Scott--I always enjoy your posts, but I think you're wrong about the SEC. We will never hear from the agency again. GRNO will probably remain in a permanent state of quasi-investigation. I doubt if anyone at the SEC is paying Green Oasis much attention these days, but the file has been created and remains open. The bullshit "protection" language everyone's getting in the boilerplate responses to inquiries is pure double-speak from an agency that enjoys its freedom from accountability. GRNO clearly got caught by official Internet alarmism, and having missed the boat with Bre-X and GIFS, the SEC certainly isn't going to come out with a "Whoops, we over-reacted with GRNO" statement, you can be damn sure.
Also, your analogy to a court trial is misplace, I believe. Trials result from charges, not capriciously powerful agencies swooping down with NO charges.
I think we should get our collective minds around the fact that the SEC is out of the picture. It has done its damage, and now GRNO must begin its long climb back to respectability. Bill Carraway must push the issue of relisting by filing the appropriate documents, thus forcing the marketmakers to file theirs, thus forcing the NASD to ask for a determination of the investigation from the SEC. In September the plant will be fired up again and Bill can court buyers. The company must be more discreet about closing deals, and more detailed about closed deals.
The SEC tripped GRNO badly, but I have no reason to believe it will hit the company while it's down, or prevent it from conducting business. The agency has had plenty of time to do that already. Pushing for SEC accountability is a worthy grass-roots effort, but it probably will never relate to the GRNO venture. We've lost a year, basically. The upside is--maybe the winter of 1997 will be as exciting as the winter of 1996! Those who were lucky enough to get out at 9 or 10 can do it all over again <g>.
-- Brad |
