Just spoke with Frank. I have been e-mailing him constantly with my concerns and he has finally called me back. He told me he doesn't have much time to talk but that he would call me back at 3pm Pacific time (I'm on the east coast, so that is 6 pm here) to talk further.
I told him I've invested almost a quarter of a million dollars in TMM and am in touch with 50 or so other investors, and that we want answers. I told him that before we hang up, I wanted to know what was going on. In our 2 minutes, here's what he said (and remember that these are his words, do NOT construe that they are mine):
First, he said Richard was about to be 'out on his ass.' I asked why, and he said he offered Rich a contract but he only has two days left to sign it, and Frank's been getting a lot of complaints that Rich isn't responding back to shareholders.
Regarding today's news, Frank said he had a major investor who was providing him with the bulk of their funding (in the form of debt, not equity (ie, not for shares)) who just died. The family controlling his estate has halted payments and he is in the midst of replacing that financing as we speak. They're expecting $200K today and permanent replacement financing is almost in place that will, he insists, be good until 2008.
I asked him if he has been issuing shares these past months. He said 'Hell no' and said that would be too expensive. He repeated that he hasn't been issuing new shares and that 'your investment in QBID is just fine.'
I asked him why he hasn't released the audit and he said let's talk about that this afternoon.
I will continue this in another post....
AI
