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Easter would seem symbolic.
It really doesn't matter if Steve made the comments while he was CEO or afterwards. Either way, if he had material information indicating the product didn't work, while publicly stating otherwise, that's a legal problem. Leaving a job doesn't absolve one from any illegal activities committed while there. Otherwise, Ken Lay would have been free to go after he quit Enron. I'm sure you know this, but not apparent others do.
Thank you for all your good sense. Are you concerned about the collateral damage of a class action?
WOW! IF Steve said this: Oct 2014: "full of moisture than trapped under the new roofing than they begin to rot and once rot starts it never stops", then a LOT of people have good cause for a lawsuit against Eco.
Note that I say "IF", as I have not seen him put that statement in print or on one of his many videos.
In the 2014-2016 timeframe, Steve put out a lot of Eco documentation, videos, and PR's that are contrary to what i think you are claiming he said to you. If you have that statement in an e-mail from him, you've got Eco by the short-hairs on your losses, depending on your buy timing. So, getting a settlement will be easy, but as all others have found, getting payment on the settlement is next to impossible. Of course, Eco might offer you wholesale price stock.......
There is a 12.5 Billion share cap, unless it's been changed lately, so probably not enough shares to pay everybody off in stock who might fall into your category. 12.5B x 0.0001 x 0.6 ('wholesale') = $750K? Of course, they'd have to somehow all be unloaded in an instant so there would be no price erosion. But be careful because I think the price did hit .00001 recently, so discount might be 60% of .00001 (maybe somebody else can verify that, or disprove?).
Again, if you have that in writing from Steve.......if you don't, you're definitely SOL in general.
I believe Vuozzo kicked-off the lawsuits when he sued Eco for $700K in 'back-pay'. Eco filed after him, as I recall. Vuozzo was among those that were taking chunks of stock for compensation (in the filings, when Eco used to file), so he probably came up short on his expectations of the final results. He got caught in the trap that he and Conboy set for 'investors'. IMO, he should have been happy he avoided a class action suit and went on his merry way. He failed to have an exit strategy. Conboy did. Comery came in to squeeze the last toothpaste out of the tube.
It gets difficult for Eco to sue people. If you look back through the filings (way back), they have also paid lawyers with stock (can't recall if it was at list or discount). A lawyer can wind-up being another unpaid vendor, or bag holder if you prefer.
If you look at the timelines, Eco/Bluwood goes back to about the same year SpaceX started (close anyway). Seems like Eco should have been able to accomplish something by now, if it was a serious 'manufacturing' enterprise. Maybe they should have listed their product on Goop.
Eco has always been good about not making lease payments, whether it's their HQ's, or spray operations in NJ, GA, SoCal, OR, TX, and WA (all verified, mostly through their own filings). I would imagine by now they have been ejected from the Sorrento Valley Road location since they've had that listed for over a year, and now either thriving in a new place or P.O. Box (unverified).
They could buy one of Steve Conboy's wildfire huts and live in that. They might even be stackable (unverified).
Agree. And all while wrapping himself in the USA flag.
If you did that, and for that long, you'd be in prison....wrapped in a blanket. But Conboy left. Fired or voluntary, an optimum move for him.
Even while Conboy was already about a $1M behind on taxes, he was still able to go out and buy a $100K truck (it's in the old financials). He wasn't making rent payments, and he wasn't making judgement payments. Eco was basically taking the BK benefits w/o ever filing. He may be crooked, but he is awfully clever. And like you say, he walked out with 'his money' and left 100% of the debt and unpaid taxes and judgments behind for Comery, Vuozzo, and effectively 'stockholders' to saddle. And something like 12.5 BILLION shares authorized?
The infrequent PR's say all is wonderful, but when is the last time you saw a financial filing that included financial information? At least show the tax debt is paid, if nothing else.
Would appear that Comery was brought in to continue the same scam Conboy was running, so 'new management' was carefully chosen. They just came in after most of the meat was picked off the bone.
There's a lot of subterfuge to the lawsuits, and would appear to be an effort to make a balance and avoid final litigation (IMO). Maybe arbitration in the end? $0 + $0 = $0? Vuozzo's probably moved his assets so he can avoid paying a possible judgement due to the BK filing. Maybe a lawyer on here can inform us of how effective, or not, that strategy can be.
Meanwhile, you are correct. All these guys took their eye off the ball, and Conboy is out selling their deal, again. That's the guy they need to be chasing, but he's probably the last guy they want to get into court with. Backed in a corner, one side or the other will eventually start singing. An awful lot of dirty laundry piled high and deep.
That may not be necessary if the Pitt suit eventually unravels the whole Eco game....but those can take years. I wouldn't assume Conboy walks, yet. Changing jobs won't absolve you of a past crime, if one was committed. At the least, THAT lawsuit will reveal that there are no warranty reserves (which their past filings also reveal).
To your point, it is reasonable that Pitt's org will go after Eco Building Products as the lawsuit matures. Eco won't be able to avoid getting sucked into this. It will be another judgement that they never make a payment on.
