I know the question wasn't directed at me but will try to answer you here..
As far as in this stock... It could have been great had the CEO tried as there was at one time real assets. The CEO knew shareholders would lose from the beginning with the hidden debt to ex-Ceo's wife payable at .001 while the stock was trading .05-.07? They tried to say they didn't know the debt was there??
yes, they say it was missed, but if TS is that much of a moron to not have anyone with a legal or accounting background look at the documents/debt then the guy has no business running a Public Company anyway! This isn't the first time he's "acquired" something and found a boatload of debt or taxes not paid past 2-3 years, etc. Look at every one of his companies.
Hacketts - He was supposed to pay the Hackett family $4.5 million, but only paid the $1.5 down & quit paying because he stated the company wasn't bringing in the profit he was led to believe it was (anything to do with him taking over?). He also came out in their lawsuit and stated they "lied" to him about how much revenue Hacketts had coming in. (Ever hear of having an accountant look over their taxes?)
Wisebuys - Bought it using shareholder $$$ from himself and his sister. Wisebuys was purchased for $6.4 million with a real value of NEGATIVE $1.6 million. (nice of him to over pay for his own POS company that failed - Hacketts alone may have done quite well had Hacketts not be subidizing Wisebuys losses)
JRecks - TS bought some of these with NHSP shell for $5.25 million or so - do not remember the price. Couple 10Q's later we find we own 0 JRecks franchises as they were given back for "assumption of undisclosed debt" along with other undisclosed items.
Alteri's - TS bought as part of NHSP from Chris Shwartz - owner of JRecks. Come to find out, Chris had created cross agreement to where JRecks didn't have to buy from Alteri's anymore prior to selling - Of course TS probably didn't read any of the agreements as they made the deal after meeting at a football game.
Sacketts Harbor Brew Pub - According to Tom's wife, Tom & his wife are owners of this bar. Of course everything in SEVA is so intertwined and has been moved around so much no one knows what assets are where and/or what is left. Do shareholders own anything or are shareholders just a piggy bank for the CEO?
I know there were a lot of things that just "disappeared" such as Seaway Valley Realty Holdings. Last I knew in 2010 there were between $4-5 million in real estate holdings. Since SEVA went non-filing there is no way to know if any of the BS here is true and/or where it went. I really believe the SEC needs to investigate here to see what shareholders went through. To go from an Filing OTCBB stock with potential to a bk pk company within a couple years and of course all these assets being moved/hidden & CEO using BS tactics to sell shares such as "Seaway Valley Capital cancalling shares when Seaway Valley Capital was a newly created company within the parent Seaway Valley Capital Corp and it was owned by Tom's wife - no assets, no debt, just cancelled shares and PR'd it to sucker everyone to buying SEVA shares" He also did this to one of his other stocks so beware of the BS.
I'd love to see the SEC take guys like this just ripping off shareholders for their hard earned cash. Everyone says "It's OTC or PINK, it's your fault". Well, NO IT'S NOT. NO one should be allowed a license to steal - pink or not!
