Mr. Altomare, we are sure, can adequately defend every false statement made by this receiver in her latest report, and will do so in court. To respond to this SEC’s agent, who still is incapable of admitting that she alone not the Company’s management hurt and destroyed a growing and vibrant company, is futile.
In a brief response to the receiver’s recent attempts to alienate the solidarity of the shareholders, the Company’s supporters will list her key accusations with brief responses:
1. Judgments: We stand behind the statements on collection. As indicated in the Company’s filed reports and press releases, both juries did hear testimony and proof by the Company on naked shorting during a specified period exceeding 11 times the Company’s then outstanding shares and 76 times its daily average treading prior to the attack by the naked shorters.
2. Jackson Collection: The receiver was obviously unable in any way to grasp the past and future potentials for this valuable collection.
3. Subsidiary sales and liquidation: We vehemently disagree with all of the receiver’s myopic comments. These subsidiaries were growing rapidly and revenues were quadrupling each quarter for the last four years as the Company’s filed quarterly and annual reports will show. Also, recent acquisitions by the Company during the last two years on the luggage movement business were growing rapidly. The receiver, as a lawyer, has obviously never run an operating company, made payroll for 14 years and never protected the families of more than 85 current employees put out of work by her close-down mentality as the SEC’s agent. “She protests too much".
4. The Company’s Operations: The Company’s operations were state of the art, which the Company alone created for its various businesses. A Wall Street Journal article written when the Luggage Express business was only starting rated that business as number one among its competitors. The receivers self-justification for closing down a perfecting viable, growing developing company are belied by the statistics contained in the Company’s quarterly and annual reports filed for over 14 years without challenge.
5. The Company’s Marketing: The Company’s marketing and advertising was excellent, geared to the large audiences viewing sporting events, including NASCAR and geared to increasing the substantial growth of all of the Company’s businesses.
6. Despite the receivers statements, the Company’s current lawsuits were very valuable for the Company and its shareholders and proceeding well. Over $600 Miliion for the Company was involved as indicated in the Company’s filed reports and press releases. In one case alone referred to by the receiver, the claim against the Company was only $20,000, but the Company’s counterclaims was for $750,000 due to the Company. The receiver did not handle these valuable cases, but like her actions with respect to the Company’s businesses, merely shut the cases down. All of the cases. She is so wrong on so all of these cases. The receiver was not a builder only a corporate liquidator, interested in only which close downs "pays her" first.
7. All of Mr. Altomare's counterclaims and salary were appropriate and will be made more understandable in front of a jury, not before a one woman wrecking crew with an SEC agenda.
8. The use of private planes were for business purposes. The Company had a long partnership relationship with Universal Jet for over six years, looking toward the ultimate acquisition of Universal Jet as the Company’s quarterly and annual reports show. The receiver’s statements are incomplete and misleading and she was grossly incorrect into believing that she understands inter-company transfers and the actual cost of those operations. The acquisition of Universal Jet was just weeks away when the SEC through its agent receiver shut the Company down. The Company’s filed reports show, that acquisition would have added $20 Million dollars to the Company’s assets.
9. Considering the payables in the receiver’s account, reliable sources show that many of the largest payables were disputed by the Company and the Company owed less than 20% of the overstated payables she listed. This incorrect listing is obviously designed to justify closing down a Company which for 14 years, as its annual and quarterly reports will show, paid all of its bills and covered all of the payrolls of its employees. It boggles believe to think after 14 years of this outstanding record by this developing Company, the receiver arrived and found, in her SEC biased opinion, that the Company could not continue its 14 years of continuous and progressive growth.
The receiver’s 15 minutes of fame in destroying a viable Comp[any and the investments of its thousands of loyal shareholder for over a decade are undeserving of further comment or response, but the rest of us must remember the naked short selling issue and that NO TRIAL has yet taken place, nor was there any testimony or hearing on the appointment of a receiver at the insistent of the SEC trying to silence the this prominent Company whistleblower on the naked shorting scandal that has ruined thousand of smaller public companies, in a ten year cover-up by of the SEC of the naked shorting scandal in which it is complicit along with powerful Wall Street interests
So the Company’s CEO is now accused by the receiver of no arab contracts, no collectibility of the judgment, although millions have been collected and scheduled to be collected, private planes and no oil and gasoline businesses. It is a shame that this receiver was underqualified and possessed predetermined suppositions or instructions to close up the company first, liquidate improperly and then justify her seizure and silencing program to continue the SEC's abuse of power entitlement over a public company's rights.
Every press release, every announcement, every interview on behalf of the Company was the truth,
These false statements and claims by the receiver will never survive the light of a court test. Did the Company’s supporters shred any documents? Do they represent naked short sellers? Does anyone other than the SEC benefit if this SEC agent can silence us?
During this stage of the legal exercise, the SEC through their appointee, tries to misinform. We can choose to drink their kool-aid or remember what we had before with our viable and growing through good, farsighted management, instead of the staged pro-SEC news articles, fines, receiver liquidation and delisting.
The fact is the Huns overran Camelot and they are tryng to re-educate those of us who remember this Company’s great potential, excitement and enthusiastic branding, ongoing. History can always be re-written. It doesn't have to be believed.