Aqua Power Systems Inc (APSI)

[samson8]

Looking through the court filings, it looks more like buyers remorse and failure on APSI/Carnes part to do proper DD into tradition transportation finances prior to the acquisition agreement.

If they truly found accounting issues almost a year into the acquisition, they should have had a forensic accountant review the books prior to acquisition. I think Carnes got greedy here and saw a prime opportunity here where he could make quick bank by diluting and pumping the acquisition, but turns out he acquired a poorly run company and is now trying to backpedal out of it when the pump didnt work.