Bergamo Acquisition Corp. (BGMO)

[old man river]

Under Canadian banking laws, the cheque was valid for processing.

HH advised GreenSafe not to cash the cheque until January when his high yield investment income came in. Given the fact that it never came in, would this be considered fraud or uttering a bad cheque? Legal experts will need to consider this.

Despite more attempts in early 2010 to reschedule the investment to match the investment needs of GreenSafe, BGMO still did not deliver. Even armed with papers showing scads of money to invest, not a single penny was delivered.

In late 2010, BGMO was given another opportunity to fund GreenSafe. The net result was a buyout of Swire and the termination of the rest of the staff.

In speaking with Swire late Thursday, he said that the payments to him were joint and severally guaranteed by Bergamo, HH, SP, GreenSafe, Instrum and Kennedy. In light of the recent windup of GreenSafe, the obligation will fall upon BGMO, HH, SP, Instrum and Kennedy. Swire said the amounts are not insignificant.

It has also been reported that Instrum is associated with a new, advanced recycling firm using Adelmann equipment (the same as Caraquet). The Graniteville plant is due to open in about two months. The principal shareholder is not BGMO but rather a green oriented VC based in Atlanta.

See, if BGMO only kept their word and delivered the funds, the plant could have been ours!

I asked Swire if he had given the authorities any information that he had regarding BGMO. He said that a number of agencies have been in contact with him. As for what agencies, he was tight lipped. When pressed for what information, he responded by saying the matter is before those agencies and likely, in the not so distant future, the Courts.