Here's a tidbit that shareholders should question on the ethics of echo.
In Jan 2016 nasd gave notice to echo they were not incompliance to be remain listed and had to July 2016 to report to Nasd if they are incompliant with the deficiencies.
In March 2016 the compensation committee of echo which included the Goldbergs rewarded Hollander, Alan, Adelman and themselves a total of more than 500,000 shares plus options. The original filing was that they could be vested immediately. It was then amended that they could sell 25% every quarter and the option strike price set higher after a group of shareholders intervened that the terms were not in the norm of such issuance of compensated shares.
We're they aware at that time they would not be in compliance and the officers and directors tried a fast maneuver to be granted the shares and be able to sell all of them immediately. Why did they receive these shares when they did not meet the key milestone?
As shareholders are aware additional shares were granted when Hollander left and alan receiving his 500,000 in addition the Goldbergs granted themselves more shares just prior to them resigning.
It might appear there hands were in the cookie jar. Can you blame anyone for not funding echo. As of this date all of those shares can be sold on the open market which is more than 10% of the float.
