SGD Holdings Ltd (SGDH)

[Ole Broke Azz]

for those that do not clearly understand what is going on here maybe it is a good time to refresh your memory.

The CEO of SGDH has made a commitment not to break the back of shareholders and has repeatedly reinforced this commitment with his actions. He has turned down several deals that might have been good for the company but bad for the shareholders. Maybe because he is the largest shareholder (over 60,000,000) shares.

Paul Orfalea put up the original seed money to fund ecopaper.com. Paul is known for a little company he founded called Kinko's. You might have heard of it. He later sold it to Fed-Ex for $2.4BB. It is in the early filings and with last years Full Disclosure Statement it was revealed that he has never sold a share.

On the chart below you can see that the accumulation / distribution line is an amazing indication that someone has been accumulating shares for a very long time. With the fact that besides the share issuances to Harry for some of his past wages the O/S has been shrinking not growing. In fact it looks like there have been no new issuances for over a year.

I start to ask myself who is accumulating? Why would Harry issue himself shares instead of holding the debt? Why has Paul not converted his note and sold any shares?