Well, honestly said, it is difficult to answer this question.
On one hand Herzog seem to have had several LOI and aquisations in the - let's call it simple 'clothes market'. I am shure that he has this kind of business as he also has been using his Pakistan and India contacts. But as much as I understood, banks did not want give him a loan as they did not like to support this kind of business. It is also very difficult to know if BGMO made money based on those past deals as Herzog never delivered any reports as a pinksheet company. He juts delivered on tiny inofficial report for shareholder which proved that the compnay does not make those amounts he has promised before. Sorry, but this is definitve fact. On the other hand, we all know that sometimes business decitions might results in failures or wrong deicisions. and if Herzog did not receive any money from banks and investors for his clothing products, than - of course - he has to give up this idea. I believe that he finally decided to give up as also there are hundreds of producers of jeans, casual stuff, etc. I( assume he has been trying to buy clothes cheap from asia and sell them cheap to the rest of the word. But this idea is not new as well. Finally giving up the whole buasiness and concentrate on something new to build up shareholder value, is the best decision he did.
I never blamed Herzog for this failure in this kind of business - I blamed him for the intransparence to shareholder who have been trusting in all those wonderful sounding news releases. But maybe there have not been many shareholder involved anyway, just some nuts like me who invest in a pinksheet just by the recommendation of another CEO who knows Herzog since his 'clothing efforts' ,-)
Revenues can only get real if you have bankls and investors who support you or you invest all money by yourself - but than you do not need a listed company but a private one only and you would not have to justify any personal decision to shareholder/investors.
I think the past of BGMO has been wishful thinking, a bit real business, tiny revenues and a totally empty bank account ,-)
BUT, of course or better said - I hope - all this problems have nothing to do with the current new story - based on the billion from London and the loan from India the world seems to open all doors to BGMO.
BTW, I believe Herzog did not make efforts to get back to OTC as there has not been reasoans to do so: The company has had no money and would not have been able even to pay the lawyers and the SEC etc. - and the compnay did not have real reveneues - so why efforts for going OTC? Would have cost money only and would not have made any sense.
By the way, sorry for my clumsy english .....I am neither from the States nor from another english speaking country. But nobody can state I do not try my best ,-)
AI
