Expo Holdings Inc. (EXPH)

[Santa Barbara Broker]

They can't clean house...the people that are working there worship the ground JD Brown walks on according to some sources I have read publicly and have been communicated to me privately. He fancies himself a "savior" so to speak...thus the BC 14-19 personnel boondoogle that added to the massive overspending in G&A and the need for the beginning of this horrendous wave of dilution. It is no mere coincidence that the dilution began in March at the same time the BC transition had begun. JD Brown now finds himself having not only destroyed his own golden goose, but is looking at having to set them out on the street as well...something he is simply not willing to do. What we have here is desperation and a guy, that like you state, probably started out just trying to take the easy way out of fiscal trouble once and ended up becoming addicted to the easy money. When a person gets backed into a corner like I suspect Brown is right now, the outcome can rarely if ever be good for his shareholders. I can offer a personal guarantee...the last thing on his mind right now is the investment of his shareholders. He could care less. He is fighting for his survival and those he has "saved" to the exclusion of everything else. I suspect only a miracle occurring could save Expo Holdings and bring about the future possibilities you refer to. All IMHO.

SBB