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Gold/Mining/Energy : ADVANCE PULTRUSION TECH. (ADP.A)
ADP 260.30-0.5%Oct 31 9:30 AM EST
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To: Richard Cushnie who wrote (5)11/18/1996 6:24:00 PM
From: Richard Cushnie   of 13
 
I talked to Bob Tyson this morning and here is what he said.
He said that he had resigned as president of the company because he saw that other management were doing things that were very wrong (something to do with falsification of records of how much money they had and putting that on the financial statements). He has since formed a new group and taken over ADP. He is trying to get things worked out as we speak. He had to find all the files and still has to find some, then go through them all to find out exactly what position they are in. Also they need to find out where their machine for making the hockey sticks is. He knows its somewhere in New York but is looking through the files to find out where. He will be leaving on Wednesday of next week to New York to try and find the machine. the major point though is that today ADP is meeting with their auditor and if the auditor doesn't like what he sees then he will resign and then basically that's it folks. Mr. Tyson said that there is a pretty good chance that this will happen but we won't know until next week some time as the auditor has to check back with other people and then report back to the company. If on the slight chance that the auditor sticks with them then all ADP needs to do is get their machine, get some financing and get production going. Piece of cake, right. I'll try to keep you informed.
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