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Yeah right!!!
The Caroni's, Bain's, Belanger's and more can smell blood and feel that they're touching their goal. Do you really think that they're willing to sit down and discuss an alternative? If this is your magic solution, the shareholders are really in trouble. The third act is as lame as the second act, staring our lame BOD that never saw anything coming. Gib had a plan!!!!! They were all blinded by greed and hungry for personal fame.
Bet you didn't know that a group of shareholders had acquired a large sum of money to cover a good part of the debt and to convince creditors to drop the lawsuit for a better alternative. Obviously there was a price for this financial assistance but I'm wasn't privy to it. Regardless, GIB and Gauthier refused the assistance because "they had a better plan." Where are we now??? The third act will short and the fourth will be final, I'm afraid.
That wouldn't work very well because I'm not a manager. One or more of my contacts might work. You see, I'm a watchdog and I watch the negative aspect of things. Rose could be one if she's qualified because she focusses on the positive side of things, not me. If she's got the contacts, why not. She'd have my vote, not my confidence because I don't trust anyone. I focus on anything that can go wrong and believe me, here lots of things did.
Well, the judge doesn't agree with you. What's your recourse against the judge? None!!! You might think that you do but not in a bankrupcy court.
By the way, my sources say that Gib left on the 20th. I'll get more info on this and possibly his flight numbers.
Rose, I don't know if you're aware but Gordon Bain is only the last drop in the bucket as far as the bankrupcy is concerned. ECT/ECN is endebted to the tune of 5 million dollars according to the judge. That's why the payment of the Gordon Bain 25,000 dollars by Dr. Benoit would not be enough to avoid bankrupcy. I guess that he might not be the only one after the patent of the CRAM. There are all of these other creditors like Caroni, Axiome, the Quebec Government for the 14 employees and others. Right now, we, the shareholdres, might be the only ones eliminated from this race. Your group might sue Gordon Bain and win but it remains meaningless as far as the patent is concerned. In the words of Alan and Charlie Harper of "two and a half men" fame, we're screwed.
This is really early in the morning for this but here goes. You're probably right but it's just the force of habit to be on the lookout for people trying to screw us from all directions at once. It's just like the past few months, the tendency is to open the computer and see what's happening on this site. You're right, it's time to let go.
Go Gib, screw Bain, Caroni and others.
(LOL)
If you believe that Gib is there for the shareholders, I have a car that you just have to see. Last message for the day. Like you say, enough talking. Let's see you do something about it. Talk is cheap? Than, stop talking and sue someone; it's in fashion this year.
Not in a 1000 years. Your only hope is to prove that he used preferential information to sue ECT. Then, the BOD is equally at fault to providing previledged information and not telling anyone else about it. Maybe you have a chance there but I have doubts. Nobody sue a dead company and Gordon Bain has several lawyers working for him on a full time basis and the BOD found out.
Good luck.
But Gib just left with the only asset that this company has. He's done it before and this time, he'll get good money for it. He'll come back with the CRAM but the software will have been compromised. In this case, the CRAM is now worthless as the Hyundai version would come out first. We're screwed.
After all this, you're still towing the Gig ban wagon. Some people never learn.
Gib won't sell the Patent because doesn't belong to him but to the creditors now. He will sell the software to Hyundai who will modify it just enough to avoid a patent lawsuit and everyone is screwed but Gib.
I'll do some checking on this and keep you posted unless you're absolutely sure. If this happened, we're talking the never never land of lawsuits and possible jail time for the director whose sole purpose is to protect the shareholders.
If your information is right and he's left ahead of scheduled, then this is a conspiracy.
Gib is leaving on the 24th.
Rose, I did care, warned people and have been saying so for the last 3 weeks but everyone was too busy believing in his great but secret plan. The entire American Investor's Alliance was ready to grab at anything to continue to believe in Gib and the "plan". This is not to blame anyone but we are where we are because no one cared to listen and, at the very least, give it some thought. Do you still think that it was a semi-paranoid to doubt his lack of business skills and that of the BOD? Today is the proof. Sorry!
