There has always been the hint of Bankruptcy here, which has been one of the shareholders major concerns........
Posted by: thejudge Date: Tuesday, June 22, 2010 2:16:47 PM
In reply to: Abondanceinvest who wrote msg# 71271 Post # of 71424
On april 1, 2010, Mario Naim and David Caroni were seen having a coffee together at a coffee shop, discussing matters as long time friends.
This would not be any problem, or any issue of concern to ect investor, the following facts have not happened before:
- After the solicitation process in the time frame june-august 2009, Mario naim has take matters into his own hands, and go talk to potential investors to put money in ECT. however, he was one of five directors of the newly elected interim board of ECT. It is important to remember that the solicitation process and the interim board was Mario's idea to take control from the hands of Raphael Huppe, and put it in the hands of a group of shareholders and ex-employees of the company, who had the interest of the shareholders and ECT more at heart than the previous president and ceo, mr Huppe.
- In an attempt to get money fast to ECT in order to pay for legal bills, many of those generated by his own inappropriate acts, mario starts do discuss, without the approval of the other directors, deals with BCST in order to get some cash in the company against a major position of david caroni in the company, amongst other concessions.
- The other 4 members of the board were not in favor of developing discussions at that time with BCST, specially because that company is pursuing ECT on an alleged patent infringement. in a board meeting, in which took part the 5 members of the board of ECT, together with its company attorney in delaware, if was decided by a vote of 4 against that mario naim 1 was not to have any dealings regarding ECT with anybody, in special BCST, without prior board approval.
Now, the question is: what were Mario Naim and David Caroni discussing in the meeting of april 1 ? Certain facts around the time of the meeting may suggest somes answers:
- Mario Naim has always advocated that the only way out of the situation ECT is at now is to put the company in bankruptcy
- Even though member of the board, Mario Naim has tried to get a personal judgment against ECT in the order to have a court decision that would allow him to ask for ECT's bankruptcy.This attempt has benn neutralized so far by the others members of the board.
