Flynn,
If anybody wishes to file a class action suit, they first have to have a "class" willing to participate.
Second, the Charleston processor is owned by the limited partnership, not the company. Thus, the quantity of assets available for disbursement is rather limited.
Third, should a class action suit occur, the limited partners will undoubtedly put their heads together in order to identify an alternative strategy. One possibility would be to restructure the partnership into a "C" corporation and take the technology "private".
That would screw EVERYBODY. And it would be the last resort option that I would recommend.
As far as the SEC allegations, I, and others who have asked, have seen various documentation backing up many of the press releases way before the SEC stepped in. It was part of my diligence effort. Didn't see them all because I didn't ask for all of them. However, a certain poster to this thread claimed that the Brazil deal was bunk. I paid special mind to reviewing the documentation on this press release. So did a Mrs. Hostetler.
As far as Bo O'Brien goes, what I heard from him is that he is a substantial shareholder and provided much of the capital that was required for the reassembly of the processor out of his own personal resources. Folks can say what they want about Bo, but I would say that he put his money where his mouth was.
As for the commercial viability of the contracts for a processor, I think much of this has been clarified by the test results that the company has received. Now if they are referring to the reliability of the customers/clients, that may another issue altogether. RecOil was on the way to lining up a joint-venture with EVSI which I verified through that company. Don't know the current status of the effort, but I'm sure that the SEC investigation is creating a self-fulfilling prophecy. Contracts won't become commercially viable while the SEC has the company under a dark cloud.
And to answer the first SEC point last, what does it matter how the company developed the processor. It exists and awaits a final state environmental operating permit. This one I don't really understand.
However, I'm sure that M&K engineering is providing all of the necessary information.
Regards,
Ron |
