I refer you to an excerpt from Wallstrret Sweeper's post #61160 "...Too many red flags here - broken promises about August 28 date with very sketchy explanations, then this secrecy when it comes to the names of the companies, buyback which never happened, other fluff PRs, etc..."
From the 26 Aug PR, I have capitalized some of the phrases that have raised questions in my mind the more that I think of what is written and what Dean has delivered. ..."The company DOES NOT ANTICIPATE A NEED OR ANY REASON TO RETURN THE CAPITAL MARKETS FOR ADDITIONAL FUNDING. We have been very successful in raising the funds needed thus far, and we are confident we can operate quite comfortably WITH CAPITAL CURRENTLY RAISED. This should give shareholders confidence in knowing that our SHARE STRUCTURE WILL LIKELY NOT CHANGE FOR THE FORESEEABLE FUTURE. The world economic situation is unpredictable lately as we all know and things could change. That being said, we remain confident.
Also, from the 26 AUg PR, I would like to bring your attention to what Dean said was the reason for the delay in closing the acqusitions (again capitalized for ease of reading) ..."We would like to also update shareholders on the closing of our acquisitions. AS A SINGLE TRANSACTION ON A SINGLE DAY. Doing otherwise would lead to excessive transactional fees and duplication of expenses. With the obvious complications of closing four acquisitions AT PRECISELY THE SAME TIME ON THE SAME DAY, we have to find a day and time that is good for all parties and their support and legal teams. We will be soon choosing a day and time that is acceptable to all concerned. While we tried to MAKE IT ALL HAPPEN FOR FRIDAY, August 28, 2009, it simply is not possible. We will provide an update when it is prudent".
So I big question that I have is what is the reason reason for the delay in closing on Aug 28? Was/is it that all 4 companies could not come together, etc, etc on the 28th or was/is it due to the lack of funding, for example, $350M.
If was due to the lack of money and he did not realize that he did not have the funds until somewhere around the 25th, this is extremely poor planning on his part and he is going to try and managem a conglomerate? Also, if a date and time was the only hold up, it took 4 months to come to a date trhat met everyone's schedule....am I suppose to believe that! 4 months...no one is that busy. And, if we are splitting hairs as some want to do, the recent PR implies that the acquisitions still may not necessarily be completed by mid-Dec. What is the right answer?
I still can't help but ponder this whole idea of which came first...the lack of an agreeable closing date or the lack of funds to close. Something fishy with that whole thing.
I'm rambling now so I'll stop. Not bashing, just lost/losing confidence, but now kinda stuck, and confused as to how to best exit this movie with something to show for my time other than experience.
AI
