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Last time I spoke to him (quite a while ago) he mentioned the fact that he would be standing down as CEO and from a legal point of view, he would only be a shareholder (albeit he's holding a significant amount).
Because he's not an official company 'officer' now, this will allow him to to initiate legal action against some of the parties that have been involved with IFCR. Not sure exactly what will happen as I'm across the pond in Europe but I guess only time will tell...
He's still holding a lot of shares so he still has a vested interest in making sure that IFCR is successful, as do the rest of us and I'm looking forward to seeing what happens over the next couple of months.
I can accept that timings have been off for the audits etc but now that the Sec are involved, I believe that we'll some kind of action soon.
Per Ardua Ad Astra
IMO this is good news as it shows that DF is aware of what is happening and of the potential consequences but he's actively trying to get things back on track.
Goodness knows there have been setbacks that he's had to deal with: auditor delisted, all of the problems with Smith and Morris subs which resulted in needing to find another auditor but guys, he's trying to deal with this.
The other more important thing for me is that the 8K and copies of the correspondence attached show that he's being open with us and the authorities and he's trying to get the company back on track.
Remember that most of the problems with debt management and non-payment are legacy related and go back an number of years - he didn't create this mess, he's just trying to resolve it in the best way that he can for all concerned and most of the agreements that he's made are in the best interests of IFCR and the creditors.
He could just declare bankrupt and wipe out the debt - that would be a disaster for everyone, especially us shareholders...
The R/S of 1:10 would be a better outcome for us shareholders than a 1:1000 but it's still an R/S. Certainly there's a better chance of a big upwards movement from .001 than 0.10 and hopefully there's some news to come after any R/S, if it happens at all - he may decide not to bother, especially if there's a chance of going into private ownership.
I agree with many of you that the communication could be much better but I do genuinely believe that he's doing the best that he can in difficult circumstances. Let's look at these latest releases as evidence that he's fighting to get the company up to date. and cut him a bit of slack..
Seems to me like people want the bigger returns that investing in pinks bring but they're not prepared to accept the GREATER RISKS that are involved...
Good weekend everyone...
Per Ardua Ad Astra
Good call, I was wondering the same thing...
We know he wants to get he number of shareholders down - this latest release just gives people an even greater reason to sell when the opportunity arises.
BUT
He's a savvy guy and has always said that he will reward shareholders if he can - a smaller number of shareholders that are prepared to stay with the company (and he knows who we are) would mean that he would potentially be rewarding the loyal ones rather than everyone who's out to make a quick buck or two.
PLUS
There's been a mention of significant news which might be released after any R/S takes place - those that are still holding after it takes place might just be nicely rewarded...
He's keeping his cards close to his chest because there's a lot of a**holes about who will criticise anything and everything that he does.
There's a lot of flippers about and he wants rid of them - a move from trip 1 to trip 5 is a nice little flip for people, after the R/S that would need to be 10 cents to 50 cents and is much less likely so the R/S should also get rid of the flippers as well as they'll have to hold on to their shares or lose out, especially if the price drops after the R/S.
Just my thoughts, happy Friday everyone...
Per Ardua Ad Astra
Sorry Stonework, seen too many people put what I think are genuine information out there, only to be heavily criticised so I don't want to go there...
When I last spoke to him a couple of weeks ago he did mention something else that would need to come out at some point - I'm not going to say what it is because of the comments that it would probably attract from other posters...
Just have to wait and see what he has released...
Per Ardua Ad Astra
There's a distinct difference between saying that he hopes to "release something this week" which we've heard in the past to stating that he has actually released a filing.
If it doesn't show up then even I would question his honesty and I'm a supporter of DF (despite thinking that he could have done things differently)...
PAAD
Seems to me that no-one has any real idea what is happening at the moment, other than the audits are still overdue after yet another auditor...
Too many people saying yes the R/S is on the way with people saying that it can't happen until the audits are up to date, other people saying that's a load of trash....
