When I bought my Bergamo shares
it was on the news of an advanced recycling plant going into eastern Canada. Being up in years, I have become more aware of how we have treated Mother Earth and we should start doing something to correct the damage. The new GreenSafe plant is 60% owned by Bergamo at least according to the various websites and press releases.
I started to keep track of the stories on the internet and the print media. I even printed off pages as they happened from the BGMO and GreenSafe websites as well. I wanted this for a success section in a scrap book that I was planning to do some day.
Bergamo shareholders should remember that they announced in November 2009 about their ample and assured financing to make the investment into GreenSafe. From what I can see (and read between the lines), the BGMO investment was $ 120 million. It consisted of $ 50 million as equity and $ 70 million as debt. There is reference to the idea of building 3 plants which this amount of money is in the right ballpark to do that.
There was a story out on the GS website which mentions a rescheduling of the investment to match the cash flows from a high yield investment program. The payments from BGMO to GreenSafe got moved out with differing amounts as far out as May or June 2010.
In hindsight, the question that should have been raised at the time is "if you had the assured money why not just pay it out and get the business started"? It had the right projected profit levels and was virtually a turnkey operation. The official statement by the parties (likely written by BGMO) was to match the timing of the new, earned cash flows rather than using existing capital.
GS did report to me that he was shown documents no different in complexity than what is now on the OTC markets.
So, were the documents shown to GreenSafe real or fake?
If they were the former, then, why did BGMO just not deliver the cash that they represented they had? If they are the latter, what makes the letters reported to the OTC any different?
Did BGMO have the money as promised in 2009? It would seem that they did not.
So then, what is the difference between matching the investment into GS to the earned income from a high yield investment program in early 2010 any different from the $ 88 million already earned but can't be touched for a year?
If you think that there is no real difference in the stories then what makes us so sure that BGMO will have cash this time as opposed to 2009 or 2010?