All assets of the company are frozen which means that the CRAM can't leave with Gib to Korea if ever he goes anywhere. I'm not even sure that he go now.
Couldn't happen to a nicer bunch but we're the big losers here, we, the shareholders.
Didn't have to, it was already done.
I can actually say that I was an assistant monitor for 2 whole days. I can really feel the power but I'm afraid that it's pretty well over now.
Too late for that.
We have nothing to fear, according to rose, Gib has a plan (LOL). When it was time to act, everyone was sitting back and trusting the BOD. Now, it's probably time to lick our wounds and prepare for a long battle. The time for shareholders meeting has gone by. Can't say that I didn't tell you.
They all want what we have. Caroni, Gordon Bain, Alphonse Belanger, the American Investors Group, the Montreal Group, Axiome, Gib all want the CRAM for themselves. Who is the real victim in all this: US, the shareholders and no one else.
Rumour has it that he's teamed up with the "Axiom" group and Mario Naim. This is not confirmed but Mario Naim has been seen with both, discussing in a restaurant in Montreal.
All they want to do is gain control of it and flip it to the American Investment group.
Like I’ve said before, to be successful in this venture, we need three things: a good product, a financial source and good management. We have the first one. We potentially have the second but we’re dramatically short of the last. Like you said, this BOC didn’t have the ability to do the job to begin with. The board was supposed to be temporary or at least had to be reconfirmed but it never happened. The board lied to us just like they’re doing now as they never really had the intention to convene a shareholders’ meeting. The merely wanted to take control of ECT.
"Something happened that lit the fuse between the Quebec Investors & the ECT recovery Board. They did not believe that the ECT was a competent board."
Doogdilinger and Believer:
I can tell you what happened. At first, when the board was put together, the different members wanted something different. Mario Naim was fostering an American investment group while Guy Paul Gauthier was favoring the Quebec Group (Alphonse and Gordon Bain) and Guy Faucher, a group from Montreal. Soon, each plan fell apart and infighting began. Mario Naim left but sued the company. The other 4 members continued and the 3 investment groups met and coordinated an effort. They were given the exclusive rights to negotiate a deal with the BOC. The Montreal and Quebec groups did not have sufficient financial resources to buy ECT and the American group did not want to deal with the ECT board because of the potential lawsuits against the company due to RH’s creative management. The Montreal and Quebec group secretly united in an effort to flip the company’s assets and sell them to the American group who endorsed the idea which distanced them from the original company and potential lawsuits. The problem for us was that the attempt became a plan to acquire the patent at the cheapest price; thus, the lawsuits. ECT management did not approve Gordon Bain’s plan because it left ECT shareholders with only 18% of the shares as they would acquire 82 % of it through a shadow company. When the BOC rejected the offer, the exclusive rights to negotiate became invalid. That’s what lit the fuse of Gordon Bain and company. Ever since, the BOC has been in a state of panic and more so for Gib.
Now, since then, a valid venture was put together with the Chairman of the Board. When the exclusive rights to negotiate became invalid, a group of investors from Korea contacted one of the majority shareholders and expressed interest in ECT. Negotiation were initiated and concluded in the aforementioned LOIs. This company was the “go between” for Hyundai and ECT. Gib de Medeiro and Guy Paul Gauthier opposed the venture but Gib decided to go himself to “negotiate” with Hyundai directly, at least officially. Gib also illegally mutinied against the Chairman to do his little deal without further disruption. That’s what my contacts in Montreal and Ottawa uncovered and the rest has been the object of several posts on my part in the last few weeks.
Can anyone on this BOC be trusted??????
Certainly not.
Right now, there is no real plan except to let GIB go to Korea and risk a sell out that would leave shareholders with nothing. All of this happened and not a word of it was transmitted to the shareholders. Now, that’s transparency.
