Thermal Control Technologies Corp TCT (was Redux Energy) Message Board

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Gold/Mining/Energy : Thermal Control Technologies Corp TCT (was Redux Energy)

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To: John Gorham who wrote (994)	9/9/1999 8:51:00 AM
From: John Gorham	of 1208

To rub it in . . . If we are to believe the unaudited results for the 3rd quarter of fiscal 1999, the loss was all in the fourth quarter. This would mean that the company lost 29 cents in that quarter instead of earning 2 cents. How can a CEO be so out of touch with what is happening in his company? Which brings up some more questions (just to start): What faith can we put in the interim financial reports? At some point earlier this year it must have become apparent to management that earnings were grossly below the estimates made by management. Are companies not required by the securities commission to report "significant" events (and surely going from 2 cents to minus 29 cents is significant)? And what recourse do we as shareholders have in a situation like this? After Maller's positive letter in April, did he not have an obligation to correct himself as soon as the truth was known to him? Can anyone tell me what the legal (as opposed to the moral) position on this is? John

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