I don't think you want to do that.
The SEC is overloaded. The rules change concerning financial reporting for some 15,000 little companies has caused monster logjams. In addition, these are good times for lawyers, and many are leaving Gov employment for work on the other side at 2x the salary, putting aside their inherent righteous indignation for dough. It does not make sense to me that asking for a fishing expedition under these circumstances will get anywhere.
In the remote chance that you do indeed get an inquiry, management will attest that they have not made shareholder announcements because there have been no concrete developments that materially affect the company.
If you should be so lucky as to instigate a full investigation, you will pay dearly for it, and earn the everlasting gratitude of your fellow shareholders.
I have watched two instances on these boards, where two separate malcontents, involved with two separate companies, stirred up the SEC, filed complaints, filed affidavits, telephoned, finally got the investigation they wanted "on behalf on the damaged shareholders".
Three years later, the SEC has found no evidence of wrongdoing, but maintains that the investigation is ongoing, even though they are no longer actively engaged. They have told both CEO's that they will close the file with a fine. Neither has agreed to admitting wrongdoing, since there has been none.
The SEC will not sign off, as to do so, would admit to superiors that they have squandered precious assets on a wild goose chase. So the cases lie dormant, unresolved;
and a cloud hangs over these two little companies. Every so often, a poster calls attention to the SEC's open investigation.
I don't think you want to initiate that possibility.
Last year, one of our fellow gpgi posters filed a complaint with the AZ Water Quality people. Since he is knowledgeable
about gov processes, he knew what buttons to push, and caused an investigation, which has disrupted progress, cost
70,000 bucks so far, and is not over yet. There has been no
contamination found.
This can be good news for those non shareholders whose sole purpose is to do harm. But it's a good illustration for the rest of us, that once these things get started, they assume a life of their own, and are impossible to stop.
I think Thor's resurrecting the past releases serves as a good illustration of another point. Mike McKay was full of enthusiasm for the project, and full of resolve to communicate better with the shareholders. I think they were giddy with some of those numbers, and were determined to get them out as fast they could, in response to the continued agitation from this board. It turns out, the processes were not able to sustain the levels, and they lost credibility. Management should have waited.
Now to the present. I, for one, hope that Dick does not let out a peep about what he has going, until, not only has he shipped material, but he has been paid for it and the check has cleared the bank...and more shipments have been made and production at commercial levels can be sustained. This may take some more time, which is OK with me. There is untold wealth in those properties, and I have full confidence they will unlock the secrets.
Pain is not Death.
Pain happens with disppointment, frustration, affects us all, management included, but we get over it. Death happens when they give up. There is no recourse.
All the best,
Jocko |
