SunWorks Inc (SUNWQ)

[SandridgeEnergy]

There isn't much left to sell. Nelson et al looted the company by intentionally (in my view) burning cash to show massive revenue growth by undercutting the competition and booking unprofitable projects. Old timers will remember Fresno, in which the City Council tanked the deal, which was an example of this.

Company insiders had been leaking that kind of stuff for a while as well.

Through accounting tricks they made this growth look profitable, which made the stock price go way higher. They used this opportunity to sell a ton of shares, give themselves bonuses, and bank millions and millions for themselves.

The kind of tricks they used involve recognizing revenue early, and expenses late. So it was only a matter of time before it caught up with them and they would have to unwind it all by booking big losses on "legacy" products. But as you can see, the lifetime of a single project can be years.

Chuck was basically hired in order to take the blame for all of this, and fortunately for Jim Nelson, he is dutifully fulfilling his role.

He was scammed by them just like the rest of shareholders, in my opinion of course.