SunWorks Inc (SUNWQ)

[SandridgeEnergy]

This is the key point. People saying that JN told them something close to the truth in private conversations is actually more incriminating against Nelson since the public statements at the time contradicted what people report being told by him in private.

In fact it seems hearsay from private conversations between Nelson and individual shareholders that get posted are the only source for anything close to reliable info about the cell. The fact that all of this "truth" that was supposedly out there only exists in this form and not in an official form is a huge red flag.

Developing a personal relationship with the CEO of the company should not be a prerequisite for being able to obtain reliable information about the company.

It is absolutely unacceptable to insinuate that Nelson was honest about the cell because a few people were able to infer the truth based on private conversations. Especially because these interpretations of their conversations contradicted public statements made by the company.

This is another private conversation someone had with the CFO about the cell, this time from the shareholder meeting in late 2015:

Tracy Welch –

I talked to him for 15 to 20 minutes. We know a number of the same people so we were able find some common ground pretty fast. I asked him most of the more direct questions which was good because Jim probably would have not entertained them. I talked to him about the role of Sunpower panels and he said that they use them on 100% of residential but agriculture jobs where there is tons of land and free space they look at other panels depending on the economics. I asked about Sunpower and if they are worried about it being a stable company because TOTAL owns 51%. I talked with Tracy about another company we both are familiar with that received a very very large investment from TOTAL that recently went bad plus I said the oil market cant be good for TOTAL. He said they absolutely have no worries about Sunpower and that TOTAL is the 11th largest company in the world and that Sunpower has made TOTAL tons of money.

I asked if they had hired an employee to work on finding a manufacturing partner for their own panels. He was definitely caught off guard by this question. He struggled to find the right words to respond to this question. From my interpretation of his response this is what I gathered, they have not hired anyone and it’s not a priority right now because Sunpower wants to develop its own technology and there aren’t any manufactures wanting to experiment given how busy everything is with the looming expiration of the ITC. To me, it seemed like the cell is dead. No one is developing it because the tech is done and no one is dedicated to finding a manufacturing partner. Who knows though, that could all change once we get some serious patent info that would support the claim that it’s worthwhile.

Tracy stated though that the backlog is actually caused by a lack of panels. He said they could get the panels for the jobs quickly, but they would have to pay a premium. They want to maintain their margins and are willing to wait a little until they can buy the panels at the right price. I said “well luckily you have a gigantic warehouse!” He’s response was “that warehouse will never be big enough.” After that exchange I think he felt uncomfortable because he walked away without saying goodbye.

There was a secret forums that has since been wiped where certain investors and posters would post private conversations they had with the company under the belief that it was confidential. I was able to get access to the entire archive and currently have the only copies of it. There was some interesting things there, including several accounts of private conversations and a few of the posters there were fairly well connected. However, most of it is just crude gossip.

One of them just happened to be in personal correspondence at various times with:

- The former (and currently discredited due to PCAOB sanctions) auditing firm for SLTD
- A son in law of Jim Nelson (he said he didn't like to talk to him much because it "looks bad", whatever that means)
- Frank Hunt, chairman of the audit committee

I don't know how he knows all of the people, but I did some research on this guy and found the firm that he works for is basically just him and his family members and has been discredited by the PCAOB in the past for involvement in (negligent) auditing of Utah based penny-stock frauds.

I found it kind of odd a guy would just happen to know close family of company management, their auditing firm, and the head of the audit committee on the BoD, but it is what it is.

This board was also how I figured out the company violated an NDA with Amazon by publishing the PR related to their contract last year. A private conversation between one of the posters there and a company employee proved it.

A secret forum should not be my best source of information about the company directly from the company (who haven't made a habit of talking to me).