APT MotoVox Group Inc. (MTVX)

[diannedawn]

Imo Pastor Covey should be removed from any and all financial decisions of this company. His background as a talker, evangelist and faith healer make him infinitely more suited to marketing than anything else. He should have learned by now he can't just "pray the debt away."

I agree.

Covey has a pattern of behavior that should be very disturbing to the shareholders.
He has grandiose dreams and relies on his "charisma" to sell his snake oil.
Unfortunately, he succeeds in sucking many people in...
I bet he trades on his being a former pastor to help inspire TRUST...
After all, surely a man of the cloth would not be dishonest, right???
People lend him money, or extend him credit for services etc, accept "deeds of TRUST" from him; and believe that he will repay them...
It rarely works out that way...and usually the parties end up in court.
Some may receive partial payments...probably money that he got from someone ELSE...
(robbing Peter to pay Paul???)
Eventually he files BK, or people foreclose, and he weasels out of the majority of it.

Interesting that he apparently gave TAC Investments (himself) a UNSECURED loan from American Performance Technologies (they are listed as a creditor)...LOL!

I WONDER how many other "loans" Covey has given himself over the years???
I WONDER if those "loans" are like the "loan" he gave Energy Vox,
of which Optima said this:
"The Debtor’s handling of the proceeds of the Optima loan is emblematic of its approach to business in general and this bankruptcy proceeding in particular. All indications are that the Debtor simply wrote a $125,000.00 check to a company owned by the mother of the principle owner of the Debtor. Apparently, no loan agreement or other document calling for the repayment of those funds was ever prepared. Apparently no interest is being charged by the Debtor in connection with this transaction. Indeed, there is no indication that the Debtor ever contemplated the repayment of the $125,000.00 transferred to Energy Vox prior to being questioned about the transaction at the first meeting of creditors"
http://www.scribd.com/doc/234231931/Here-is-Why-He-Filed

I personally think its possible that the "delay" in the audit
could be related to MB not be able to account for everything...
obviously, the accounting has been deficient
"Based upon management’s assessment using the criteria contained in COSO, and for the reasons discussed below, our management has concluded that, as of March 31, 2014, our internal control over financial reporting was not effective.

Based on its evaluation, the Company's Principal Executive Officer identified a major deficiency that existed in the design or operation of our internal control over financial reporting that it considers to be a “material weakness”. The Public Company Accounting Oversight Board has defined a material weakness as a “significant deficiency or combination of significant deficiencies that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.”

The deficiency in our internal control is related to a lack of segregation of duties due to our limited in-house finance and accounting resources. To remedy this deficiency, management plans to implement enhanced segregation of duties and financial oversight in 2014."

I'm sure that MB does not want to sign off on anything questionable.
Their reputation is on the line too.