First this press release means nothing to me.
It is like you right hand selling an asset to your left hand.
Here is where I have issues. Blogging Banker, do you know what a LTD is in Canada? It is similar to that of a LLC in America. It means the company's partners are only accountable for what they have in the company. This keeps people from being able to sue and try to get other assets from one or more of the partners. Secondly, if the Canadian company is a done deal then why haven't we been told who the German company is? So, the PR isn't news that I care about or want. I want news like: when is the share holder meeting, who is the German company, how many shares are currently outstanding, are they going to have audited financials, who actually does own the 1 Preferred Share "the poison pill", what is the company's future plans as for the board and executives, who is exactly on the board, why did we have to create a Canadian company in the first place (I have a good idea on this answer myself), what is the status of Four Star with the state of Louisiana, why does the Canadian company have the American company's assets, what assets does the American company actually have if we have transferred the rights to the Canadian company, why do we get know answers from the executives when we have questions (when it is the duty to do in the best interest of the share holders), why do we have liquidity issues, and a few other questions.
These executives are crap. I have been very cordial and very politically correct since I have been on the boards. For me, this is a small thing financially. Though it's the principal of the the matter. I have developed friendships and it sucks seeing some of those people get duped and actually meet with the company and get lied to. These people invested thinking they had assets there and the stock actually did do well. But, because of either greed or bad management, the company has cratered to $.0001. How sad that I made money between $.0001 and $.0002 and actually am profitably in this investment, with shares bought on the house's money. I sort of have mixed feeling about it.
My cordialness is wearing off though. This is my opinion and I try to leave feelings/opinions of a personal nature out of my analysis. However, I must say either this company is being run by crooks OR this company is being mismanaged in such a horrific way. I don't know which is worse.
There is little hope of turning things around with the current regime in place. The current executives and board seem keen to keep things how they are. It's total CRAP!
So, Blogging Banker... show me some independent data to make me feel better about this company. You seem to know the company and like the company. You post as if you are a reputable, independent financial professional. I am just a punk nose kid, out of college, what do I know? Nothing right? So Please sir.... enlighten me!
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