I'm not nearly ready to throw in the towel either. EI has put a lot of expense into this uplist. If ALL they wanted to run was a stock scam they wouldn't do that. The uplist will make it harder to run a stock scam not easier. That part is not a question for me. But that doesn't mean that they aren't capable of building a legit company so carelessly that they ultimately break the backs of the intial shareholders and then keep hitting the reset button until they have the share structure they want.
Bigger question now is can corporate grow and run this company or not? We've surmised all along that the company was on sound footing and the stock pps would follow. The 10-K wasn't pretty and I did not expect it to be. Much of the losses stated in the 10-K were from exec bonuses in the form of stock that hasn't been cashed in yet. Corporate gave the 3 principals almost 200 million shares. Some of that could go back into the treasury as a show of good faith. They can adjust the voting structure easy enough.
I'm trying to focus on what the true bottom line costs of running this business are including reasonable operating expenditures, salaries and benefits for the current financial shape. If EI execs are going to behave in 2009 like AIG execs did then Sparks made an excellent decision today because many more shares will have to be issued to pay for it and the R/S will be coming. Not unlike the way our government is running right now.
If EI corporate tightens their belt I believe they are capable of generating enough revenue by EOY to offet the basic necessary operating expenses without another R/S. I think EI corporate is capable of doing what is necessary, but I'm unsure if they are willing. All I'm asking for now is a financial plan with some tangible details!
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