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I think that credit goes to worstenemy. I think he called it.
jon, Michaels DOES NOT have an up coming trial. He has pled guilty to "Money Laundering" and is to be sentenced June 10th, at least that was posted on RB.
I think that it will soon be to late for those that haven't gotten rid of their shares.
A R/S will only benefit the company, or should I specifically say the "owners". People who have lost money should report this POS to the SEC. Maybe enough reports, prior to Michaels sentencing will stop others from being ripped off in the future. Nothing like a stiff sentence to deter other "copycats". This is a crime what these people have done to their investors.
Mathias, anything is possible. If you were to say probable, we would have a difference of opinion. I spent my life inside the corporate world, I'm still there, so I know that there is only two, I'll repeat that for emphasis, reasons for any company to fail. The first is Capital (if you have deep pockets you can last a long time), and of course the second is Management. Hopon, in YOUR opinion, lacks both.
Why would anyone wish to takeover Hopon, with all the stink that is on it, when they could start their own company without all the baggage. They could buy Private label phones, if they had customers to resell them to. So the secret to success still comes back to Capital & Management, does it not? I don't see acqquisition on the horizon, so I believe, and this is my opinion, that when Hopon can no longer sell it shares to the investors, that they will fold up their tent. I think that this will be milked until June with "things to come", and that will be that. While opinions are typically worth nothing, my experience tells me that this companies best product for them to sell will continue to be shares, because like our dollars, they can be printed until no one wants them.
I will apologise to the board. I'm sure all have seen that I didn't throw the first punch. What I stated is and was fact, but some can't deal with reality.
If you buy something for $.10 that you can now sell for $.001, do you have a loss when you sell? And that makes you what? And if you expect this to rise to $.35, is this expectation real or imagined?
Entirely, until that day comes, you are the loser and may God grant you the long wait for your vindication. You should live so long to see it.
Mathias, to you really think than someone could purchase more shares than Michaels (tell me how many he has), and if so to what avail. What would anyone gain, if they had control of this company. To our knowledge, there is little or no revenue, private labled product, and doors kept open with the sale of stock. How much is the company worth, based on 2-3 times net? I agree that someone seeking a write off on their taxes would be the prospect.
Entirely25, what is it that you just don't want to/seem to understand?
NO ONE CAN FIRE MICHAELS AND/OR GANNON.............NO ONE!!!
Take your licking and take off.
Billy, whatg if the majority of the sales in in last few months have been by Michaels, who then "loans" money to Hopon? Isn't that debt and of the additional 2B that has been sold, is all of that money needed for G & A, or is it going into deep pockets of people in charge? Without financials, everything is a guess.
You know guys & gals, if E25 is really 85 years of age, it's a wonder he has any memory left. He may have forgotten what it is he posted. Hate to pick on a old man, since one day we will all get old. What else does he have to do, but live on his computer? He may live where it's to cold to garden.
Entirely25, no one has disagreed with your wanting to rid the company of PM & DG. No one! Posting 100 times that:"this needs to be done" is redundent.
Tell us how you propose to do this, since they hold majority control of stock, PM is sole Director, and if their employees don't like what's happening, their choice is to find another job.
Give us YOUR solution, knowing the above facts.
The financials will mean nothing, if not signatured by an officer of Hopon.
Entirely25, have you EVER known of ANY employee that can fire their boss? Their choice is to quit and does anyone know how many employees Hopon has? How is payroll handled? Maybe they do have receivables. Either that or through the sale of stock.
Deal Breaker, it appears that you attack a poster with an opinion instead of expressing your own opinion. Why is that? I said nothing about product made by or for Hopon, but reiterated a statement by an attorney currently on our retainer that has dealt with Michaels in the past. So we're not talking product, but people. If you have an opinion, state it. I was an investor, but no longer, because I didn't believe in management after so many Press Releases that didn't come true, no release of financials, and the history of the major officer. It just didn't smell right, so I lost a little and left.
To admit to money laundering, which is a pretty serious charge, means he must have cut a deal on the other indictment. My attorneys tell me that they would bet that his trouble is just starting, because he has multiple Judgments and taxes owed, so to admit that he has laundered funds, when he has all the documented sins, means his trouble is just beginning. And that opinion is shared by officers of the court.
