Dip, I know they are not selling ITRO shares.
There's been no volume at all and also it looks like NIR is getting paid mostly in cash from their $8M+ settlement that commenced last May. I draw that conclusion from the fact that their outstanding share count has only gone up about 600,000 shares since last May. At an average pps of about 50 cents that's only $300k in over 9 months and that's assuming all of those shares went to NIR. It's most likely even less, much less.
But let's assume it's $30k per month. At that rate it would take over 20 years to pay off the $8M+ settlement.
Does anybody really think Ribotosky agreed to such a lengthy payout settlement? Of course not. It's clear he's getting paid with cash BUT the company claims to have no cash, not cashflow positive...not even close. Therefore the cash is being generated off the books. That's one reason why the ceo has been understating revenues and why nearly 2,400 acres of their Auric property mysteriously disappeared. Also, the shares that were paid to NIR early on can't be liquidated because there's no volume at all. That's another reason why the ceo is understating revenues. Because if he did report the actual numbers then Ribotsky would just dump his shares and drive the pps back down. So instead he said screw it. He wasn't going to allow Ribotsky to do that again. It's all crystal clear and was even suspected to happen over a year ago. John Whitney has been running ITRO like it's a private company and he doesn't have to report to anyone.
The SEC has been tipped off about this but they haven't done anything to date probably because they see the market cap is so low and they have bigger fish to fry. But the market cap is low because of all the fraud! You guys should be all over this if you want your money back. I just want the SOB thrown in jail.
Read the yahoo board for more. It's all clear as day what's going on. Whitney is a crook and he's screwing over his own shareholders AND the NIR fund holders. period.
He should be forced to answer questions but he won't say boo.
He's too much of a coward and he really THINKS he's pulling one over on everyone. Try calling or emailing him next week and you'll see what I mean. He even tells his receptionist to lie and say he's out of the office. The guy is a real POS. I've personally never seen anything like it and I've been trading for about 25 years.