I have debated whether to post this info or not but I believe it is necessary and speaks to the kind of person running SVMI and it depresses me to no end as I have been a long.
Serge announced in a meeting on Friday (2/25/11) that he is not going to pay off YA but try to wiggle SVMI out the Yorkville Advisors contract. Remember (and I know some of you have doubts about Yorkville), Yorkville has done nothing other than lend/invest in SVMI. They have never leaned on SVMI nor done anything but provide money for making these valves able to come to market. They have never pressured the company nor filed a suit or to interrupt SVMI's activities. Serge has negotiated for a year or so (in my opinion it now appears to be in bad faith) and now he wants to attack them and take them on in court. On several occasions he has touted that the YA Deal is over and going to be settled yet he has never met a commitment or met a performance date, etc. It appears he has negotiated in bad faith. He also stated on Friday, "There will be no taking off the Stop Notice on Pink Sheets until the matter is settled. So much for promises from Serge to all us longs who have hung in there. I believe lawsuits will commence. Add to the fact that he refuses to take the restrictions off the "144' shares and free the shares up so his employees and investors can cash out. He is essentially holding them hostage. Another thing I verified is that Edgars wouldn't accept his filings without the correct amount form the YA deal in the accounting numbers. It appears that since Serge can't make a deal, he is going to take the company down by trying to stiff YA. He could have possible Shareholders Deriviative action suits on their way.
Most of you will not want to believe my post or attack but if this is true as I believe it to be, It speaks very poorly of Serge.
AI