Smith and Morris are being sold-off potentially, acquisitions are still ongoing, debt could finally be cleared but we don't know etc etc etc...
The only people who know what is ACTUALLY happening are DF and HH and thy will choose to release the information to us when they are good and ready, and when it makes most sense to do so.
There's too much speculation going on here by people who haven't a clue what is happening...
Sorry for the rant but guys, let's wait and let them do their job...
Per Ardua Ad Astra
Morning all...
Am I missing something here?
After a 1:1,000 R/S, there will be less than 600 shareholders which apparently the SEC has a problem with (not sure what it is because I'm from across the pond in the UK and not fully up to speed with the SEC)...
When DF applies to the SEC or whoever it might be, will they approve the R/S and give it an effective date or will they simply approve the R/S and allow DF to choose when it will take place?
Seeing some conflicting messages here and just want to seek some clarity on the situation.
Per Ardua Ad Astra...
News about a new CFO and acquisitions alone won't give us enough momentum to get out of the trips.
We need the audits as well however, if the latest set don't include Smith or Morris figures then I'm guessing the revenue posted will be relatively small to what we're expecting or hoping for...
Hope I'm wrong but IMO the evidence is pointing towards that...
Just hope the scenarios that Aidy mentioned a few days ago plays out...
Per Ardua Ad Astra
Fingers crossed that we get the news that we're hoping for...
Given your criticism of DF recently, whatever he's said to you has convinced you that if the news does come, it's going to make this baby move up quite dramatically.
Is that a reasonable assumption to make Aidy?
What has he said and how has he convinced you hat there's still life in IFCR - appreciate you may not be able to say but your position seems to have radically changed?
Per Ardua Ad Astra
I managed to speak with DF last week for about 20 minutes - was on vacation in theCaribbean and couldn't talk for too long (as I live in Europe and the call was costing me a fortune).
He's still busy with different the things that we know he has going on.
He has presented both Smith and Morris with information that confirms that their reluctance to provide information is inappropriate and will be taking further action...
Hank is doing better than the last time that I spoke to him.
Talks are still ongoing about new acquisitions.
I asked about the fins and he gave me an answer which I won't post simply because too many people start chewing his a** if it doesn't go to plan.
We discussed the RS briefly but there was no real indication from him when anything might happen.
Not going to say too much else simply because people will call me a liar and I can't be bothered with a**holes at the moment as I still have jet lag...
I still believe that things will come good to those of us who wait and it won't be too long...
Per Ardua Ad Astra
You're right Witty, he's not been good on timeframes...
There's something else here, the audits, particularly for year ending March 2016 is only a part of the 10K and we've heard enough to suggest that there's lots of other stuff going on: litigation, acquisitions, getting rid of Smith/Morris perhaps, debt reduction, change of CFO etc etc.
There's every chance that all of the audits are complete and may have been for sometime, he's just waiting and getting all of this other information ready to "drop a bunch of news all at once..."
I agree with your line of thinking...
Per Ardua Ad Astra
THANK YOU...
I've been saying a similar thing for a while now, there needs to be sufficient news to generate enough momentum to get us out of trip 0s, past all of the day traders and flippers to allow the stock to rise to where it should be.
Just because DF hasn't released details of the new CFO doesn't mean he's lying, just that he hasn't met the SEC guidelines for releasing information...
Per Ardua Ad Astra
I've just looked at the 10K for the period ending March 31st 2015 and it does mention his salary but I also remember him saying that he wasn't taking a salary - guess we'll find out when the 10K for the period ending March 31st 2016 is filed...
Per Ardua
I love how people sit there in the comfort of their armchairs and talk about what they would do if they were in DFs position...
The simple fact is they're not - he's in a hell of a position trying to turn a failing company around, and ding a damn fine job too, in my opinion - people should let him get on with it instead of sniping at him...
He's had some setbacks around the audits and some problems with the Smith and Morris subsidiaries - both of which were part of IFCR before he took over.
