Replies to post #66285 on Hemp Inc (HEMP)

[Det_Robert_Thorne]

You referring to my bankruptcy comment?

Nope, it isn't a LLC, so it's a BIG difference from inc.

Are you referring to my comment that without Perlowin, HEMP would go bankrupt in a snap?

He's been financing this company himself since its inception, and the only reason he's been able to sell the shares from his personal stash is because he's constantly telling tall tales about the status of the plant (or whatever business in which he's involved).

The books have always been shady.

Read this article from 2013, written by Alan Brochstein:

http://seekingalpha.com/article/1258731-hemp-inc-priced-way-too-high

Then follow it up with this one by "value investor right now":

http://seekingalpha.com/article/1258731-hemp-inc-priced-way-too-high

As I wrote earlier, the plant is behind schedule. In Jan, 2015, Perlowin was saying that it would be completely operational by March, 2015:

“We’ll be up and running by March,” said CEO Bruce Perlowin.

http://www.sfgate.com/opinion/article/Once-maligned-and-banned-hemp-has-a-bright-future-6021178.php

It's going to take at least $1M (probably $2M) to get it running, and nobody knows how long to fix the broken parts that are the likely reason that he stopped forecasting a startup date in very early 2016 (the rumors about broken crankshafts started a few weeks into the year).

How do I know all this? Because I've been following this company since 2013, watched all the videos at hempincpresents.com, read all the PRs, compared the action to the words, and noticed that nothing has gone off as planned.

As I wrote in another post, the plant was supposed to be completed in three phases, each taking 60 - 90 days, but phase one has taken over one year so far (that's the decorticator machinery) and it's still not complete. The McTavish and milling machinery are phases 2 and three, respectively. As best as can be determined, phase 2 has yet to begin, and the only parts of phase three that have been completed are the installation of the silo (physically large but only one component of the mill) and the bagging machinery for finished products.

More than likely, HEMP will BK, and shareholders will be lucky to get pennies on the dollar.