locations like post offices, court houses and federal parks, etc. They had just gotten rolling when the president told me that one of our childhood favorite chains, Dog N' Suds was on the market for, as I recall, around $60,000 in stock and that this would be an even more in depth penetration of the national market. Those good business reasons of course weren't really #1 (to us, anyway)...the important ones, but what WAS important were the two new but overlooked machines that we got along with the deal. (Look, we knew it was a good business decision, but how many people do YOU know with their own Dog N' Suds root beer machines, which only cost us just over $2,400 from the inventory ...??)
We bought Dog N' Suds from a MI Company named DeNovo (good businessmen, very nice people, the owner was a car collector too, by the way), but had to sell it back to them in all fairness to the franchisees when we were approached by a large international handicapped van builder that wanted our technology assets (that was the technology purchased through stock sales that actually stayed the valuable intellectual property of the original funding Company, interesting concept, huh, Peter!!!!).
I still have my Dog N/ Suds machine in my card / game room and it still makes a wonderful chilled mug of delicious root beer, which I still buy 12 gallons of concentrate of every year!
Of Note, Heavenly Hot Dogs conveyed a $.09 dividend (nine cents a share) when the technology was purchased and more when the shell was sold. No single shareholder ever paid more than $.025 (two and a half cents) for their shares so because these shareholders were dealt with on a simple honest basis, they were still rewarded and not given the royal shaft as Peter has obviously deemed appropriate in the disgusting and deplorably unethical way in which I believe he has treated his shareholders.
Besides in Peter's lying (in my opinion)and seemingly never ending fiasco, nobody got delicious Dog N' Suds root beer at all...............!!!!
First of all, thanks for the information!
I also understand that he might have the right to take several extensions if he wants to.
At least Peter's consistent!
With all due respect, and based on nothing more than 45+ years of dealing with the SEC, 32 initial public offerings, countless Reg D's and secondaries, over a thousand different corporate entities acquired and service on a number of SEC committees, I like to believe that I have developed some degree of insight vis a vis what the SEC deems what it's worth its time to focus on and focus on and what they don't.
I understand that you feel that you have been slighted by Black Art Beverage and that you have in your possession written communication that you consider supportive of that position.
Unfortunately, I sincerely believe that you will come to learn later rather than sooner that the SEC just doesn't care about non-reporting Pinks that lack the deep pockets to make an investigation economically viable for them.
My opinion is that the SEC has certain internal guidelines that revolve around the ability of a miscreant public company to pay the fines it might impose or cause any funds to be disgorged to any shareholder body.
Of course you're going to do what you feel appropriate, but my suggestion to you would be to spend (as a shareholder's group if necessary) a few hundred bucks and meet with a private attorney that specializes in SEC work. Bring him your documentation and ask him the questions that are on your mind about what you're thinking about doing, but make sure that the first thing you tell him is that the company is penniless as are the founders. This first sentence of qualification should save you from paying any more money for guidance than you have to.
I hope that this makes some sense to all.
For what it's worth, the SEC will probably do nothing much about it either unless: there is documentable fraud reflected in their financial statements and the principal shareholders directly benefited from the fraud.
The SEC does not prioritize investigation of pink sheet stocks, particularly if they're non-reporting.
Sad, but true, they really don't care very much.
floridaboy, see why I'm leery about December announcements?
By the way, it was 34 this morning in Naples..... ouch....!
It's impossible to know if this is any modality for a fast track to NASDAQ without knowing what VOXI's numbers and share distribution are.
There isn't any trading because the physical share conversion hasn't happened as of yet and there are probably no VOXI shares per se in existance yet, which can change very quickly.
"Normal" share conversion of Black Art shares to VOXI shares usually occurs at the volition of the successor company and can take as much time as they want. I suggest that you contact the transfer agent and ask for instructions on how to effect the reverse conversion and get the VOXI shares in your hands sooner rather than later.
Reverse splits are fairly common and they're generally to the detriment of the existing shareholders.
In this case, what has happened is that for all intents and purposes the public shell of the beer company was merged into another company and that new company is the surviving entity.