I would surmise from the lack of a filing about a potentially new CFO that he's holding back for a reason; we've got some filings due and that would be an ideal opportunity to release it then, assuming of course they're going to be released imminently...
Someone commented on DF and his salary - as far as I can remember, he's NOT taking a salary but is being paid in shares so he has a HUGE interest in this company succeeding.
I understand that the lack of communication is causing many to doubt DF but IFCR has come too far as a company for it to be a scam as some people are saying - if they feel that strongly then they should contact the SEC rather than mouthing off about it...
An old drill sergeant of mine said that there are two kinds of people in this world - talkers and doers: I see too many of the first type on this board and not enough of the second...
I truly believe that this company will rise like the phoenix from ashes and those of us that are still holding will be rewarded...
Per Ardua Ad Astra
The key unknown here is how many shares are being held by flippers and day traders - any sell-offs will weaken the momentum caused by the financials being released.
I hope the silence we've had from DF lately is because he's been working on some surprises to include in the filings - we've heard about acquisitions, litigation, debt settlement but we don't know exactly how much progress has been made on these fronts.
Perhaps the filings will put everything on the table and shut people up...
We have an interesting couple of weeks ahead...
Good Sunday to you all...
Per Ardua Ad Astra
Nice post Witty, no doubt some people will ignore because they have their own agendas in play...
Amen to that...
When I spoke to DF a few weeks ago he told me that Hank would need several rounds of surgery for his detached retina - if Hank is still out then it's no wonder that DF is running around like a man possessed - he's dealing with acquisitions, litigation, debt management, audits, possibly getting rid of the Morris subsidiary as well as the usual day to day stuff that he's doing...
I don't have a problem with saying that the shares have been dumped but your phrase 'dump fest' makes it sound like there's a lot of it going on rather than maybe one retail seller getting out...
Maybe I'm being a bit jumpy but I've so many people blow things out of proportion about IFCR and we don't need any alarmist comments at the moment, especially when we're hopefully getting close to the filings that we've been waiting for...
No offence meant Aidy....
Per Ardua Ad Astra
Still doesn't equate to a 'dump fest'...
200 million shares is only 20 thousand bucks and equates to less than 1% of the company's shares if we assume the O/S is 5 billion...
A 'dump fest you say, that's less than $5,000 - think you have an issue with your perspective here...
It might be 'good' volume in your eyes Dr-T but most of it looks like selling so we're not going to see 2s unless people start buying...
I kind of agree and I think we'll see the refiled reports starting the whole thing off to generate more interest and bring people in and then they'll knock the ball out of the park with the recent reports which will contain all of the information that we want to see.
Per Ardua Ad Astra
Nice work Witty but can I point out a couple of things...
The A/S increase to 10B ordinary shares was needed to cover future acquisitions but not directly; any acquisition was going to be made using cash and preferred shares - the ordinary shares had to be available in case the individuals being acquired wanted to exchange their preferred shares for ordinary shares.
The only way that the O/S would be anywhere near 10B is if these acquisitions have already taken place and the the preferred shares have ben exchanged.
If this is the situation, IFCR has a couple of new subsidiaries which if I remember correctly, were going to be worth about $20M (that might not be correct but it's certainly a significant revenue stream).
If this is NOT the situation, then the O/S is nowhere near 10B and the projections made could be on the low side...
The other thing that I'm wondering is about the delay in filings and the excellent DD that was done by Invest4MyNest, specifically about Morris Trucking (which if my memory serves me right was one of the existing subsidiaries when DF took over).
If it has recently closed (July/August 2016) – post #27739 suggests that this might be the case, I can understand why DF would want to wait and delay the filings to include this important information.
When I spoke to him a few weeks ago he stated that he was quite open to getting rid of any ‘troublesome’ businesses and this might just be an example of this happening.
I wouldn’t be surprised if Smith went the same way once the litigation is settled – who knows it might have been resolved already and will be included in the filings….
