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true all kwak needs to do is get Kushner to like him. Kushner's pal runs the govt agency that put together the LOI for the Kodak loan
Just to finish the easiest party to sue is Kwak. He has a nice house, nice cars and some other assets. MS is likely not a cash rich target.
It should be easy to prove that Kwak, MS and little Kwak committed some form of fraud. The fact that they let the corporate veil collapse a few years ago gives you a direct shot at them personally. They can't hide behind a defunct corporate shell.
Calm down. I think you would have a thin case against LRS if any.
LRS bought and paid for a machine at their site. After that it was their machine to own and operate.
ECOS had the right to market the output of the machine on behalf of the JV (enter Plantonium). LRS had a right to recover their costs or storing and handling the product while it was on their site.
If ECOS stopped performing (which it appears they have) LRS would have the right to mitigate their potential damage. That would include selling the output to someone else (which it appears they have).
Unfortunately in order to prove fraud as it relates to LRS you would need to prove you invested in ECOS based upon actions and representations made by LRS and it was reasonable for you to rely on those representations. LRS represented they were buying a machine to produce compost and if it worked potentially more machine.
A couple things with respect to chemical analysis of the product.
As to the formula of the product coming from the waste stream. Remember ECOS doesn't own the technology the Korean manufacturer does. The party who likely
I would like to hit Kwak before 2525. Screw the $1.
Ddineeniv
If you go that route I would try a Securities Class action suit against the Company (ECOS), its officers and directors. They have individual liability in this type of action and can't hide behind a defunct corporate shell (Nevada corporation has not been in good standing since 2018). There is a doctrine in corporate securities law that lets you walk through the corporate shell to them individually where the shell doesn't exist under state law.
There are a number of firms that may take this on a contingency basis.
Kwak has money and a nice house in Lake Barrington. Siegel may or may not have much to get. You could get young Kwak (as CEO) and their purported CFO. I think you have zero chance roping in LRS as they will argue they were a duped customer and only a shareholder in a JV.
DG
I don't think Siegel or Kwak are doing anything for ECOS. They are both hanging out at their houses.
As long as there are byproduct sales there is a small amount of revenue that should be going to ECOS. Likely not enough to pay the bills.
I hold out some hope since Fife is still owed money. He is not the kind of person who will just walk away from his money. He is the best hope for initiating some kind of end game.
LRS has the right to share in income from the sales of digesters in the protected region (which is around Chicago). ECOS retained the right to sell digesters to 3rd parties whether in the protected region or anywhere else. Handley is the Operating Partner of the JV (and the head of LRS) not the sales guy for the digester.
I am going with they are so busy selling product to customers they can't handle any more sales calls.
The humor of all of this back and forth is that ECOS will make the BOB without doing anything from a business perspective
$1,000 lottery play.
Invest the digester isn't offline. LRS owns it and operates it. ECOS has nothing to do with it operating. LRS can send output to Terreplenish.
ECOS was supposed to market it and split the income with LRS. If ECOS doesn't market it, LRS can send it to Terreplenish and offset the costs against the tipping fees payable to the JV
When they bought the digester it came with a nameplate on it. LRS is not required to remove it and why would they incur the costs to remove it.
We know Siegel and Kwak don't own the Ecolocap name in Ilinois and the Nevada company is defunct.
Under the agreement, Ecolocap was supposed to share in tipping fees on waste diverted to the digester (and away from landfills). That money goes to the LRS Ecolocap JV which is managed by Handley.
Guys since ECOS management doesn't return calls or messages may I suggest that we all try calling them at their houses for updates.
Jeung Kwak (847) 842-1808
Mike Siegel (312) 242-1619
Actually management should own about 14%. They got diluted by the prior note conversions. So collectively they have $150k in stock in this game. They are owed a lot more than that as creditors for unpaid salaries.
I agree that it matters how they are held and whether any common persons directly or indirectly have investment or other powers over the accounts.
However when you right a letter to management on behalf of all of the accounts, you convey that you are speaking on behalf of all of the accounts and have some authority to speak in that manner.
I don't want to see Don get sideways.
Don
If you really own close to 1bn shares you and your family should have filed an ownership statement a long time ago disclosing your more than 5% interest. You otherwise have your own securities issue which could be a problem if you ever sell. Even posting on this Board and not disclosing you are a 5% holder can cause you problems.
You have tried to be a constructive poster and don't want to see you have any problems.
DG
What makes you say that? I don't think anybody is actually running anything.
