Hawthorne company that persuaded investors to risk millions of dollars on a tire recycling mechanism, has taken another bizarre twist.
The four-member board of directors of ECO2, including Ledford and his wife, Vivian, have all resigned and have been replaced by Tampa businessman Alan S. Lipstein.
ECO2 is out of the tire recycling business and is now trying to lease and eventually build ships for offshore, Las Vegas-style gambling in hopes of attracting high rollers, a consultant for Lipstein said. ECO2's stock was trading at about 19 cents a share Friday.
In exchange for giving up lucrative employment agreements at ECO2, the Ledfords were promised $800,000 and given all assets related to the stagnant tire recycling business. In addition, they received 700,000 shares of ECO2 stock, and all loans that Ledford had with ECO2 have been forgiven by the new board, comprised solely of Lipstein. The changes have not been approved by the some 733 ECO2 shareholders.
About 60 of those shareholders, led by Philadelphia attorney Gary Green, continue to express outrage at how ECO2 has been operated by Ledford, concerned over large salaries for the Ledfords and now their healthy exit package. Green has lost about $35,000 in the company. They have peppered an Internet site with more than
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