New 10Q is out...
and boy is it a doozy!
Loans past due with interest bearing, other loans renegotiated (can't get money where there isn't any), Power Up Lending litigated them in court in New York,and settled. Board director Sills getting paid out in crappy shares because they cannot pay him. Porter, Levay & Rose suing them. Let's not forget the biggest lawsuit of all. Previous controller Dennis Lenaburg let go for "just cause" suing for a whopping $2.7 million. Not surprised if Lucas Hoppel sues them as well.
Lawyers to pay and no licenses coming in. How did they pay the new guy for Alliance Bio-Products - IOU notes?
Sad...Kinda feel for ol Ben trying to right this turd and get somewhat solvent. Never happen because the technology will never work at industrial scale. Only if your big time Directors, etc fork in their own money..but that won't happen.
Ben...will you swear that this technology can do what your predecessor says it can do, like your predecessor? How's that plant in Georgia (Phoenix Biomaterials)coming that Dan promised?
Is Dan (Seafox) really gone? He created so many LLCs and was only removed as CEO as ALLM? I see where he has been owed money he lent ALLM and agreed to payment out of profits, if that ever happens (see note 6). How else is he still connected? His typical posting of media hype for the Vietnam lie failed to raise the share price so he could get more.
I'd like to say I feel bad for the Jemapetes and Sadaka, but they keep giving loans. Kinda like gambling - keep feeding it money hoping for a big payday.
The House (in this case, Truth) always wins.
