***¶*** SO, is McBride really the SCAMBUG...
...Reposted with Edit to "SCAMBUG" to preserve SH's sensibilities...
often depicted by the various Bashers and Shorters posting on RB and occasionally iHUB?... By the look at this latest 10Q, it would really seem so and I wonder what 1,288 shareholders working together can achieve against him, as there is NO DOUBT in my mind NOW, that McBride only cares about McBride and couldn't give a damn about SEVU common shareholders...
Here is one of the events that well summarize his attitude:
In the last Quarter of 2000, SEVU was running out of Cash, after crazily and stupidly spending the $2.7 million raised in the previous Private Placement on promotion/advertising for a product that it was unable to deliver...
It actually had in the Kitty: $512,757 + $41,264 = $554,021 that it needed badly to see it through the first Quarter of 2001... Look up the 10Q at Assets and you'll clearly see where these figures come from...
However, McBride decided to grab for himself $512,757 - even though SEVU is a Public Company that should be run for the benefit of its MAJORITY shareholders, namely US - leaving SEVU in a DESTITUTE situation, with only $41,264 in the Bank...
Do you think McBride would promptly rectify this aberration - call it Corporate SABOTAGE, if you wish?... Not on your shareholders' life... McBride took his sweet time, while the company share price was floundering under the impact of such a precarious cash situation... In fact he never bothered to refund the cash in FULL, preferring to - in effect and ILLEGALLY in my opinion - sell 353,575 RESTRICTED shares back to SEVU for the $277,757 Cash (78.5 cents/share), he had withdrawn from SEVU's account....
During the year ended December 31, 2000, the Company accepted several
non-interest bearing notes from a former officer of the Company, with a balance
of $512,757 at December 31, 2000. The notes were collateralized by 6.5 million
shares of company stock. During the six months ended June 30, 2001 $235,000 of
the balance was repaid in cash. The remaining balance of $277,757 was repaid
through the return of 353,575 shares of the Company's restricted common stock to
the Company's treasury.
In my view, McBride is mostly responsible for the current stock price through issuing misleading PR's, ILLEGALLY juggling the accounts to try and get listed on AMEX and generally mismanaging SEVU throughout his tenure, including the careless and unproductive spending of some $2.7 million obtained from a previous Private Placement...
Yet, after putting SEVU in such a DIRE situation, forcing the company to buy back his RESTRICTED shares @ 78.5 cents/piece, he dares selling back to himself, Officers and other Unlisted Cronies SEVU stock at 10 cents/share, mostly on Credit, when the price is @ 50 cents?... In addition, his purpose is to retake CONTROL of a Majority of the shares of SEVU for Peanuts, knowing full well that good times lie ahead...
So, is McBride an Egotistical SCAMBUG with no regard for shareholders?... Is he a CROOKED FRAUDSTER sucking the life out of a Public Company?... Decide for yourselves, as I think I already know the answers...
Will he get away with it??... NOT on your LIFE!!...
In the meantime, I'll post regularly about actions that shareholders can take, including a MASS COMPLAINT to SEC against McBride... I have no intention to cause any harm to SEVU, as I continue to believe in the products... I'll liaise closely with my Tampa Attorney, a top litigating Lawyer who also bought SEVU PP shares and I will keep the Thread posted...
This is ONLY my personal Opinion....
JMHO, F. Goelo + + +
