Post Mortem part 3
On July 6, 2010 it came to a head in a telephone conversation between the bookkeeper, Jehu Hand, Ed Bukstel, and others. yes, the bookkeeper was Jehu Hand. He was the one who found the evidence of misappropriation of funds by Bukstel and the lack of internal controls.
There was a heated discussion about the direction of the company and why its progress was stalled. During this discussion, Hand stated his opinion as to why the company was stalled. Hand's opinion, expressed rather forcefully, was because of Bukstel's excessive consumption of alcohol.
Of course, Bukstel was offended. Even more so when Hand emailed Bukstel that evening and iterated his opinion. Following that email, Bukstel fired Hand.
Of course, it was not the most appropriate way for the alcohol issue to be brought to light. But it was, and soon it was general knowledge that Ed had a problem.
Hand and his friends and family had hundreds of thousands of cash invested in the public company and VitaminSpice. Hand was himself paying some company bills because he had almost a million shares himself. He wanted to protect everyone's cash investment.
Hand saw this cash used by Bukstel inappropriately, he saw Bukstel mismanage the company, and he saw Bukstel issue millions of shares for "consulting services" to Bukstel's associates. So you could see why he would be upset.
In a memorandum to all parties the next day, Bukstel informed all parties that Hand had been fired because of his inappropriate outburst. The memo had no mention of any other improprieties by Hand, such as the stock manipulation allegations which came later. Those came later. The source of those allegations is fascinating.
But first, on July 12, 2010, Bukstel issued illegal stop orders on all the public float he could.
All the above taken from court records etc.
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