Lou, it's apparent that some who post on this site and RB think that what is reported to them by Hopon to be the truth. Yet no one is discussing the guilty plea of the major stockholder, CEO(if not in name,but in fact),and with millions of dollars obtained from the sale of stock, he has acknowledged that he is guilty of money laundering.
How much was laundered, and how much was ACTUALLY used to run the business.
I live in California and retain attorneys that are knowledgable of Michaels. They state, and several have sued him for monies that he never paid them for their services, that there is not an honest bone in his body, and the only thing you can be sure of, is that if his mouth is open, he's lying, unquote.
I asked their opinion about the product that Hopon professes to offer as theirs exclusively, and the attorneys answer was; "Whatever is the cheapest way to sell worthless stock, is the way Michaels will go." These answers by those who know him a hell of lot better than any of the shareholders.
The fact, as exposed by someone on this site, that UNDER LAW, Michaels is not even allowed to have a checking account, should tell anyone with half a brain that he is not to be trusted. Everyone has the right to believe whatever it is they wish to believe, but common logic should make them dubious or cautious. Someone is contributing that laundered money, if not you, than someone who believes Michaels is telling them the truth. If these belivers lose, they will the most vindictive, even if Michaels does his time, retires to some island and lives on the millions he conned from these belivers. P.T.Barnum lives!!!!
Thanks, I'll try it. (either sweet or dill pickles?)
OT: How aaout the recipe for those pickles. I asked the wife (Pascagoula girl) and she had never heard of them.
Anyone that can still think that they haven't been lied to, has a serious case of denial. I explained that Hopon was nothing more than a Distributor, but LouinJax was trying to explain "off loading". Big difference. This is nothing more than having a "private lable" silk screened onto an EXISTING product and saying "this is mine!" I call that fraud, and perhaps why the Chairman has been indicted on two counts of it by Federal authorities. If this debacle is not over, it should be very close. My sympathy to the believers, I'm glad I'm out.
And the truth will set you free!!! MG, let's see Joker, Ace Ventura, and Lou in Jax spin this. I think the fat lady is up next.
OT: Mg, I also own land in Mississippi. Bought 40 acres 15 miles West of Mobile and move this summer to raise Tennessee Waliking Horses. I like it there and started fencing for the mares.
trk116, your summerization of Hopon's ability is flawed.
Hopon IS NOT a manufacturer. The phone is built, private labeled, and packaged, either by Brightstar, China, Flextronics, etc. WITH ALL INVOLVED GETTING A PROFIT FOR THEIR TIME, EMPLOYEES, MANAGEMENT, OVERHEAD, PURCHASING, ETC. ..........BEFORE it gets to Hopon, who must now put their profit ON TOP of all the others profits, BEFORE HOPO CAN SELL IT! If they should sell it to another distributor (that's what hopon IS, realistically speaking), that Distributor must now put his/her markup on the product, before it goes to the Retailer, who must put THEIR markup on it.
So it is not Hopon that manufactures and can sell direct to Distributors. The "fat" in between is to much to be competitive with the big boys, IMO
Incidently, I read the 2002 financials and found that HOPON's biggest debt was the loans from Michaels to the company. If it is Michaels selling HIS shares and loaning money to the company, than they are taking on debt and he is dumping the shares (2.9B)and loaning money, this is causing the company to be very much in debt, contrary to somes belief.
Another thought trk116, could be that Hopon found out the MOT price prior to Press release, lowered their price by 10% ($4) and made news as a lower priced competitor. They may never have been invited to quote, because they were unknown to all in the industry. If the big boys want this business, they will simply buy it.
There may be a problem with RB's server I suspect. My last post in my bookmark is 50006, and I have to refresh everytime to have it show 50650+.
Factoring is great, but only works on receivables. You have to front the money to build product, ship it, invoice it, than factor it. Still cash up front to build, and no way around that.
Mak, get paid before delivery? Never heard of that. What if the the shipper renigged, spent the money and waited to be sued? Never heard of that in all my years. Standby LC, Draw down LC, or Milestone Agreement, yes, but Manufacturer must SHIP product before anything happens. Hopon would love to be paid in advance, as would any company, but I've NEVER known that to happen. They do not have a Credit line, because someone posted that Michaels has a restraint order that prevents him from having a checking account. A lot of problems exist before product can be shipped. Hard tooling comes first. Expensive.
LouinJax, we can speak the same language. I have a BSME, and a MBA with 22 years in management of Fortune 500 companies.
