Fred, all we know is that Gordon says someone will invest, we have not seen the terms, as yet. Gordon has said so many things under the "forward looking statement" blanket, none of which came through, why do you think that any of this is believable. In REW recent post from his meeting with Gordon, Gordon told him that they will draw just "another $100,000" from the existing Floorless until the "new financing come through. Well, this a nice way to get around the fact that as of June 30 they had no cash and even assuming REW's burn rate of $350,000 per months, they should have drawn (since June 30th) about $500,000 fro the existing floorless, that assuming they did not pay any of their existing $2.8 MM liabilities. Fred, they are "white lying to you", and they have done this for a year or more and will continue for as long as you let them. They have no respect for you and REW and the rest of the loyal investors. I would not be surprised to learn that when they meet with their morning coffee they have few jokes on the questions the "suckers" have asked today, and how artfully, without actually lying, they managed to outfox them poor suckers. WAKE up Fred, they are after your millions and they'll get them.
Here is a hypothetical sample:
REW:" Mr. Gordon, investors are concerned about the floorless debt, how much of it is still unconverted?"
Gordon: "Robert, you know we are in the final stages of getting new financing, you'll be very surprised how beneficial it is to stock holders, but since there always few more signatures and i to dot and t to cross, we had to go back to the original debt instrument and draw down just another $100,000."
Guess what, REW comes back with the answer "$100,000 unconverted", but that should have been, as of July 1st, 1.151 MM plus $.5 MM since then, and for the next week another $100,000 or a total of about $1.75 MM.
Good luck to you.
Zeev |
