Ron,
With all due respect..
#1. David Greenstein is no longer a lawyer, he was disbarred a long time ago. He filed the action pro per, and has been working as a civil litigation paralegal since he was disbarred.
#2. No one is arguing whether or not there was opportunity for people to buy and sell and make money trading econnect. You can trade frauds and make money, especially if you have inside information. BUT.. I believe that Mr. Greenstein's point is that it's not a "fair market" if the shareprice is being manipulated, whether by MMs or crooked CEOs. And thus, he may have an actionable offense - F R A U D. Basically what I have been claiming since first joining SI a long time ago, and I can tell you this Ron, things are NOT looking good for Tom..
I spoke with yet another disgruntled stockholder, and "consultant" to eConnect last night. He may also file a lawsuit soon, and claims to be owed money Tom keeps promising to pay him.. This is the same old stuff, ala. Cheryl Vasiloff and that guy who repoed the COMDEX booth he had made for Tom.. I don't think any of these signs are positive.. If I were to guess, I'd say the company will be out of business soon, and Tom will be nowhere in sight.. Maybe by the end of the year.. We'll see..
Also exchanging emails with ANOTHER disgruntled "former partner" of sorts.. He claims Tom owes him $200,000, and he has a mouthful to say..
So Ron, I don't think anyone is saying the concept or the idea is dead.. SOMEONE will bring secure payment transactions to the internet, I just doubt VERY MUCH that it'll be Tom Hughes or ANY of his cohorts..
Remember, at its' height of $21, the company was valued at several $100 million.. Today, rounding off and approximating, it's worth around (500 million shares x $.05) $25 million, and in my opinion, that's about $24.9 million too much..
So Ron, almost a quarter of a BILLION went down the drain, shareholder losses.. Do you think Tom may be accountable? Do you think a judge will let him keep the millions I'm sure he has stashed away somewhere?
Ill be back to lurking, but wanted to address your post.
I predict 1-2 cents by October, 2001. |