This could not have been done without the tacit cooperation of the major stockholders, who may have simply been so far under the gun financially with the beer company that they just allowed it to occur and took what they could get to go away. Further, a "gracious parting gift" of the successors is often the former public company itself, which may well end up as a private company back in the hands of the founders.
It's hard to start up any kind of "significant capital required" business in the current new economy so experience tells me to follow the money and I'd wager that the Black Art was simply out of cash with no imminent prospects of getting some, plain and simple.
The option of the public shell divestiture may well have been the best thing that the beer company could have done for its investors, without seeing financials you never know, of course, but I think that it's a pretty good educated guess that this is what happened.
Perhaps the question that should be asked is that "is it better to have a tiny piece of something than a lot more of nothing?", and while this isn't an answer any shareholder likes, it appears to be the choice right now.
Start by contacting the transfer agent, quickly would be good, too!
When a company does a significant reverse split, it usually means that it is attempting to make it's unissued treasury shares more valuable (the number of authorized but unissued shares don't change in number, just those that are outstanding, therefore the unissued shares are now automatically regarded as being worth their original amount X the reverse split, thus making them 100 times higher in value automatically while retaining the same aggregate number of authorized but unissued shares that exist internally.
Companies will do this to increase either share value prior to a secondary offering or to position the Company for re-organization and then re-characterization into another entity unrelated to the original.
The change in name pretty much tells the tale, as it appears that BLVI simply is no longer a public company and that the Company is now in another business. It's disgusting to me to see a company do this to it's shareholders without some kind of explanation, I believe it to be grossly unfair, but it's not illegal, particularly for a non-reporting pink sheet company like Black Art.
As old shareholders of BLVI. you now have less shares, hypothetically worth more money, in a new "surprise!" company.
It's impossible to project which way the stock will go. A word to the wise would be to convert BLVI shares through the transfer agent into the new ones as quickly as possible to maintain maximum flexibility and liquidity.
As reversed shareholders, your position may be a tenuous one or it may be just the opposite, only time will tell. Pray for VOXI....!
.
My post had nothing to do with inspiration or negativity whatsoever.
It had all to do with personal observations developed after fifty plus years as a relatively successful professional investor. There is really no place for emotion when dealing with the purchase and sale of securities.
Investment is all about numbers and reality, not falsely generated positivity or inspiration.
Seasons Greetings and good luck to all.....!
As a retired investment banker and someone who has played the market since 1960, I have one bit of personally derived insight for this board: There is seldom, much good news released in the middle of the month of December for a multitude of reasons.
I certainly don't want to play Grinch for anyone's Christmas, but if I were a gambler, I would not look for nor expect a happy PR on Monday.
Thanks Dog..!
Did Peter ever pay back the $300k or so he borrowed from Henry County Ohio? If my memory is correct, it was due in late November.
nogunha.... please pay careful attention:
PETER IS A LIAR...RVGD IS NO MORE...YOUR INVESTMENT IS GONE
simple stuff, please feel free and contemplate to re-read at your leisure
Documented history is a rough one to overcome, this is my last comment to you and I hope that your discretionary investment in this walking, talking POS has been a truly valuable educational experience for you, the Lord knows that the tuition was expensive enough........ sincerely,
C. Wynn
Just Too Good.....!
Dog....... Kudos for your spot on absolutely 100% perfect characterization...... intelligence, logic and reason prevail yet again!!!
You are indeed "Top Dog"....!
Please ignore the peurile bleatings of the intellectually unwashed and understand that you are widely regarded as a well respected voice of reason in a valley of RVGD stock calamity despair.
NO REVENGE! say Alabama readers and maybe voters, too, re: the $50 million that Peter wants guaranteed. These folks seem pretty darned intelligent.
Below, please find every comment published in the local newspaper website made by Alabama residents regarding Peter's request for County Commission backing of his ridiculous plan for help on his $50 million bond sale. They do not paint a pretty picture, and the reaction is 100% negative. If you'd like to read them for yourself in the original state, just go to:
http://blog.al.com/live/2010/10/auto_startup_revenge_supercars/914/comments.html
Here they are, unedited and inclusive of every single posting as of 1:44pm edt on 10/30/10.
