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It's really simple.
A ridiculous amount of shares are being dumped. By his own admission, the company is being 'funded' with short term convertible loans (that he and his band of bandits have so generously provided over the past couple years). So it's really just Sutton converting his debt. And he will do ANYTHING to ensure he gets paid.
This is NOT providing sufficient working capital to the company. For crying out loud, he can't, or won't, even pay the bills.
You will soon be able to see this clear as day by comparing the amount of shares dumped that correspond to 'debt conversion' and 'services rendered' as a percentage of all shares traded recently. My guess is that it will be around 90%. Doesn't leave a lot of share-selling left over to build the business.
Oil.
Is 9,000,000 Ike's new lucky number?
Twenty-four 9,000,000 share blocks sold today (totalling 216,000,000 shares). That's gotta be some sort of record.
Legenday CEO still 'converting his debt' at better than $30,000/day. Helluva deal.
SAVW and Ike Sutton, market leaders...
Oil.
Ike Sutton is a white-collar criminal. He's just never been indicted.
I'm sure his heroes are the guys on Wall Street who made hundreds of millions selling sub-prime mortgages. Or maybe the Bernie Madoffs of the world.
He knows he's just a small-time POS, and he's banking on that keeping him out of jail and his fortune intact.
Eventually his world will come crashing down...or someone will get to him. I hope I'm there to see it.
Oil.
Sure...there was a patent pending. But it had nothing to do with 'text-to-connect', which was what he based the entire premise on. He tried to secure the rights for text-to-connect from the patent holder, Intregen, failed to pay them, and then pretended GoIP had 'invented' the technology under cover of a 'confidential' pending patent that turned out to be for some sort of database marketing crap that NO ONE would have bought into.
You're right in saying he spent a ton of time and effort on it, but it was misrepresentation from the get go knowing full well that he could 'sell' the concept and the 'pending patent' more readily to penny-stock investors than to paying customers. And his 'efforts' did pay off...to the tune of several million dollars he made from GOIG and then SAVW.
Bottom line...it's not 'business', it's securities fraud.
They may not have been 100% scams, he may very well have hoped they would actually became 'legitimate' businesses...but that would require some measure of success, and for him it mattered not. So what's the threshold anyway? Is 50% scam a crime? 80%? I've always been under the impression that ANY percent of BS with a public company is something that someone should be held accountable for.
At any rate, best to you as well. It's not a me vs. you thing.
Oil.
Exactly what Sutton is hoping for.
If the company takes off, great, if it fails, oh well, investors should know that pinks are risky. Fair enough. And hey, I liked and used the product too.
But there was NEVER a pending patent on the core 'technology' as represented by Sutton, in fact he ripped it off from someone else he tried to scam, and there was NEVER anything to the many, many enthusiastic positive PR's and 'forward-looking statements' he put out...aside from providing him an opportunity to sell stock and reward HIMSELF...and that constitutes securities fraud.
There is no 'reasonable doubt' here...as further evidenced by his conduct with SAVW. Guys like this should NOT be allowed to repeatedly 'fail' at investors expense while grossly enriching themselves.
Ike Sutton epitomizes penny-stock securities fraud. Make it appear that you've got something going on so you can sell a sh!tpile of stock...damn sight easier than actually building the business.
Listen, I've 'invested' in several failed start-ups and lost. Goes with the territory. Generally speaking, I accept losses, and then try to forget about them. But this didn't fail, it was a SUCCESSFUL 'scheme' to sell stock. Same as SAVW. And when I'm CERTAIN that a guy is just a self-serving, lying, scamming piece of sh!t, I never forget, and I don't just 'let it go' until they get what they, or I, deserve. If you're going to 'consumate' our relationship by hitting me from the backside, 'till death, prison, or your suffering do we part.
Oil.
It seems to me that recent prosecutions for securities fraud in the penny markets involve cases from 3-5 years ago. So maybe the SEC will eventually get around to Sutton and Co.
I hope Ike never feels like he can stop looking over his shoulder. Lying, cheating, thieving bastard that he is, he deserves to spend the next few few years in constant fear that he's only one good prosecutor away from a stint in jail and financial ruin...or one 'disgruntled' shareholder away from a very painful reminder of the pain he caused so many others.
