EMAIL RECEIVED FROM MIKE BARTOSZEK, CEO
Hello fellow investors and grey sheet experts, I just thought I'd share this email I received from Mike a few days ago because I feel it is a little bit more in-depth than the generic PR we just received. IMO, LLEG's legal team advised them to release this PR, just to get something out here. For what reason, I have no idea. My speculation from reading his email. There were some questionable things from the SEC that Laidlaw agreed with and there were some questionable things that Laidlaw is outright denying. More than likely, the questionable issues that they are denying are more serious than simply changing their website. And they haven't had the chance to defend or clear themselves against these more serious issues so they aren't releasing the details of any of the issues. They wouldn't just release the issues that they fixed and hold back the more serious SEC concerns. That would fall under not informing investors of their current status. Releasing favorable updates, holding back more serious issues that aren't resolved. This doesn't make them guilty or not guilty at this point. All just questions for now. They are being very cautious and we'll just have to wait as news pertaining to these issues develop.
I emailed Mike a few days ago about the Berlin construction loan payment, Ellicottville, and the current SEC situation. Here is his response:
We are working on a lot of things. We are taking steps to address the SEC questions and concerns. I wouldn't think it prudent to downplay the matter by calling it "housekeeping" though I recognize some of the changes to the web site may seem to fall into that category. Clearly any time the SEC suspends trading the matter should be taken seriously and we are doing just that.
Our lawyers have been have a dialogue with the SEC and I have listened to their concerns and I believe we can address them, but I am not privy to their thinking (meaning the SEC) so I can't guarantee any outcome.
Our goal remains to demonstrate that we are a capable and professional organization that wants to do things the right way. We want our investors to have full transparency and we intend to continue to move forward to seek to file our Form 10 with the SEC and move to the OTCBB. To that end we are also working with a broker re form 211. I feel optimistic about these things but again I can't provide any assurance as to the outcome.
I would be happy to try to speak with you at some point to address your other concerns to the extent I can. Perhaps we can talk on the phone if we can't manage to meet due to schedules. To answer your questions re Berlin the remaining payment is still due to us as the closing hasn't occurred yet. I thought that was clear on our web site but I'll check it to make sure.
We wrote down our investment in Eville some time ago which is why it doesn't appear in our financials or the web site. We are exploring options to see if we can recover anything on our investment. The Federal lawsuit for money damages in still pending in the Federal district Court for Western Dist of NY. I hope we eventually get our day in court. That was such an unjust situation.
Best,
Mike
