I have owned it for that long also. I flipped it several times. Didnt own kit past $.80. When it went back down to $.50 and $.40 I started buying again. This ironically is when the problems started.
To the best of my knowledge the following sequence of events happened and he lost control.Not perfectly chronilogical but close enough to explain this idiots greed, selfishness, half truths, and stupidity all the while cryig who is me.
As the Co. started to get bigger he got greedy. He got to big to fast.He did not have the capacity to run a Co. of this size, but his greed and arrogance overrided his intelligence. He started making deals that were questionalble at best. One example, he paid $50K to a man for a Co. that did not exist.DTFS is another fiasco. He ended up having to write off other incredibly stupid and short sighted purchases. He started to think he was just one deal away and was bullet proof. The CFO he hired, and finances are the base of any co, does not even have a Masters Degree in Accounting. ( It is also why I paid my CFO more than I paid myself) These guys are invaluable. Well, after that, they started being late for their filings. Because they were still profitable, in a day to day sense, Shorts saw them as an easy target. He actually went to the Isle of white and tried to sue the very hedge funds he would later do business with. he went around the country and the world telling everyone how great he was. He even wrote a "WHITE PAPER" for South Africa, and dropped JFK's name in a report on DALLAS. Clueless at best. Then things really started to unravel. He made an incredibly stupid deal with a hedge fund. They loaned him $7 million. He screwed that up royally, see my posts on that subject. He then realized he was burning through cash at such a high rate that he panicked, again. Instead of pulling back the reins, as any basic level CEO would do, he tried to outspend his debt. He did a reverse split as he was using his stock to pay off debts he diod not have the cash for because of his arrogance. The revers split sent the I/) dopwn to 13 million and now it is at 298 million, in less than a year.( you should watch the video where he is fliritng with two girls in a fake interview and cant remeber his stocks symbol) He started comparing himself to FDR, JFK, and Peggy Noonan,and saying he was in it for a higher purposes. All the while buying two lavish homes, flying all over the world, and throwing lavish parties and paying for people to say his stock should be higher. He then fell behind in his filings and got delisted in both NLAI and partially delisted to the pinks in NWMT. The NLAI fiasco is particularly interesting as he bought another shell with out realizing(SEE HIS CFO) that he would have to update all their financials. They got totally delisted. Thats when he really panicked. He cut a deal with Hugh Oneil, and of course himself, that pretty much assured the Co. was going to crash. Death spiral financing they call it. Now that he has royally screwed shareholders of ewver getting theior money back he is cl;aiming that OTC stocks dont reflect their Company's financials. There is more if you listen to his webcats or read my past posts. he blames everyone for his failures except himself.As the stock market plummeted he said his PPS was going down because of the market. The he di a reverse split that he promised he wouldnt do. Meanwhile he pays himself close to $500K a year, plus interest on a loan that can never be paid off taking over a loan that was being paid off. No one is at the main office in Dallas and his GREEDFIELD program is just a front for him stashing away preferred shares in those companies also he can maintain his profit at the expense of others.What he doesnt say, and he is an expert at this is type of not lying but not telling the truth that two o f the GREEDFIELD partners balked at his outragous demands and dropped out.
Bottom line I got greedy and got taken for alot. He fooled me. In reality he is just another weak minded arrogant jerk that when things were going well took advantage of the situation and lived high think that he was smarter than everyone. But when you do those kinds of things the real sharks smell it, close and and destroy you. That's what happened. He has never met ONE projected year end revenue total, failed to deliver dividends he promised, not goteen to a higher exchange, and all the while stated in a webcast that shareholders should thank him for saving the Co.Beleive me there is more. His brother quit, his PR quit, and ex employee is suing him, one of his partners dies, and he bought a condom factory, really!
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