es1 - I stand by all those posts
First of all,
From the DD I had to work with over the past year my investor sentiment was 100 % For Behl all the way up to early May 2010.
If we wrong a single customer (over promise/under perform) that alone could hinder Behls progress tremendously. Behl's first impressions are crucial at this stage of their business and in maintaining future growth. Negative results will break this company because word of mouth is very powerful in today's market especially at which communication and information travel.
While researching the PBR progress after the Bio Cam kept going offline, I found in doing some serious DD -- phone calls and correspondence with established contacts- that the PBR is a long way from being perfected I believe the PR Behl released indicates that they must go back to the drawing board on the PBR turns. This bothered my because the previous PR's and "In Touch Tuesday memos "lead us to believe that the Santa Ana PBR was to produce algae within days.
No PBR -- No algae -- No revenues -- possible broken contracts
Then I started posting my findings which were obviously negative. DD is DD good or bad. To further fuel my fears the PPS keeps falling, What has happened with RWE? , contracts are turning into JV's, The $ 6 million order was to be split in half (whats the status on that) I thought RWE was going to co-produce PBR's with Behl.
Too many open ended projects.
-Lenders in my opinion will find it too risky to deal with Behl
-Dennis Fisher's has burned some bridges ( I know and can back this claim up with individuals whom I've spoken with directly and people who have told me that they have heard the same)
-Our expenses our piling up week after week yet the only so-called revenue we have are the deposits made by our customers and that itself is risky if Behl cannot deliver the end products
I thought I had a home run with Behl. We DO NOT have much time in my opinion to keep running in the trial and error mode. We have a lofty payroll and the honeymoon will end soon. I think if things keep floundering then Dr. Goodall may cut his losses and move on (Once again my opinion). Hundreds of hours of research and a sizeable investment in which I sold quite a bit at a loss because my DD is now contrary to what I found months ago.
BG IMHO
