Wastech fka WTCH

[campe]

You are right. Thinking about CVIA does make me sour.

If Gibson was the sole owner if Stony's then why is CVIA paying Momma Potts monthly payments of $7,266.98 for the next 8 years and paying her group health insurance? If Momma Potts was the sole owner of Stony's in 2002, then why did Gibson get the 20M+ shares?

Why was all this not disclosed in the 8K of 9/02? Why did CVIA wait until the following year's 10K to disclose this ponze scheme?

I better stop before I more sour at all this. Can someone please cheer me up...


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Prior to the acquisition of Stony's, Gregory J. Gibson was the owner and holder of all of the common stock of Stony's.

In addition, the Company assumed a note payable in conjunction with the acquisition of Stony's Trucking Company where the Company's Chief Executive Officer, Mr. Gibson, purchased the shares of stock of the Stony's Trucking Company from his mother in exchange for a $882,500. The Chief Executive Officer's mother, Patricia Potts, was the former sole stockholder of Stony's Trucking Company prior to Stony's Trucking Company being acquired by Mr. Gibson. This note payable to Patricia Potts is unsecured, bearing interest at 8.00% per annum, payable in 140 monthly installments of $9,716 through September 2008. As of December 31, 2002, the unpaid balance was $617,802.

Amended and Restated Cognovit Note dated March 5, 2002 in the principal amount of $612,205 payable to Ms. Potts by Stony's, which Note bears interest at 7.5% per annum, is payable in equal monthly payments of $7,266.98 and matures on March 31, 2012

http://www.pinksheets.com/quote/filings.jsp?symbol=CVIA