just check in once in a while now, so catch up on older posts that catch my interest - can tell if nothing happening when price sits, and trades are just bulk or zilch. so, here is my long serious post for the year (i am quite hurt by the fact that no one enjoyed the fable i posted the last week or so, born out of my own frustration).
"what could you charge him with" - depends on what he has done, if anything. if he is just a bad manager or poor soul - nothing. if he is spinning totally misleading p.r.'s, issuing company stock and making distributions to himself - fraud, conversion or the like. if he is selling his own stock and pocketing money, knowing that the company is washed up, not operating and fails to disclose - insider trading violations, fraud. if he is making distributions to himself rather than paying creditors when the company owes money to others, and in effect, is insolvent - there are state (federal i don't know about) business corporation laws which he would be violating (would likely require shareholder suits or involvement to get off ground).
not saying mel doing any of these things - i have no idea. he could just be a good idea man but a bad manager; third parties who want to steal the company/product could be thwarting him; he could have hired people or gone into a business arrangement with other bad managers, crooks or incompetents. he could have broken a mirror.
but if any ceo/principal owner is manipulating information and pocketing money as a result, arguably he is obtaining money under false pretenses in some form. there is fraud by misrepresentation and fraud by silence when there is a duty to disclose - but, it is a question of degree.
seems from my observations about pinkie stocks in general - the bad rap is that such things are done on a regular basis; the investors generally have limited $ investments that they realize they are gambling with (kind of like roulette in vegas). when a company doesn't hit after stock is pumped or just dumped by originator based upon creating intentionally false impression, no one will pony up to pursue the scum who has taken the money scam/scum owners and promoters rely on the fact that no one will pursue due to cost - this includes regulators (who have limited budgets and interest - unless enough complaint is raised, or the situation comes to public eye and there is political motivation beyond the $ value), attorneys (who take shareholder derivative suits on contingency, so want to know there is a good claim and the defendant is collectible), and shareholders/investors who just gripe and move on to the next spin of the wheel, while the scammer moves on to the next flock of pigeons - just like a movie. anyway, you see some of the same names over and over re-associating with new companies, apparently, without adverse consequence to them.
on the other hand, sometimes unfortunate events - death of a loved one, dementia, simple incompetence, outside predators, over-optimism and over leveraging under-estimated production costs, etc., prevent a great concept/product from succeeding in company A, when such might do so with company B. could be what happened here. unless there are more stringent reporting and disclosure requirements (minimal with this type of stock), the shareholders don't really know, and are left to speculate (e.g., this board)
anyway, i invested here because with a little dd(little knowledge is a dangerous thing, eh) this seemed like a good concept and product to me. there was a history, there was a legit company involved in manufacture; there was interest, etc., etc. - and of course, there was the whole wal-mart reference. started becomeing a bit skeptical when mad contact on behalf of local school boosters to see about getting machines in response to the school and placement program touted by company, and even after numerous attempts, never received a material reply.
figure the concept and product (if it is as touted - never have seen a working model) is still good, so there is always some outside chance that someone will push the right buttons. have lots of shares, but limited $ invested, so guess i would fall into the category of those who question and bemoan, but will not likely put up good money after bad if this whole thing was a ruse. just being honest, though don't feel good about it. on the other hand, who knows (maybe some day we will know the real story or even be made happy - not counting on it, though)?
my fingers are sore. later.
laz
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