"Something happened that lit the fuse between the Quebec Investors & the ECT recovery Board. They did not believe that the ECT was a competent board."
Doogdilinger and Believer:
I can tell you what happened. At first, when the board was put together, the different members wanted something different. Mario Naim was fostering an American investment group while Guy Paul Gauthier was favoring the Quebec Group (Alphonse and Gordon Bain) and Guy Faucher, a group from Montreal. Soon, each plan fell apart and infighting began. Mario Naim left but sued the company. The other 4 members continued and the 3 investment groups met and coordinated an effort. They were given the exclusive rights to negotiate a deal with the BOC. The Montreal and Quebec groups did not have sufficient financial resources to buy ECT and the American group did not want to deal with the ECT board because of the potential lawsuits against the company due to RH’s creative management. The Montreal and Quebec group secretly united in an effort to flip the company’s assets and sell them to the American group who endorsed the idea which distanced them from the original company and potential lawsuits. The problem for us was that the attempt became a plan to acquire the patent at the cheapest price; thus, the lawsuits. ECT management did not approve Gordon Bain’s plan because it left ECT shareholders with only 18% of the shares as they would acquire 82 % of it through a shadow company. When the BOC rejected the offer, the exclusive rights to negotiate became invalid. That’s what lit the fuse of Gordon Bain and company. Ever since, the BOC has been in a state of panic and more so for Gib.
Now, since then, a valid venture was put together with the Chairman of the Board. When the exclusive rights to negotiate became invalid, a group of investors from Korea contacted one of the majority shareholders and expressed interest in ECT. Negotiation were initiated and concluded in the aforementioned LOIs. This company was the “go between” for Hyundai and ECT. Gib de Medeiro and Guy Paul Gauthier opposed the venture but Gib decided to go himself to “negotiate” with Hyundai directly, at least officially. Gib also illegally mutinied against the Chairman to do his little deal without further disruption. That’s what my contacts in Montreal and Ottawa uncovered and the rest has been the object of several posts on my part in the last few weeks.
Can anyone on this BOC be trusted??????
Certainly not.
Right now, there is no real plan except to let GIB go to Korea and risk a sell out that would leave shareholders with nothing. All of this happened and not a word of it was transmitted to the shareholders. Now, that’s transparency.
