I do not agree that, given the info available, one can conclude that "there is definitely nothing there".
While from the outside the silence can seem damning, once the lawyers get involved we can only expect silence until there is definite resolution of major issues.
I've been involved in situations where major trauma occurred in a company and the lawyers immediately told EVERYONE to shut-up.
The lawyers usually do not know enough about the situation to approve even reasonable information being released, even when not releasing damages the company.
The vast majority of info posted here is nearly groundless speculation. We do NOT KNOW there was any fraud and to believe there was one has to assume that Steinberg, Berger and Mendoza and others were either in on it or mindless dupes. I am unwilling to assume this so I do not believe that the accounting concealed a fraud that either stole the 12MM or never actually generated it.
While it seems strange that they would hire an investment firm to raise investment capital, speculating that this indicates the money is gone is just that- speculation in the absence of facts.
There are large sophisticated investors that were involved beyond Steinberg and they certainly look at the reputations of the principals of tiny companies like EGMI. They know the people involved and their reputations from previous ventures far better than our "googling" will ever reveal. I do not believe the likes of Tricadia capital would invest in a company run by Lee Cole if he was the fraudster many here seem to think they have found by "connecting the dots". This would not be information unknown by sophisticated management companies. These guys are professionals and they have contacts and they definitely check people out.
I just do not believe it is as simple as fraud and if it is not then there WAS a real business here.
