Nice post, Goldseeker.
The current "investigative longs" don't want to hear that, but any new potential investors will read your post and understand what truly happened with this company.
I could add: In 2011, two years after Jade revolted, Radient still listed its "Jade Holdings" on their balance sheet as a $20 million asset. They used that balance sheet to get loans to pay off the previously defaulted loans and fund future projects and salaries.
Then the SEC told Radient to either prove that their Jade holding was worth something or remove it from the books. Radient removed it from the books.
Suddenly, Radient had a shareholder deficit instead of shareholder equity. Then they defaulted on the final round of loans after making just two payments. Then they were delisted. Then they increased the A/S to 5 billion and proceeded over the next few years to issue all those shares.
After Jade revolted, operating costs during the "operating years" were about $2 million per quarter, offset by only about $200,000 gross revenues per quarter at best. The company reported $85 million losses for each of 2010 and 2011 and then stopped filing financial statements.
They vacated their office and manufacturing facility sometime in 2013. Their last patent expires on June 3rd 2014, at which time their only asset will be a patent for CIT which they wrote off as worthless in 2011. All the officers left the company except the CEO, and he brought in an old friend from a previous bankrupt endeavor, PortaComm, for reasons unkown, so now there are two officers and zero employees.
These are the facts. Not debatable, not disputable, all documented in the SEC filings. Nobody knows how much the current debt is, but $20 million seems a safe estimate.
The rumor of a merger or takeover is fascinating in its absurdity, IMO. A company that has no assets is not a takeover or merger candidate, even in the wildest turmoil of Wall Street.
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