Gather 'round folks. I've got some gruesome details to relate -- and y'all ain't gonna like them.
We've all suspected for the past several months or longer that there was trouble in paradise between Balak and Wolf. After a lengthy conversation with Hasher, it is apparent that is, in fact, the case, and it is a whole lot worse than we could even begin to know.
For the present, the Swedish deal is not dead -- but certainly on "hold". It seems they need 100 plates over there either to get started or just for further testing (damn! there's that word again). Anyway, a price tag of $9500 was agreed and the Swedes were ready to pony up the dough for the plates -- which were to come out of BCRI. Well, it isn't happening. Why? Because Balak has instructed BCRI NOT to. Even though Wolf has the Europe thing signed, sealed and in his back pocket as HIS, Balak has apparently convinced BCRI that he (Balak) would be taking over Europe shortly. The power struggle is on -- but wait -- there's more;
Apparently Wolf has fired off a letter to the SEC which alerts them to the following:
1. Balak is impeding the progress of the company to the detriment of the shareholders. He has not come to grip with the fact that he is no longer president of this company and is thwarting Wolf's efforts at every turn.
2. There IS a warrant out for Balak's arrest in the state of Nevada for passing bad checks.
3. Evidently Snaper DID, in fact, resign from the company a year ago which was totally ignored by Balak.
4. To date, the necessary books that are the president's responsibility have not left Balak's hands as was supposed to take place when Wolf became president.
Another point, which I am unclear on is the "missing" $50,000. Someone, I'm not sure if it was Wolf or not, is looking into THAT little piece of skullduggery as well.
There is a "Director's Meeting" slated for 2/12. At that time, Balak is going to try to have Wolf ejected as president and himself re-assigned. It appears as if the Directors are split down the middle -- 2 for Balak (himself and a dude named Bryson Farrell (sp?) and 2 for Wolf (himself and Hugo Pomrehn). Until such time as someone is declared the clear winner, we, the shareholders are taking this thing smack in the face. Can you guys possibly imagine -- after all the freaking crap we've gone through over the years -- it comes down to a damned pissing contest.
Letters are received by the SEC probably every day from disgruntled shareholders. However, when the President/CEO sends them a letter, one would think that an investigation might and probably would ensue. It wouldn't surprise me in the least if the trading is halted until this thing is resolved.
I just know that -- for what it's worth, I sincerely hope Wolf comes out of this the winner -- can't see how it could come out any other way. Balak has gone from fabricator, liar and queerer of deals to a pathetic creature who tries to bung up the works if he can't play the way he's used to playing. Oh yeah, if the warrant is accurate, he's no better than a common thief too.
My gutts are in turmoil and by now I would guess some of yours are too. Better that we all know what's what, though. Sorry it was me who took the bull by the horns and passed it on. DAMN!