Just a couple of things to think about on a Sunday morning…
A good Labour Day to you all from across the pond in Europe…
Per Ardua Ad Astra…
When I spoke to him a few weeks ago, he told me then that HH had undergone emergency surgery for a detached retina and needed more surgery.
Given that HH was also having meetings about further acquisitions, it sounds like DF is doing the work of two people.
I'd rather he gets on with running the business, closing the acquisitions plus all of the other stuff that he's dealing with than spend too much time putting out PRs and dealing with irate shareholders...
This is a pink stock, I would imagine there are lots of things happening behind the scenes: litigation, debt management, audits, acquisitions etc etc etc, things don't necessarily happen the way we want them to.
To anyone who wants filings on time, PRs, risk free investment, try going elsewhere...
Per Ardua Ad Astra
Your comments are flawed Arosez because David has always said that there's a possibility of an R/S in the future in order to uplift to a higher exchange - that's never been in question...
Filing just means that he has approval to initiate an R/S if and when he decides it is the right time to do so; it's by no means guaranteed that one will happen but he has the approval to do so.
Your comments about "David them claimed there were no plans to R/S any time soon" suggests that you've accepted the comment; if you take it literally David hasn't said that there won't be an R/S, it just means it won't be in the near future.
I do accept that his comments have allowed people to misinterpret things somewhat but that's happening anyway...
I'm guessing that there's a lot of scepticism out there towards IFCR, PRs that didn't happen, fins that are way overdue, potential of an R/S etc.
Personally, I think there's a lot of people waiting in the wings before they commit and the volume will pick up and hopefully go crazy when the fins are released and IFCR becomes current.
My big concern is that there are a lot of people either holding or who will buy in and flip when it moves up - we need a lot of momentum to sustain any climb.
Per Ardua Ad Astra
I would imagine that the R/S question won't be answered until after the fins are released and we see what happens to the share price.
How can they possibly decide what to do when the share price could change dramatically on news...
My opinion only...
Per Ardua Ad Astra
You can 'almost' guarantee it...
What exactly does that mean???
You can't guarantee anything that DF does because it's outside of your realm of control; what you mean is that you personally don't believe that it will happen today.
Not busting your case but say what you mean...
No problem Ross...
Everytime I've spoken to DF he's talked sense, he's told me in broad details what he's been up to but stopped short of giving me any 'privileged' information.
Every time he's said that there's a PR on it's way, he's delivered - I personally can't criticise the guy for what he's doing.
There's a fine line between putting information out to shareholders and holding back to give added momentum when the fins do come out.
Keep the faith my friend, there's good thongs coming soon IMHO...
Per Ardua Ad Astra
What relevance does this have to IFCR Eddy???
You sure put some random stuff out here...
Morning all...
Just spoken to DF for about 20 minutes - HH is offline with some medical issues so he's running around like a crazy person.
He apologised to me for not getting out the PRs last week, partly due to HHs absence but said that there should be one out today.
The audits are still looking good for the end of the month so he doesn't want to say too much in PRs as the additional information could be used to boost momentum when the fins are released - I happen to agree with him on that one...
Keep the faith guys, things are looking up here...
Per Ardua Ad Astra
I've never said there's news coming today....
Other people said it yesterday, I only challenged your point this morning...
No, sorry, Firstrade removed the L2 data...
So if there is news that must mean that your opinion isn't worth listening to???
Wonder what this news is going to be today???
But you and many other people refuse to accept what other posters say after they've spoken to David.
You insist on DF issuing PRs and when he does, you complain that we already know this stuff.
You can't have it both ways.
What it does show is that he's true to his word, albeit the timings are a bit off
What is important is that there's been a PR...
Yes, it might be later than it should have been, but it's here.
The fact that he's formally released this information suggests that there's a high likelihood of it being accurate - but I and other longs never doubted it in the first place.
Looking forward to the financials in August now...
Per Ardua Ad Astra