No wonder you think that she's right; Rose, Believer and you are members of the same "ECT Investor's Alliance" and by the way, control this board. All three of you are monitors or assistants of this board. That's a monopoly in itself!!! (almost like Gib)
Yes, a $40,000 lawsuit against the president which generated a lawsuit against Gib and Guy Paul Gauthier. Good move!
Presenting a plan is not good enough. Just look at the plan on the Consent Solicitation Statement. Nothing ever came of it and whatever plan they have now will meet the same faith. Why???? Because no one is there to execute it properly. Everyone on this board is in this for himself, especially Gib who seem to do whatever he wants regardless of the president. Let's not be so gullible and trusting. This way you might not lose your investment and mine.
That's only true if the CRAM is the only asset of the company but what if there are other assets that you're not aware of? I know for a fact that there are but these are not recognized by one of the board members. There are 2 LOIs prepared that just required signing, one for $500,000 and one for 2 million dollars but strangely enough, the member that doesn't recognize them as valid is the same that will take the only updated version of the CRAM abroad alone. How does that grab you? Doesn't this make you just a bit suspicious about Gib and his integrity? It sure it did and still does for me.
Once the signed LOIs have generated the money, any judge would approve the Chapter 11 is it's even required (probably not).
I'm not attacking anyone supportive of the company but merely the ones who support this Board of directors that are leading us nowhere. You supported RH for months before voting to overthrow him. I think that you're making the same mistake. You did not participate actively to overthrow RH but simply, like all of us, voted against him. mario Naim, Guy Paul Gauthier (for personal reasons)and Guy Faucher engineered the overthrow.
Did you at least read the Consent Solicitation Statement? How is that plan coming along? Weird, right? As for Gib, he got shares of EFFC as a trade off for back wages. He's well known for bailing out once he thinks that things are not well and you can't argue that things are going well right now. I hope that your naiveness doesn't make us lose our investment. As usual, you're entitled to your opinion and so am I. I would rather be on my toes and critical then to be in "la la land" and hope for the best.
Good luck!
Sorry but no reverse split, just new management and implementation of the good plan that never came to. Same plan but with competent management.
Why would you need a reverse split. A reverse split is seldom a good thing because the stock tends to go back to its previous and natural value which, in this case, is next to nothing. Funny that you should be afraid of a phanthom reverse split but not of a board director leaving alone for a trip abroad with the only updated CRAM that we have, especially that he's done it before.
Strange!!!!!!!!!
PS: We're the ones that supported Huppe for months while he was planning a reverse split. Who did? Some people on this post, mainly you, Believer and Guy Paul Gauthier. Wrong then and wrong now.
Tell me, Rose, how are you going to defend against the other creditors waiting in the wings to sue ECT? and there are lots? Chapter 11 would offer the necessary protection as designed by the financial authorities.
“Gib could not sell the technology at this point for his own profit?”
This technology is all software because the hardware is relatively common. All Gig has to do is go the meet the representatives from Hyundai and provide them with a copy. A few months later, Hyundai would announce a revolutionary new product that will be introduced in their vehicles and bingo, the CRAM is now worthless and so would our investments. What could we prove???? Nothing, while our friend Gib will have done it again.
As to having someone in mind, I don’t but we could hire a headhunter company and find a decent management team to pursue our goals. I’m not in the personnel recruiting business. You see, Chapter 11, Bankruptcy Protection would give us 3 to 6 months to restructure while we could still work with the Korean company that we have initiated talks with.
Rose, I’ve seen your reasoning before, about a year an a half ago, when you used the same arguments to support Huppe. Same old, same old! Status Quo seems to be your favorite option. Well, we’ve had status quo for the last 15 months and look where we are now, not any closer than with Huppe. Did you ever wonder why our stock is at less than a penny with the fantastic product that we have? We should be at 25 cents or more but what do we have? Bad management, no communications with the shareholders and broken promises! Just check your Consent Solicitation Statement from June 22, 2009:
Transparency: no communications or news issued under the authority of this board, not even a financial statement.
