runn, I wonder where Cataldo will surface next and what he will have to say.
As best I remember the last press release which was over 2 months ago was Tony congratulating himself on the $ 16,000,000 he paid to Dadon for the option on Dadon's acrerage. Tony said a rival wind company's successes "validated" the deal.
I believe that CEOcast.com's last pronouncement was also the posting of this same Tony Cataldo backslapping announcement .
No discussion of 10K and why there were $383,000 worth of liabilities on MWAV/GSTY start up balance sheet of 12-31-2008.
No hint as to why company website on url owned by David Dadon's son Barry Dadon disappeared in early April.
No reasoning given for Nelson and Figlewicz departures. (My guess is that there was basically no cash left. The cash in bank on 3-31-2009 as reported in 10Q would confirm or repudiate that guess.)
The resignation of accountants was somewhat anticipated.
The old accountants were holdovers from Turek days.
They were probably not familiar or comfortable with the "Cataldo Way"; with the "fully diluted" deals for Tony and the directors and the $ 260,000 cash and $ 16,000,000 debt at 5% interest paid for an "option" to buy land from a Cataldo co-producer of 13 films that were to be recently released at Cannes.
In a world where there should be "arm's length" tranactions, it sure appears to me that Tony's are "short arm length" tranactions when it comes to the retail stockholders.
If I am right the company as of 3-31-2009 will have less than $ 100,000 left out of their initial $ 456,000. They will still owe the bulk of the $ 383,000 liabilities that they "started out" with. They will have zero income. They will have no one coming forward to loan them money in any reasonable fashion.
I believe there will be almost $ 100,000 in accumulated interest due 3-31-2009 to Nacelle on their $ 16,000,000 "option" debt . As of 5-19-2009 the accumulated interest due on the "option" debt will have grown to $ 200,000.
And the "fully diluted" stock situation will be fun to watch the new accountants wrestle with. As will the asset value of the $ 16,000,000 option. Where is Bob Staats when you need him?
Maybe Tony will file 10Q this week and "splain" everything.
Maybe I will win the powerball with my one ticket tonight.