Oil.
Looks bad, but Sutton got about $30k today. So all in all, a pretty good day.
Oil.
"We expect to be cash-flow positive...". Many moments.
It's securities fraud, plain and simple. No need to cite the multitude of reasons why.
Ike Sutton created and fabricated sh*t in order to sell stock and enrich himself...period, end of story.
He knows it, we know it, and I'd be willing to guess that the SEC knows it too.
Sutton also knows that there is a very good chance that he'll be able to get away with it...regardless of countless complaints to the authorities. The SEC is apparently content to ignore the blatent evidence of fraud and misrepresentation because they are short-staffed, over-worked, and ill-funded. It's no wonder that penny-stocks attract scam artists and fraudsters who rape and pillage with virtual impunity.
Sutton knows the risk potential, he knows the reward potential, and he long ago decided it was a good bet.
He has successfully failed his way to fortune and fame.
I'll track the SOB down some day...and we'll have our day of reckoning.
Oil.
It's a Sutton Global Production...
...and it requires various actors (alleged 'staff')', props (pretend products/patents/agreements/PR's), and stages (offices, 'factories', trade shows).
Ike and Co. write the script, start the show, and go wild selling tickets.
Very profitable for the Executive Producer and his 'production team'...despite the fact all his shows get negative reviews, have a very sad ending, and the people that bought tiickets leave feeling ripped off.
When you walk into a theatre, at least you know going in that it's all just 'make-believe'.
Is the SEC a member of the Academy that gets to vote for the Oscar in the category of 'Worst Movie with Highest Gross'? Maybe they'll give Sutton a Lifetime 'Achievement' Award!
Oil.
Ike always 'invites' me to film his press releases. He's good that way.
And, although I'm not on the audit committee or anything, I believe that in the case of SAVW, a KK B-load represents about 9.8 billion.
Trust all is well in Chicago guys.
Oil.
Can't pass up a Press Release like that.
http://www.xtranormal.com/watch/13025626/savwatts-ike-sutton-says-savwatt-depot-will-be-huge
Oil.
So unlike Sutton to dump into a PR. Then again, what else are they good for?
I guess you gotta pitch something if you want to move some paper.
Oil.
Ike Sutton announces PROJECTED revenue.
He's been excellent at 'announcing' projected sales, revenues, cash-flow positive timelines, etc. for well over six years now with his various 'enterprises'.
Will he EVER announce (of any significance) ACTUAL sales, revenues, or a cash-flow positive position??
Maybe, maybe not...but so far, NEVER, not once.
Oil.
Who the hell does this christina think she is to say that SavWatt didn't hit their sales targets?
He sold over 3 billion.
Oil.
Hey, I know you're not a big Ike fan, and you're certainly entitled to hold out hope for the company's fortunes. I wish you well.
And, as you suggested, who doesn't like to bet on or root for the "Underdog"? I suspect almost all of us do.
However, in the case of SAVW, the CEO himself has tried to pass off nothing more than a BIG, FAT, RAT as an 'UnderDog'...and that's why SavWatt's not even in the race.
Oil.
I've harped on his fiduciary duty to shareholders many times before, including here:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70400857
His fiduciary responsibility seems wholly irrelevant in how he conducts his business.
Is it criminal to neglect or ignore your fiduciary duty to shareholders? I certainly am under the impression it is...although it may come into play more so in civil proceedings.
Oil.
How could it not be?
It's all well and good to post up the 'positive' DD, and it certainly should be up there, but the simple fact is that no retail buyer holding shares is in the money right now (unless they were miraculously picked up at .0001).
Everyone understands that a hail-mary contract could possibly turn things around, but it's tough to argue that they are somehow in better shape to deliver one now than they ever were...the company is weaker than its ever been, and the 'leadership' of its CEO leaves more than just a little to be desired.
Sutton and Co. should try to rally support, but after all they've done it doesn't seem likely they'd garner enough to effect a more 'balanced' discussion here.