Initiate legal action: We’ve had plenty of that but with just about everybody and even amongst each other.
Bridge financing: none (maybe it’s in the financial statement)
Invest in CRAM testing: some testing was done, paid by the SAAQ but we haven’t seen any results. All work has stopped now under the diligent eye of our board members.
Convene a stockholder meeting: we had no such meeting, none are planned and no reelection of the director nominees which, by the way, is contrary to the bylaws and the Corporation Act of the State of Deleware.
Gib is sticking to the CRAM like strawberry jam on a child’s fingers and travels around the world with the only piece of up to date technology that we have. How naïve to think that he would never dare sell for his own profit!!!! He’s done it before, why not again? I’m sure that he’s shaking in his boots from all the hassle he would get from the American investors. Yeah, right!!! At least, he would have millions to hire proper legal defense lawyers and defend himself and we would have………a fat capital loss for the IRS!!!!
Time to move on!!
I agree with most of your post except that, to succeed, we need a good product which we have, some financing which we have in the making, and good management which we are severely lacking. Gib has worked hard while his loyalty is his own glory and gain but he doesn't have to be a director to continue and profit. He can be a genius without being a good manager. We see it everyday in the technical fields when a fantastic and competent pilot can't manage squat. I say hire Gib as a paid consultant (take away the risk of him selling the technology for his own profit) and get a good management team to pursue our common goals.
It's all about the money!!!
PS: the infighting that you refer to is already within the board of director and is hurting the company and our investment. Let's take it out and get some new management. Our best solution to get protection from our creditors dating back from the days of Huppe, regroup and restructure while continuing to negotiate with the Koreans.
Financing? At the same place that Gib will get his, with the Korea organization. I talked to my contact in Ottawa and, according to him, he agrees that Gib has done a lot but he's not quite sure for whom he did it, EFFC, the new company or himself as he's done before. It's really the true question to ask ourselves.
As for me, my loyalty is with ECT but not with the present management. We going nowhere like this. Let's regroup and move forward unless you know something that we don't know.
Hope for the best but plan for the worst!!!
Have a nice weekend to all, gotta to go!!
We might as well fold the company if he's the one. Let's wait and see what plan that this board can come up with. So far, they've been there for 14 months and nothing ever come up. Have they been without a plan for that long??? Then, they don't deserve to be there. I want someone to head this project in a professional manner and none of our board members can. It's that simple.
I never met any Virgil or Jason Shin. It must have been before my time. Like you last paragraph said, we know nothing from this board that was supposed to be so transparent.
By the way, what's with the "your Guy Fauche", I want this guy out also. None of these guys are "mine". None of them should stay. Gib should be a consultant for the company, not a director. None of them have what it takes to run a company or execute a plan like the one you described. We need a real manager but, like Rose said, not Tony Papa.
Oh! and not Dan Ryan either while you're at it; although, I think that he's out of business for a long time.
Tony Papa?
You've got to be kidding!!!
That's the last thing that we want. Gib alone is not your problem but he'll do whatever Gauthier says and that's probably as undesireable as having Tony Papa. Gib is the salesman but he's not a manager. The real thing that I have against him is his association with Gauthier and his track record with BIO. I don't hate him but I can't trust him. That's all.
Tony Papa is known for only one thing, as you said, pump and dumps.
Thanks and good luck.
I'm sure that we'll chat again.
Agreed, but the legal irregularities are scaring people. Few people like to associate with directors that have had problems with the AMF (Quebec SEC) or are known to be turn coats like GIB. Gordon Bain, unfortunately, is well known in the Quebec area and a respected business man. Can we say the same with Guy Paul Gauthier and Gib.