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fullofsorrow October 26, 2010 at 5:57AM
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please stay away from this .with the debt he already has in other towns with no progress in site sounds like a scam to me.
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cottonbayou2 October 26, 2010 at 7:06AM
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Mike Dow says he's doing this to bring new jobs - hello - ask him to swear on a stack of bibles that he isn't getting a penny from this deal. This deal will cost them nothing - they get $50 Million, use 10 of it to pay Dow and his buddies for their land and then what?
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heyitisme October 26, 2010 at 10:53AM
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$50 million would be better spent if the county simply hired 600 people to walk around picking up trash 8 hours a day for 3 years than this joke.
Give me $50 million, I'll buy 50 million lottery tickets and the county will get a better return on its investment
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TVC15 October 26, 2010 at 11:49AM
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Renege Supercars might be the better name for this venture.
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ccw36575 October 26, 2010 at 6:17AM
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I agree.....stay clear of this. The company has to repay $300,000 to an Ohio county in a months time, yet they want a $50 million bond from our county. Definately sounds like we would be left holding the bag and with our new County Commisioner Connie Hudson, all she would do would be to hike our taxes like she did the City to pay for their mistake.
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PresidentJeffersonDavis October 26, 2010 at 7:51AM
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How stupid! Stop, stop, stop! People of Alabama and Mobile surely you have been watching what has happened on the national level when government gets in the business of business. Your tax dollars will be wasted and used to make the company and unions rich while "we the tax payers" get the shaft. Let the free market system work on its own. I do not blame these business people for attempting to use government to finance their ventures, heck, that is what businesss people do but "we the people" do not have to say yes to risking the tax payers money. The yankee government just bailed out GM, Chrysler, and the unions up north with your money and you will never see it again and your children and grandchildren will be paying the price for decades while those filthy rich politicians, union members, and company owners live high and mighty on your dime. Wake up people of Alabama, it it sounds like pie in the sky then it probably has some arsenic in it!
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conchiejoe October 26, 2010 at 7:51AM
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Great name ---REVENGE---
Why can't they build it in Austraila and what would the promoters/partners paychecks be until it folds?
Sounds like Dow found a way to build a race track on tax payer money... All he has to do is wait until they fold and guess what instant Race Track... and who paid for it?
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elmoq369 October 26, 2010 at 8:24AM
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What about the biz model ?
I would think people who buy exotic supercars either write a check or lease it through a Corporation
Since the lease is based partly on the residual value ,that might be really tough
So it's Corvette motor, why not buy a Corvette?
I can't imagine some one buying this vehicle over a Ferrari F430 or a Ferrari California at the same price point
2010 Lamborghini Gallardo for 10% more ?
Aston Martin V12 Vantage $180,000
AUDI R8?
Prospective buyers to fly into the Mobile Airport ?
NO , these kind of cars tend to be sold in HUGE cities
LOTS of cars near this price point that have vastly superior technology .
Location ? Prichard ? Come on..................
Why not have an IPO ?
If the deal was " solid " then the biz model is terribly flawed , an all around loser
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workforlivn October 26, 2010 at 9:32AM
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'Now Revenge wants the county to agree to a “moral obligation” to repay $50 million of that borrowing.'
How is this different from an 'actual' obligation? If the taxpayer wants to be sure of one thing it is that the taxpayer will end up doing the moral thing and paying out $50,000,000.00.
They have done their market research. That color fits right in Prichard.
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cruiseking October 26, 2010 at 10:31AM
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Quote from John McEnroe: "YOU CANNOT BE SERIOUS!!!!!!"
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pwillie October 26, 2010 at 10:46AM
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"SCAM"!............Nothing but scam!.....
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honkytonker October 26, 2010 at 10:58AM
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Anyone in government fooling around with this is flirting with prison time.
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something2say October 26, 2010 at 11:21AM
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Mike Dow, go away. You have done nothing to benefit Greater Mobile. You are full of yourself and a loser when it comes to business. Go find another city to infect with you fly by night scams.