Don't be blaming the board for being 'one-sided', blame the CEO who 'blind-sided' those that would have otherwise supported him.
Oil.
Good grief!
It's one thing to be hopeful that SAVW might rally a wee bit with a report of a sale/contract, or more likely from a new and improved misleading statement or two, but to even suggest there'll be anything more than that...??
Wow...have people not been following along here? You don't need a degree in finance to analyze and comprehend that there's an immense amount of negative and precious little positive going on with this company.
Hard to imagine the level of delusion for some.
Oil.
Well, Sutton and his buddies made out pretty good on this one too it seems.
I figure it's in the neighborhood of $2.5 - $3 million in 'services rendered' and profit from 'debt conversions' over the past 18 months or so (not to mention what he/they took down at G@IG over the past 30 months).
Recession, what recession? It's been by far the most lucrative time of his 'illustrious' career.
And once again he leaves behind zippo for shareholders (unless you count a collection of bogus press releases and the remnants of a promising business that was only secondary in his motivations).
Quite a 'businessman' for his own personal account...he should be 'set' for retirement now. But certainly not a very good PUBLIC company CEO (and I imagine he's severely and negatively impacted many, many, many other's retirement planning).
OK, so if his conduct is not illegal, then what about his fiduciary duty to shareholders?
With so many direct complaints about the guy, it's really unbelievable that this is allowed to go on and on and on in the 'public' markets (big or small, pink or blue...who cares? Protecting against this kind of BS is the SEC's job!).
Oil.
I want to invest in Ike's printing presses. They seem to be the best in the business.
Sheet!
Almost zero
Value now.
WTF happened Ike?
Oil.
Yeah, you could be right. In fact, you probably are.
But it won't be much of a 'pop', and it won't last very long.
Good luck in catching it though.
Oil.
He's just trying to get a handle on things, at least in his own mind.
I really don't think there are any kool-aid drinkers left.
Oil.
It's completely irrelevant at this point. It may confirm interest when it's 'growing' and folks are genuinely interested in the company, but it certainly doesn't mean much once it hits the crapper like SavWatt has.
Look at G@IG, Sutton's other success story...still over 700 followers (and I don't think it ever hit 800 total in it's best days).
Oil.
Hey, I know md...it's not a pretty picture any way you look at it.
As for the 911 bit, I guess if 'news' comes out today/tomorrow, my 'mythical' comment will be at least 'questionable'. I do know for a fact that 'players' have been known to place the odd 911 trade...whether it's just to mess with people, for fun, or an attempt to 'signal' or 'manipulate', I really don't know (or care).
Oil.
Well sure...although I'm inclined to believe that a lot of it is just 'mythical'.
MM or not, it's a BS cheap effin move to do it at the end of the session.
Oil.
As far as Ike was concerned...
THE GAME STARTED A LONG TIME AGO!
And who the hell paints the price down with a 911 share sell? What's up with that?
Oil.
Ahhh...I'm a bit of an a$$ really. But I've never had anything against SavWatt 'investors'. I just have very little patience, or concern, for the 'pumpers' and traders who play along with Ike's game.
And I have NOTHING good to say about Sutton himself (at least anymore, 'cause I once did!). He's NEVER done anything 'good' for the thousands of good people who've invested in his companies.
Oil.
I'll second that...an outstanding article, and the #1 reason why SavWatt could be a 'player' (and pick up some decent sized contracts) if it weren't for Sutton's toxicity and 'management' of the enterprise.
http://www.pittsburghlive.com/x/pittsburghtrib/news/s_761986.html
Maybe they'll get a piece of it yet. For true 'investors' here...good luck.
Oil.
C'mon man...rose has never 'pumped' this. He's been 'positive' but he's never been an over-the-top to da moon pumper. That's been reserved for Ike's 'followers' that are only out to take other folk's money.
Rose made a significant investment based on the promising outlook for the company and the industry and has had absolutely nothing to do with SavWatt's failings. That's ALL on Ike and his band of merry men.
Oil.
Hey saddis, glad you liked it. Looks like a few folks saw it before it went bye-bye.
