You want proof of spending 800K. You clearly have no idea how much it costs in legal fees, court cases and filings costs.
We have another client in the USA who has just brought filings up to date and the fees there were about $450K.
Another client recently instructed lawyers to draft a letter to the SEC regarding a reverse merger and he was quoted $2800 just for the one letter.
If you don't believe us go away and do some costings.
You raise the issue of the legal fund. We have nothing to do with that, but there has been endless
talk of seeking justice and of court cases. All this has centred on class actions and suing the SEC and DTCC, which in our opinion, was over ambitious, underfunded and beset by legal difficulties and would have been as effective as a chocolate tea pot.
However that does not mean that the desire to get justice and fight the wrong should be abandoned. The only realistic way you could try to achieve this was by the individual taking their cases with their brokers to process. If it was done another way it would just lead to complications and in fighting.
Going back to the $800K Megas spent, if he had approached a business advisor back in May 2005 most would have told him to forget it, walk away and let BCIT go bust and sink, which is probably what the brokers were all thinking he would do when they had their trading frenzy at took your money.
Megas didn't do that which is why we are all here today as one big happy bunch.
With regards "private lenders", one of the scenarios that was looked at by our corporate business advisor in February was to see if shareholders could invest in a "restructuring programme". They reckoned it would cost about $600K (roughly) which when split between 1500 people would have been $400 per head. However the team monitoring this and other boards reported that such an idea would have gone down like a lead balloon wit certain elements and was likely to plagued with problems and so the idea was shelved.
What the number crunchers had not taken taken into consideration is how raw peoples feeling were at the treatment that they had had which is why we understand your comments about "Private Lenders".
If people wanted to invest in a restructuring project they could do, but you are quite right this could not be "going to the trough again to collect from the same people that contributed to the Legal fund" This would really have to be an entirely separate entity and investment structure and out of the current BCIT/Energy Source framework.
We are not sure we can reply any further to your comment on this without contravening the hub rules.
We hope we have put your mind at rest that as far as this current process we are involved in, there will be no request for money from the shareholders, its aim is to get money to the shareholders and give them a formal position within the existing Energy source/BCIT entity.
Hope that all makes sense
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