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chadtheanimal October 26, 2010 at 12:02PM
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I looked on the stock chart for the other company mentioned, Revenge Designs, Inc.
The shares are actually trading(if that's what you wanna call it) at $.0002. I may be wrong but I believe that is actually two hundredths of a penny which would make the whole 1.74 billion worth only $348,000. At one time the shares were traded at $.10 which would have been valued at $174,000,000.00. If my math is correct, the stock has lost 99.8% of its value. Moral obligation, these officials should have a moral obligation to make sure they protect tax payer money from pie in the sky ideas like this.
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theotherdonald October 26, 2010 at 12:59PM
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JUST SAY NO!!!!
theotherdonald October 26, 2010 at 1:08PM
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what me worry?---we don't elect "leaders" dumb enough to fall for this.(or do we??)
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byt October 26, 2010 at 4:02PM
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If it looks like a turd, smells like a turd....I'll bet its gonna taste like a turd.
"Revenge Designs, has sold stock over the counter. That firm, which hasn’t filed financial reports with regulators, has 1.74 billion shares outstanding. Shares last traded for TWO-HUNDRETHS OF A PENNY on Friday, according to a pricing service."
"Last year, he received $300,000 from a revolving loan fund in Henry County, Ohio. Officials there have said Collorafi has until Nov. 27 to repay".
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the doctor October 27, 2010 at 11:17PM
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I think the commissioners need to make a trip to Michigan to see this 200,000 sq ft building and meet the 50 employees. That would be quite a trick inasmuch as Peter is working out of a drop box in a UPS store. If you check out his website open house pics you can see he has no machinery,no cars in work and didnt even build the car in the display picture above, it was built by Roush. He may even lose the car to some of the lawsuits currently filed against him. My opinion is that he is a con artist trying to cover one scams debts with a new scam, that "moral obligation bit" is not so much to make the project look stronger but to setup some credit for him since he cannot get any with his history of failure.
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scarlet steffy October 30, 2010 at 12:33PM
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Forgive me if my math is off a little, but the shares of this "public company" are selling for .0002 per share. That's not two hundreths of a cent a share, it's TWO THOUSANDTHS of a cent a share. I did some research on this outfit on a stock board called Investorshub and there are over 300,000 posts about this business and quite a few discussions about what the shareholders feel were outright lies and broken promises that were made to them. Also, this Collorafi has apparently never even released a company financial statement in any of his several years of operation. I'd suggest checking this website out, they say some outright terrible things (which they seem quite ready, willing and able to document the proof of) about the "company" and Mr. Collorafi.
Do we really need to involve ourselves with companys with this kind of net worth (can't be much, if anything), reputation (there has to be a reason that the stock trades at this ridiculous dollar figure), seemingly ridiculous business model, and zero curent business operations?
I SAY NO!
Dog, I share both your admiration and concern for this magnificent engine. My first thought after reading the specs was "16.8 lbs of pressure @ over 6,000rpm!".... sheesh, better buy him a titanium firewall!
Peter wouldn't be playing his dumbest hand to have a monster engine like this plunked into whatever body / frame configuration he can talk somebody out of and do an actual road test of a car that really RUNS, unlike what he's shown us so far.
What self respecting car mag wouldn't test something that should run 10.0 (or under) in a quarter???.... particularly if it was actually streetable (at least for enough time to draw appropriate attention).
Again, my abject congratulations to your son for this spectacular build!
THANKS AGAIN....... !!!
I'll send this along to the local Mobile newspaper writer that I've been communicating with....Great reminder............ THANKS!!!!
What was the original date of the article please?
Being as none of knows if either of those two vehicles ever actually ran, we might be safe all the way around though!
I really like the analogy of being dragged along for two years too!
I will personally see to it that all of the respective county commissioners and the reporting newspaper become apprised of Peter's despicable RVGD history in full comprehensive and thoroughly documented detail.
You're spot on, BikerBob, I'd bet money that no regular shareholder sees a dime, period!