Replies to post #26133 on Cyclone Power Technologies, Inc. (fka CYPW)

[ChuckFinley305]

So who is to blame for the remaining 30%?

Chris Nelson ran the waste heat spin off company Q2P into the ground. As such he is fully responsible for that disaster. As for Cyclone's problems/issues, those are solely the responsibility of the Board of Directors and 100% of the blame should be placed on them for approving those toxic debt deals and no one else. Trying to blame any amount on former employees whom do not own a controlling share of Cyclone is downright pathetic.

-Chuck

[creston]

Frankie and Harry control this company ..Series B Pref. Shares Beneficially Owned: Harry Schoell 80% Frankie Fruge 20%
The point is that they have had total control of this company from day one; and they are responsible for every bad decision that has been made. Lets remember who hired Chris Nelson and why.

Frankie the experienced auditor could not even keep track of the "toxic debt".

IMO,There will be no filings this year or next.

[BuddyWhazhizname]

Even so, the toxic debt isn't stopping filings.

Look through the last couple years of filings from Cyclone and you'll see lots of toxic debt and derivative costs reported.

All the auditors have to do is tally it up and report it on the balance sheets. The only things that would stop them from doing so would be if there are no records (unlikely), or a company desperate to keep shareholders from knowing just how bad the situation is.

For instance, a company that selectively doesn't update webpages so potential shareholders can't find out how badly the stock is diluted or how the management team consists of just two people, would be the kind that avoids honest reporting of financials.

I'm too lazy to look it up right now, but Cyclone had reported upping the number of authorized shares from 900 million to 2 billion. Then Frankie said in a notice to shareholders it had been upped again, but never said what the new number is. The reason given was to cover guarantees on convertible notes (i.e., toxic debt).

Probably billions of shares have been pledged to the creditors and derivative accounting would require a value be placed on that huge amount of stock, and that value be listed as a liability on the balance sheet. Harry and Frankie were probably shocked at just how badly underwater they are and are refusing to accept the auditor's reporting.

Yes, Chris Nelson presided over Cyclone's financial crash and burn, but it was Harry and Frankie squandering the money raised by the toxic debt while not delivering on any of their promises of working products that led to this cratering.