It is fact that the two primary reasons that ANY company fails is lack of money and bad management. The man who is heading this company, contrary to what some wish to believe, has been indicted on two counts of Stock Fraud by Federal authorities as previous posters have stated. While he has not been convicted, it would indicate that where there is smoke, there is fire, simply because the charges are Federal.
I will not argue whether this company has a chance of succeeding, but it is a fact that massive dilution is taking place to finance keeping the doors open. That alone tells you that there are not enough receivables to finance the operation.
There is not an investor anywhere that is not hoping to hit another Microsoft, Yahoo, or Google, but IMO this is not it.
If there is not enough funds in receivables to run the company, pray tell where they will get funds to build quantity product? A BILLION more shares could only give another $200K, and wouldn't even pay for tooling, let enough to build 100,000 units. Reality is ugly, but it's always there for those who really wish to see.
trk116, pleasse re-read that news release in the Pakistan Times. It states; HOPON WIRELESS INC. STATES, not the UNKNOWN DISTRIBUTOR STATES, that he/they have received a shipment. PR's from Hopon have proven to be unverifiable, with the one Mexican exception. And without an accounting later than 2002, the truth will never be known. IMO a company that has been around for 10 years, via name changes, is not a start up and there is to much ugly history to ever make it acceptable for BIG companies to do business with.
The biggest question is, if a 100,000 piece order was received, and using the supposition that the phones can be built for $40 USD that takes $4 Million, $50 $5 million and so on, plus maybe a half million for hard tooling. Hopon, to our knowledge has no receivables, thus no Credit line, and Buyers do not PrePay for product. I think this leaves a lot of unanswered questions as to how?
I thought I read that a release from Hopon stated they had "set up a line in Mexico." Now, and correct me if I'm reading this wrong, but they just apparently contracted with "Brightstar" to do assembly of product. Which is it? Hopon's line or Brightstars? I guess that the biggest question will be; "from where will the money come to build 50,000 phones?" If the cost is only $50 each, that's $2,500,000.00. Financials will be required to obtain a loan, will they not? I go along with the flippers.
In my final words I would say, without fear of contradiction, that all is not kosher with Hopon, nor has anyone heard or discovered the REAL truth. It may lay somewhere in between what we believe and what we want to believe, but without financials everything is speculation by ones who either believe the bottle to be half full and those that believe the bottle to be half empty.
I remember reading some former financial that indicated that Michaels was "loaning" money to Hopon, which means that should Hopon ever show a profit, he will be the first one paid. That's called "Creative Accounting".
Here's what I've questioned the most; Does Hopon Wireless.com (which is supposedly owned by Hopon.com) own the development rights to these phones or does Hopon? Has Hopon.com PAID the entire purchase price for Hopon Wireless.com or in the event of not having paid in full and defaulting, can Hopon Wireless.com declare default, spin off from Hopon and go on it's way as a stand alone company, solely owned by Michaels? WOW! Only financials would show that information.
Way to many zero's!!! I meant $1,000,000 and this is how I arrived at that figure. The average STARTING salary is $750-$800 per week for an EE or ME times 25 times 52 weeks is about that $1,000,000 figure. You have Project Managers who get more, and a Director of Engineering that gets more, with fringe benefits that figure will exceed the $1,000,000 that I estimated. Sorry about that damned calculator! I was am ME (still am, but don't work at it anymore)and moved up over years, so I'm pretty close on my figures. the number 25 was mentioned somewhere in an RB post and that's why it stuck in my head. Supposedly these phones have been in development for 2-3 years and that kind of payroll would have been paid.
I believe you to be an honest man who may have made a bad decision with this stock as all have, so I also believe that if you get a correct answer you will tell it as it is. Contract labor is less expensive than salaried employees, but don't forget we were told that they "worked" for Hopon and that would make them employees. If they don't, than that becomes a lie and after the first lie, where does it all end?
Deal Breaker appears to have knowledge of the engineering center in Dallas. Perhaps he might ask the hard question; "Do you work for Hopon, or do you just do contract work for them?" The truth will out, because if the firm is as big as I read it to be (25), payroll would run close to $1,000,000 a MONTH! Where would Hopon get that kind of money? Surely not by selling stock at these prices.
Ypu, for those that need a tax loss. Pinks are hard to stay ahead of.
If many can accept this as a confirmed fact and not take their licking and sell, I think they will after the reverse.
This site is now being monitored by PM. He'll talk to anyone, if you can catch him.