I own 200K+ shares of MSRM and have been waiting for over a year for the transfer to GBRC shares. The date keeps getting punted forward. I suspect it is because they may need audited financials for the SB2...which they probably cannot afford. (See email below from GBRC's Diane Rudderow)
...but they can wheel and deal all over Europe and get listed on the Frankfurt Exchange, eh? I am sure that is not free and it probably costs more than an audit.
So, it is my guess that Pringle got what he wanted in the transfer and no longer cares. Clearly, that is how it appears. Also, do not expect a brilliant (perhaps looney) engineer to be a Wall Street wizard. It is unlikely.
The shares for the transfer have been authorized by Global as per available filings. In theory they should be held in trust for us shareholdes by GBRC. In reality, the forward moving risk creates a huge liability for them. GBRC share prices are off 60% from their peak of about $5 a few months ago. I suspect their lawyers are not smart enough to intercede due to budget reasons (wrong lawyers) or pure ignorance/greed on the part of senior management.
Who really knows that is happening? Frank Pringle. Nobody else. BUT...in my town, whatever you smell cooking in the kitchen is probably what you will be served for dinner.
There is no free lunch and no free oil. Somebody always pays for it. GBRC email follows...
Caveat Emptor!
Steve James
-----Original Message-----
From: Diane Rudderow [mailto:diane@globalresourcecorp.com]
Sent: Thursday, August 09, 2007 8:54 AM
Subject: MSRM/GBRC
Hello Steve,
The transfer of shares should be completed by the end of September 2007. We are waiting for the SEC to complete the SB2 filing. You will be notified by the transfer agent, Olde Monmouth Stock Transfer, on how to proceed with the exchange of shares.
Regards,
Diane
Global Resource Corp.
www.globalresourcecorp.com
AI
