It's possible, I'm not really sure. Toomey and Sparling don't really fit the normal penny huckster profile.
I've spent most of my free time today looking up Toomey. He seems to care for his public image. Former banker, a lot of his personal history seems to indicate his family is wealthy. Manatee Circuit Court indicates he just went through probate and estate administration for what appears to be his mother, possibly. Looks like he recently fought off an eminent domain challenge from manatee county. I looked up Sparling also and they're both pretty clean.
Toomey is into some odd stuff -dinosaur bones in particular. He seems to be accepted in his local community as a paleontologist even though he isn't credentialed for it.
It looks like he ran a fair operation when he was Chairman of his bank. He talked of deposit based growth, which is your slow and steady, straight path to banking success. It seems he made some excessive deals with a housing developer in 2007 (just prior to the crash) that ended up doing him (almost literally) and his bank in.
Him and Sparling apparently go back many years. I'll probably have to revise my former opinion on him -looks like he wasn't brought on to affect the merger -but he does seem to be the driving force behind this effort.
He's part owner of several companies in relative states of activity or dissolution. That at least, is standard fare for penny hucksters I've seen.
What I'm not used to seeing is a penny huckster giving up his own money to fund a relisting/merger/reverse merger effort. His filings mention substantial capital deficiencies should they end up executing their business plan so I initially took that as meaning, they intend to dilute the O/S to raise the money for the merger -I assume 25-50M shares which would bring the active float up to 80M-100M shares (more liquidity). But we'll see I guess -maybe he funds the entire endeavor out of pocket.
His loans to the company, and conversions are straightforward, I'd even say somewhat adverse to him and more beneficial to the shell.
I think Toomey at least, has a squeaky clean image for the most part. I don't think he's as clean as he's made out to be -there are some indicators that there might mean something, might not... I also don't think Toomey and Sparling are tied into the normal penny huckster network we're accustomed to seeing.
It looks like they're solo'ing this gig, for better or worse.
I'm interested to see where this goes.
