Skeptical, can you post a link to the BK filing?
Yeah, if it were just a BK without all the other discrepencies, I wouldn't hold it against somebody.
I do, however, hold it against them for not disclosing it. If somebody is upfront and says, "here's what happened," I have no problem with that. But not disclosing it is a sin of ommission. Only makes you think, "What else are they not disclosing? Debt? Preferred? Phony cash balances?" I'm going to be a co-owner with these guys and they're only going to tell me the full story when required by law? Not the kind of partner I want.
Plus that 94% gross margin doesn't sound right at all for an oil tool/service company. That sounds like maybe Grifco was a consulting company or something.
This is speculation, but the BK would explain (not in a positive way) why Grifco went public via a pink sheet shell rather than an IPO or BB shell. They probably had to, because an investment bank or even a bulletin board shell would have to disclose that BK in a filing. A shell seller usually still holds some of the shares of the surviving company, and probably didn't want to get involved with someone with a recent BK.
-10bag, can you post further info and a link to "World Tool Company?" I don't see any mention of it.
(P.S. Somebody sent something to my mailbox here, but I didn't get to see it. I guess you only get one chance to see it, as it disappeared when I went to another page. Apologies for missing it.)
