Personally I believe LC. What he says explains Anna H saying she had not been paid for months even though the money was there. LC is the only one who is actually offering any explanation and he is either knowingly committing fraud in a VERY public way or he is telling the truth. I just do not believe he is lying about where the money went. It would serve no purpose I can imagine and it's not like the laws in the UK regarding this sort of thing are that different from here. If he is lying and has absconded with the funds he is going to prison, it's that simple.
It sounds to me like he believes KD and Schiff were trying to not only waste the assets of the company but were then trying to cover their tracks. I'd say he thinks KD, at least, is dishonest and can not be trusted with the cash account and so , before resigning, he placed it in this hedge fund where it will be difficult for KD to get his hands on it without going through the proper procedures which may be impossible with the board blowing up like it has.
This RIC asset management claims on it's web site to have over 1.5 Billion under management so it is likely a great place to have the companies cash while this turmoil persists. With the run up in worldwide stock markets over the last year LC would probably be right that the assets have increased in value since the last financials.
I talked to the Nevada Secretary of State recently about getting a copy of the EGMI articles of incorporation which should set out procedures for shareholder initiation of a shareholder meeting as well as recall of BOD members. I hope to have a copy tomorrow or early next week and will post what I find. This nonsense has gone on long enough. We shareholders must now assert our rights and find out the truth so that we can elect a new board and get things on track or shut the company down and try to hold the appropriate people responsible if the assets have been lost.
I'm betting the cash is still there but unavailable to KD et al, which suits me just fine. I hope we can get to the bottom of things before he gets his hands on it and does who knows what with it. I sure didn't like the sound of that "extremely generous settlement" with Anna Houssels LC mentions that KD is trying to push through.
