An open question
to all Bergamo promoters and detractors.
The accounting firm of L L Bradford prepared a compilation statement. By showing negative retained earnings at the beginning of 2012, the accountant basically said that he could not find any evidence that any of the previous receipts of capital, the investment into many green ventures, the reporting of great revenues, profits and retained earnings ever happened.
In the update to the notes issued by our management, it clearly states that all of the statements contained in the September 17th report and updated to December 4th does not contain any untrue statement of material fact or omit to state a material fact. It goes on to state that that it represents fairly the position of the company. The final line indicates that our President signed off on the document.
So, if the accountant prepared the statements and our President certified the statements as being true then what happened to all of the activities prior to January 2012?
The options are not overly encouraging.
Did they never happen which would imply a range of possibilities from intentional fraud or misrepresentation?
Did they happen but were cancelled which in the absence of disclosure imply a range of possibilities from poor governance or poor management?
I am not casting any comment here but only a discussion on whether or not we as company shareholders are at risk from third party civil, criminal or regulatory claims for these past actions. I am not a lawyer but I would think that not coming clean on the past leaves us open for seeing the shares drop even further.
I am down over 95% on my investment thus far and I hope it turns around.