And as I said, I stole the original joke from rose...his bit about the eco-pole yesterday broke me up and provided the inspiration. Too rich to pass up.
We all need a laugh at Ike's expense once in a while...especially since he's been laughing at all of us for a very long time now (and it pays him a lot better).
Take care,
Oil.
Rose...that was probably the best SavWatt post ever!
Sutton doesn't always fail to deliver...
He never fails to ensure there's plenty of shares available to take care of his 'debt conversion' and 'services rendered' (although, according to him, they could also be required for SavWatt's 'strategic growth strategy').
He's pretty good at digging holes, not so good at finding treasure (but he always finds enough gold along the way to take care of himself handsomely).
Oil.
Absolutely.
And the CEO's capability, track record, conduct, and personal compensation should always be a part of that DD (and may ultimately play the biggest part in your assumption of that risk).
Good luck. This is far from over.
Oil.
I got over being mad a long time ago.
But I also believe that Mr. Sutton is hopeful that folks who have taken it on the chin will just 'move on'...in fact those are his exact words. And he's banked on it for years now...which allows him to carry on.
SavWatt may very well have a better fate than that of his prior endeavors, time will tell. However, should he turn yet another promising young company into the ranks of the worthless, all the while enriching himself along the way, I would hope that there are enough people that won't just go away quietly that he'll not be able to do it again...at least not off the backs of the investing public.
Oil.
I did have a chance to see the lawsuit filed against SavWatt/Ike Sutton for failure to pay wages, etc. Looks like the link can't be posted, so I'll leave it to others to track it down and/or make folks aware on a broader scale.
It's not particularly surprising though based on Ike's track record...and a fairly good indication that the bulk of Sutton's dilution is generally reserved for his own personal benefit via 'debt conversion' and 'services rendered' and does NOT find its way to the working capital requirements of the company.
On a positive note, recent volume suggests at least a temporary easing of that pattern. Is it just temporary, or a new way forward that could help the stock price? It'll be clear relatively quickly as Ike typically makes it obvious as to his intentions...if he doesn't PR something great and wonderful only to dump his discounted shares for debt conversion and services rendered into it, there might be hope that he's finally 'seen the light'.
Oil.
The Reality of the Dilution
It's not the $2 million+ diluted that's the issue. It's the fact that it represents DEBT CONVERSION and SERVICES RENDERED with deeply discounted share issuances.
If the indebtedness represented true 'value' (at some point in time), and the services rendered represented true 'value' for work performed (over some period of time), then Savwatt had a couple million worth of capital and services to play with. I would assume that they (and when I say 'they', we know it means Ike Sutton) have also sold stock into the market to raise working capital for the company (further dilution).
They have a 'factory', website, offices, agreements/access to product, a few demo's standing, and have attended some trade shows/events. Not many sales to show for it, but maybe it's just 'setting the stage' as Sutton has suggested.
Regardless, the shares issued for $2 million plus in DEBT CONVERSION and SERVICES RENDERED were issued at a significant discount to market, in some cases as much as 10 times below market at the time...but if we just say they were discounted by half before being sold (which would be light), that's a PROFIT of over $2 million dollars for those owed the debt and/or who provided the services. They got what was 'owed' them (without further 'risk'), and made AT LEAST a couple million bucks in cold hard cash.
That's how Ike Sutton, President, CEO, Chairman, Board of Director, sole voting control, runs his penny-stock businesses.
Good work if you can get it (as it's arguably better, and certainly easier, than actually trying to build a company and then being rewarded for it).
But he did say 2012 was going to be a good year for the company...no mention of how good it might be for him.
Oil.
Not that I'll be buying, but...
My guess is that Sutton is smart enough to recognize that he should probably do what he can, at least in the near term, to try to operate as a legitimate business. In the past he has left too much evidence to the contrary, and it may have become imperative for him to act appropriately to save his own skin and/or to ensure that SavWatt survives for a good while so that he can continue to personally benefit.
I think new buyers at these levels may prosper on account of this (assuming they get out at opportune times), but I have a hard time contemplating that it will produce sufficient results to salvage older positions (even with substantial averaging down).
Good luck,
Oil.