Elliot,
Lot'o'excitement on the DDEV board on RB! The key points:
- the August 10Q says that the company plans to start 60 day trials of its system. The November 10Q may tell us they've been successful... or could tell us that the company is in chaos with lost employees and a continusing board battle.
- MJPaolini, the company's founder and source of the patents (I believe) and ex-CEO has been very generous in providing information -- although there are some very embittered shareholders who think he's a monster.
One of MJP's posts is below. Great stuff - although it makes this company frustrating as a great hope that may never get its course straight.
- Charles
P.S. there's some noise about WCYB on RB also -- mostly because of a recent increase in share price that looks phony.
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By: mjpaoli $$
Reply To: None Wednesday, 11 Oct 2000 at 10:03 PM EDT
Post # of 429
Paolini responds to Tilyou $$$ Post 387
Thanks for asking intelligent questions.
The Florida Teleport deal has been dead for three months. The books of the Teleport were not audited and after a preliminary investigation by the accountants, both parties agreed to abandon the deal. There was nothing wrong with the financials, but it would have required complete reconstruction of the books for three years previous. I believe the Teleport has since been sold to a private German group, but I cannot confirm that.
None of the officers or directors of DDEV are formerly part of the Teleport. Frank Cassidy, the owner of the Teleport served as President and CEO and Director for about two weeks in June of this year before resigning.
DDEV was always based in Florida. I selected New York as the best opportunity to make the array investment. We have always been at 110 East Atlantic Avenue Suite 230 Delray Beach Florida 33444.
The Teleport people were not behind my ouster. There was intense disputes between the directors in June. I wanted them all to resign. Frank Cassidy was suggested as a compromise candidate, and I agreed since the Teleport was doing six million per year, so after the acquisition, it was reasonable that he should run the Company. I stepped aside, but not before calling for a shareholder meeting for September 8, just in case. The Board of DDEV approved the meeting, and then refused to have it, knowing that they would probably be removed. Wolff and Earl Anderson own less than one million shares collectively.
The Teleport would have made DDEV profitable immediately, if the deal could have been done quickly. Unfortunately, it could not. We did install an Uplink at our Union City array location, so DDEV has satellite capability right now. We also maintained a customer-vendor relationship with the Teleport, so we could use the Teleport for global linkage to NY from either Union City or Florida.
The strife at DDEV has not ended. The Board has refused to resign and/or restore me as CEO. In fact there is evidence that they have been working against the parent company which I control (EagleView Technologies, Inc.) which is the largest shareholder of DDEV.
If there is a meeting, it will be a bloody proxy fight, with all kinds of name calling. There are people who are willing to invest in DDEV if they could control the Board. I would go on the Board as Chief Technical Officer.
The real problem is that the present management cannot be motivated with regard to the price of the stock. Earl Anderson has never held a shareholder meeting for fifteen years. He is 76 years old. After sitting with his stock for that period of time he did not sell a significant portion of his shares when he could have. I placed no restrictions on his aged stock when I did the deal. He could have easily sold his shares at three dollars when the stock rose from $.22. He did not. At his age he should have cashed out after fifteen years and risked buying green bannanas. Wolff only owns 150,000 shares of DDEV stock. Neither Wolff nor Earl Anderson have any technical background whatsover. It is a truly unfortunate situation.
Mike Paolini |