No you pay and file online. They just collect the cash. My guess is LRS is paying the fee. The lawyers for LRS set up the JV
and he is paying the fees to keep the JV alive. whatever rights it has he wants
One thing that is interesting is that someone is still paying the Delaware Secretary of State fees to keep the ECOS LRS JV alive. My guess is that it must be LRS.
Kenny Kenny
The COVID thing has changed everything.. There is a whole breed of afluent chickens out there now. MS is on to something. I might invest with him again
They are sitting peacefully in their homes in the Chicago area. elder Kwak has a lot of free time since his Korean trading business has to be very quiet and young Kwak was dabbling in web design. Siegel is likely marketing a cure to corona virus for chickens using a biodigster.
They are sitting peacefully in their homes in the Chicago area. elder Kwak has a lot of free time since his trading business has to be very quiet and young Kwak was dabbling in web design. Siegel is likely marketing a cure to corona virus for chickens.
No ECOS isn't buying. My guess is mot of this is the MM's
ECOS ran out of cash a long time ago.
Remember the SEC stopped the convertible debt game which is how they financed themselves from Asher and Fife.
If there is justice Fife is still holding a lot of shares and can't get his money our either.
L 80 2020 is a BMX bike name.
Maybe he was here two years as another type of bike. He just transformed into a cooler form of transport.
It just dawned on me.
Kwak and Seigel were ahead of the world. They have been practicing social distancing for the last couple of years. They were on to Covid best practices before the rest of the world. We shouldn't slam them we should bow to them as prophets.
LRS has a large commercial business of restaurants, grocery stores and other establishments. My guess is with the restaurants and grocery stores producing less waste there is less stuff being diverted to the digester. Their residential food waste business is not that large yet. While they have been building territories a lot of people are not subscribing to the extra cost for food waste diversion.
LRS has a large commercial business of restraurants, grocery stores and other establishments. My guess is with the restaurants and grocery stores producing less waste there is less stuff being diverted to the digester. Their residential food waste business is not that large yet. While they have been building territories a lot of people are not subscribing to the extra cost for food waste diversion.
LRS has a large commercial business of restraurants, grocery stores and other establishments. My guess is with the restaurants and grocery stores producing less waste there is less stuff being diverted to the digester. Their residential food waste business is not that large yet. While they have been building territories a lot of people are not subscribing to the extra cost for food waste diversion.
LRS has a large commercial business of restraurants, grocery stores and other establishments. My guess is with the restaurants and grocery stores producing less waste there is less stuff being diverted to the digester. Their residential food waste business is not that large yet. While they have been building territories a lot of people are not subscribing to the extra cost for food waste diversion.
If I were Kwak I would apply for a stimulus loan from the government to maintain ECOS payroll for the next 3 months. They could get money to cover to Kwaks, MS and anyone else they got. It is a forgivable loan. Free cash.
That is not accurate.
GS invested in LRS to provide them with capital to grow their basci business and pay off some debt they took out in some acquisitions. The GS investment entity is part of the Merchant Bank, not the Investment Bank.
GS and LRS have never indicated that they would use the GS investment to go public. GS will exit the investment at some point, but a lot of their Merchant Bank investments are not monetized through an IPO.
it appears not. That company has been around since 2007 and is owned by a guy named David Workman from New Buffalo.
Chill out
J Heard asked me if ECOS owned an interest in the digester. All I did is respond to his question that they own an interest in the output not the digester.
Obviously he didn't know.
There is no need to get personal here. We all have been invested here long enough
The purchaser under the Supply Agreement was LRS so ECOS does not own the machine.
ECOS Bio-Art which ECOS owns a stake in (95% per the LLC agreement) has a right to (i0 profits on digester sales to LRS; and (ii) profits on output sales from the digester.
So one can conclude they have a share of the output sales revenue and don't own the machine.
My guess is they forgot to renew the site and pay the fee. $100 investment to keep the dream alive.
If there was something brewing one would expect that they would have paid up their Nevada Secretary of State Registration which expired in 2018.
They just paid their renewal with their hosting service. Plantonium is still down and expired in January. Maybe they could scrounge up the cash to renew this website as well. It id only $108 to renew on GoDaddy.
It's not under construction. They stopped paying their hosting fee so the site went dormant. They still have the url until fall 2020.
There is a ticker ROBK where the CEO passed away almost a year ago, hasn't filed SEC reports for years and still trades 100-200 shares a day. I guess the MM's need something to do.
On a happier note at least the CEO of ECOS is still alive. Isn't he?