Serious concerns about Bourque Industries that are not a concern.
1. Appointment of Sean Floyd as CEO required either Condon and Berry or JB's (or proxy) signature. The appointment has been posted on OTCMarkets. A smooth and preplanned transition for Sean becoming CEO indicates that the existing board members provided their votes.
2. There are no indications that CJ is "missing in action". I spoke with her 5 minutes ago. She is doing well and working hard, like the rest of the BI folks to enhance BI's business. Some may want proof but there is no requirement for CJ to issue any statement.
3. "Every single director" did not jump ship in December. OTCMarkets still lists Condon, Berry, and JB as directors of BI.
4. The treasury was not liquidated. As in most developmental level companies, people were paid in treasury stock for their services. Some have registered their stock and sold to pay personal bills.
5. How much as CJ and JB's trust "dumped" in the past 60 days? Swiss Dynasty Trust: 2/6/13 3568 shares sold out of 43,001,418 owned, Charmaine Berry, Director, 1,260,000 out of 3,500,000 owned, CJ Condon 1,570,524 out of 18,250,000 owned. Given what the volumes have been these are a drop in the bucket. They didn't get very much for their stock but likely enough to pay bills. JB is not gone and he is not selling out his stock. The only way someone from the outside could take over BI is if JB sold his holdings. He still owns controlling interest in BI. His holdings are in the hands of a trustee, Swiss Dynasty Trust in Los Angeles that can vote his stock. Jared Metz has the authority to appoint Sean as CEO.
6. Ironbridge is not a "majority" shareholder, JB is the majority shareholder. Ironbridge's holdings do not convey any right to "short" BI stock. Shorting is the right of any investor in accordance with FINRA rules. According to ShortSqueeze and OTCMarkets, the most recent short report indicates that only 17,760 shares were short on 1/31 which is a drop of -10.88% from the previous report on 1. This number of shares would clear in a few trades on any given day.
7. It is easy to play with the short numbers and percentage. On 12/31/12 there were 1805 shares short. On 1/15/13 there were 19,928 shares short. on 1/31/13 there were 17760 shares short. Concern about this small number of shares short is unfounded.
8. OTCMarkets does, in fact, indicate Sean Floyd as CEO. Posting of an 8K filing does not happen overnight. There is nothing to indicate that an 8K has not been filed. The SEC takes things in order. Penny stocks are at the bottom of the pile. 8Ks are not always published in PR announcements. Asking a question and then assuming a negative answer does not make it a fact. There are no facts to support a non-filing of an 8K.
9. JBT issued a letter of intent (LOI) followed by a PO. The LOI is not a contract. The PO is not a contract unless accepted by BI. If the LOI was made a material part of the PO then the LOI will have to be revised in order for BI to perform. Trying to pick through the details of a business to business transaction without any factual knowledge will usually produce wrong conclusions. Investors do not have the right to knowledge of ongoing business negotiations of BI. This would be insider trading.
10. The Chill is of concern to me also. I am more concerned about why the Chill was put in place to begin with. I know that some people have provided detailed false accusations against BI. In addition, competitors are very concerned about BI becoming successful. With the likes of Dick Cheney having a significant financial interest in BI failing, I expect under the table actions.
11. Sean's qualifications for the CEO position are not in question. LinkedIn has no requirement to list everything. Any good resume consulting company will assist prospective employees to tailor their resume for the audience. As a manager, I have sifted through hundreds of resumes for $80K plus positions. Resumes are only designed to get an interview. Resumes are used to get an interview. The job application contains all the gory details on which an applicant must disclose everything. They are controlled within the company as "company private" and are never disclosed outside of management. Wordsmithing on resumes is a refined art with professionals paid large sums to assist prospective applicants to get an interview. Management looks at the resume to see if there is any interest. If yes, then they look at the application. As far as Sean holding a valid real estate license, I have seen many engineers, including PHDs, who hold a valid real estate license. There are many personal reasons for keeping a current real estate license. Sean, or his family, may have real estate investments for which Sean provides the real estate expertise. That is his business, not ours.
Given the millions of shares that have changed hands in the past few months, the day traders have been having a field day. This has been based upon speculation rather than fact. It certainly has not been due to insiders selling.
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