As the former CEO and Chairman of Eco BoD at that time, Conboy will likely be deposed as part of Pitt's legal defense. Conboy loves to hear himself talk, and much of it is out there on video, so it will be interesting to hear how fast and deep Steve can dig a hole. All the Nola product is within the 10-year warranty period, so it's all rather black and white in that regard.
The owners sue Pitt. Pitt sues Eco. That's how it works.
That sums it up. He even took Randall Hart with him....and Conboy Boy Shaun Conboy! All Steve left behind was the debt, unpaid taxes, etc. (probably his plan from Day One). And the liability of the existing installed product, which he also never planned to be around for. Let me guess, no set-aside or insurance for warranty, right???
Call the Feds. They have ways of communicating.
They have a date as of today, or they have a date and today is it?
Is it court or arbitration? If court, what's the nature or the appearance?
The lawsuits appear to be continuing between lender, Eco, and former employee Vuozzo. That would be great info to update in a public filing.
https://www.pacermonitor.com/public/case/24525141/Eco_Building_Products,_Inc_et_al_v_Vuozzo
The details are available though various sources.
Other lawsuits are out there. See a previous post from Dave Woodie (sp?).
Looks like Vuozzo is overextended in some fashion.
Try a search for all of Eco's CLAIMED trademarks.
Eco Red Shield FT - nothing
Eco SP - nothing
Eco AFL - nothing
Eco D-Fence - nothing
Eco Red Shield stamp/label/endtag - Abandoned in 2015
Eco Red Shield (depends on the font) - one abandoned and one stalled in final mode as of 2-21-2018
Doesn't appear that management feels there is anything worth protecting. I didn't search Coke or Sony, but they are probably current.
Kinda gives you a clue as to how aggressive Eco will be protecting their worthless patent. Steve Conboy has already run off with it and I don't see any legal action going on there. Steve would be using the Eco brands if he thought there was any value, but he's already squeezed most of the money out of that one. In fact, it appears that it lapsed on his watch.
The bacon alone in a legless pig would be worth more.
Conboy is still working on his Eco Red reset.
https://www.cpexecutive.com/post/construction-fires-new-technology-for-an-urgent-problem/
flipnrips,
I believe this suit is still unsettled:
https://www.sec.gov/Archives/edgar/data/1409885/000149315217008431/form8-k.htm
Also, Eco has/had a suit against Vuozzo.
https://ih.advfn.com/p.php?pid=nmona&article=75375024
And not to be left out, MAK had a suit against Vuozzo, but I believe that one has been settled out of court.
https://www.gpo.gov/fdsys/pkg/USCOURTS-flsd-1_17-cv-23310/content-detail.html
https://www.govinfo.gov/content/pkg/USCOURTS-flsd-1_17-cv-23310/pdf/USCOURTS-flsd-1_17-cv-23310-0.pdf
Conboy just walked away from this deal. If nothing else, he knows when his role is played out. Take the salsa recipe and run!
Don't know, though suspect, if there is ever any revenue from Eco's 'patent', there will be a fight over it. Lawyers are going to get it all.
Because Vuozzo is listed as Inventor, and ECO is listed as Assignee. A couple years ago, that would have been fine. But, if you recall back when Ecob used to do SEC financial filings, they no longer played well together (Eco and Vuozzo). Vuozzo is/was suing Eco for non-payment of wages ($700K?), and Eco had or seeking some sort of 'restraining order' to supposedly keep Vuozzo from walking out with their 'intellectual' property (the stapler).
Maybe they have settled, but who knows. There's no recent SEC financial filing to verify it's settled or ongoing. Short of that, one has to assume it is still ongoing. Why wouldn't you want your 'investors' to know the disposition of legal matters that could materially impact the company?
Call Comery and tell him to file Q's and Annual so all will know what the lawsuit status is. Please, no PR's. A PB&J sandwich has more substance than one of his PR's.
Have a nice weekend.
Conboy has outflanked them with their own sauce. M-Fire.
Problem.
Inventors: Vuozzo; Mark (San Diego, CA)
"Just", as in 'only'. The link you posted was 'only' an application. I know this because it says "Application" on it.
The link posted clearly shows it as an Application, and the link appears to be from the US patent office website (of course, it could be a bogus website and I didn't look into that). Can't speak to any other documents not posted, but will be glad to read them if somebody posts them. The word "application" is on the document, and some key spaces are left blank that would be filled in if the patent was issued.
It's been a historical position that Eco has taken for years. Every time they FILE for a patent, they represent it as a patent. Applying for one only has value if you are subsequently issued a patent. Your dog can probably apply for a patent for the business it left on the lawn, but unlikely the patent would be granted.
In a previous Eco patent application, the patent office came back with a laundry list for Eco to follow-up on for further consideration, according to Eco SEC filings at the time. Apparently they never followed up because THAT patent was never issued.
If you read it, you'll see it's actually a patent APPLICATION.
