I read stuff like this about Van Noy and it makes me a little concerned:
“When Parscale’s CloudCommerce deal was originally announced last August, the price of CloudCommerce’s shares surged.
“Big week for the parent company of my commercial business,” Parscale tweeted, noting that its stock was up 500 percent. CloudCommerce is a penny stock, meaning its shares do not trade on a major stock exchange and can be bought for just pennies a share. Such stock often is thinly traded and prone to fluctuate due to speculation.
“I’ve got Fortune 500 companies calling,” CloudCommerce chief executive Andrew Van Noy said in an interview before the AP raised questions about the company’s history. Van Noy said the company hopes to do more work for the Trump Organization, though “any conversation with the family happens at the Brad level. I work with him daily.”
CloudCommerce’s financial filings with the Securities and Exchange Commission give varying descriptions of Van Noy’s business career before he joined the company in the spring of 2011. They said he ran a “boutique real estate private equity firm” through the end of 2008 and oversaw more than $300 million of transactions during a roughly six-month stint at Morgan Stanley at the beginning of 2010.
But in a bankruptcy filing Van Noy made in Utah in August 2010, Van Noy said he was unemployed — and had earned less than $9,000 in each of the last three years. Along with six-figure debts from unpaid credit cards and repossessed cars, he also faced two real-estate fraud lawsuits. A judge ruled against him in one case and Van Noy agreed to settle the other for the full amount of funds he was accused of misspending.
After the AP asked Van Noy to reconcile the conflicting filings, he hung up and then emailed a request for written questions, which he did not answer. He did not respond to subsequent phone calls and emails.”
I think we need to be careful what we wish for here at SFLM. Especially considering the recent track record. I know nothing for certain, and this is purely my own speculation, but I see a fluffy geothermal P&D set up being formed if Van Noy’s DeepPower merges with SFLM. Don’t get me wrong, it could be a good thing, if traded correctly. But it would be nice to see something more sustainable here. I hope I’m wrong, but had to share my sentiments on all this DeepPower talk.
