Yes Stockseeker, "I do think that we need some answers on the past but the only way to get out of this whole is to give management a chance to explain these issues but tell us how this company will be able to move forward" - my sentiments exactly.
It seems to me that McQuade and Holt-Smith took the steps to try and save this company on June 4th. Until then, it seems Wall had a great deal of control over what was happening. Maybe I'm old fashioned when it comes to business ethics, but I see a CEO who had 2 choices: 1) bail out and save his own reputation when he found out the company had been raped behind his back, or 2) try and save the company. Seems to me he made the ethical choice.
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NNRF, Inc. Announces Contract Termination
Wednesday June 4, 8:00 am ET
MOSCOW, June 4, 2008 (PRIME NEWSWIRE) -- NNRF, Inc. (the Company) (Other OTC:NNRI.PK - News) advises that it has terminated the consulting contract between the Company and Mr. Richard A. Wall effective immediately. Mr. Wall no longer represents the Company in any matters. The only individuals authorized to speak on behalf of the Company are the current Board of Directors (Mr. L. McQuade and Mr. J. H. Smith) and Officers (Mr. P. Goerke and Mr. T. Sinclair).