Conboy Rides again! He's got Eco by the tail.
http://netinfo.ladbs.org/rreports.nsf/41eed0dac71af7748825692d004f0e38/12c7a53938114352882581db0004b40d/$FILE/26112-2017LABC-03-01-2018.pdf
Except for FDIC
Looks like Conboy did indeed take the baby with him on the way out.....if you can believe a Conboy PR for once. At the least, Conboy aced the test on how to leave debt behind.
https://m.insurancebusinessmag.com/us/news/construction/construction-experts-complete-highdensity-wooden-building-course-93000.aspx
But it says one thing from a distance. Conboy is trying to get into construction, while Comery just wants to paint your fence.
Order some. If it ever arrives, you'll be Eco's biggest customer.
Ah yes! That's why Eco is sitting on the big (pending) announcement about them building and painting the entire border wall. Hay Caramba!
Great! Post the 8-K referencing the new agreement.
Eco Building Products got bumped out of H-D a long time ago. Reference this SEC filing:
https://www.sec.gov/Archives/edgar/data/1409885/000112785515000167/ecob8k050115.htm
The product was such a slow mover, what you see today is leftovers still working their way through the system. Eco gets no revenue from it. If you look deeper into other filings, you'll see that Eco's H-D revenue was going to one of Eco's many lenders. Eco had defaulted on that loan (for raw wood), and arrangements were made to cut Eco out of the payment loop. Not a good thing for H-D to have to get involved in something like that with a vendor. Your days are numbered at that point.
In short, H-D was a revenue negative experience for Eco. Getting tossed out by H-D was probably the best thing that ever happened to Eco in its entire history.
Under their old name EcoBlu, they wore out their welcome at Lowes, too. It's all out there, too.
These are not negative comments about Eco, as some insist It's just the only sort of history they have. Go find some positive history that's nothing more than a PR that's been verified as false, or a PR that is so vague there is nothing tangible in it. A string of unpaid landlords across the country. Unpaid federal and state taxes. Unpaid judgments against the company. It's all in the SEC filings. Or, will somebody insist they submitted false filings and it's actually a very positive story that they are keeping to themselves? It's one or the other.
5M left at 0.0001 Ask? How many sold at 0.0001 since you made that post?
Can somebody post a link to the list of the 400 stores in this Eco PR?
https://ecob.net/2017/09/07/eco-building-products-inc-s-subsidiary-wood-protection-technologies-wpt-surpasses-400-stocking-locations-with-national-fencing-agreement/
Also, I seemed to have missed the follow-up PR about the name of the nationwide chain. Maybe somebody can post that link as well?
DD is fun!
DD
It's interesting that this court document exists confirming the failure of the company's product at the hands of their own CTO. Eco knew about it, and MAK knew about it, yet it was never mentioned as material in a public filing. Oh, forgot, there hasn't been a financial filing!
More DD is out there for those that look for it. I guess Comery forgot to mention this on the phone call.
Just a hunch, but I suspect QAI Labs doesn't know about the product reformulation and its impact on the current validity of Eco's QAI Listing and their DrJ report. Maybe they will know soon?
Thanks for the tip on doing more DD. Still looking!
DD? Here's some about what goes on at Eco:
https://www.govinfo.gov/content/pkg/USCOURTS-flsd-1_17-cv-23310/pdf/USCOURTS-flsd-1_17-cv-23310-0.pdf
This is why you shouldn't be paying List price for Ecob stock. There are many examples of this. This is how this machine works for them, but not the folks that think they are 'investing.' From:
https://www.sec.gov/Archives/edgar/data/1409885/000149315217002252/0001493152-17-002252-index.htm
Senior Convertible Notes - $178,333
From July 25, 2016 through December 9, 2016, the Company entered into, with a private investor, seven Senior Convertible Notes totaling $160,500, including an original issue discount totaling $17,833, for net proceeds to the Company of $178,333 for the purpose of funding operations and for general working capital. The maturity date is one year from the issuance date. In the event of default, the Note is subject to an increase in the interest rate to twenty-two percent (22%) per annum. The holder can convert at a 40% discount to the lowest volume weighted average price in the previous twenty-five trading day period. In the event of default the conversion price is equal to 51% of the lowest traded price in the prior thirty trading days. The Company recorded amortization of discounts totaling $47,251 during the six months ended December 31, 2016 and the discount balance is $131,082 at December 31, 2016. The balance of this note at December 31, 2016 is $178,333 plus accrued interest of $10,379.
Looks like they struggle to retain an accounting firm. At least three different firms in the last few months of 2017. Next time you call, ask them for the name of the current firm and a name you can call there to confirm.
https://www.sec.gov/Archives/edgar/data/1409885/000149315217011073/form8-k.htm
https://www.sec.gov/Archives/edgar/data/1409885/000149315217010182/form8-k.htm
Should I look back further in 2017?
BTW, I don't think Eco is actually netting $3,200. Eco sells their lenders at 'wholesale' pricing. Only 'investors' pay retail.
Only their front door is truly transparent (check it out). How hard can it be to put their financial statements together? Maybe they haven't been able to get anybody willing to certify them?
Why not put all the great news out on time?
Too early to rule out Steve Conboy.
Reliable sources have told that it is NOT Tom Comery piloting Elon Musk's Tesla Roadster.