Richard:
We were not shown any accounting data, and I got the feeling there were several reasons for that. One of which is they may need to have an outside audit of their records before they release them, being a public company. (My guess)
I am not too worried about not seeing any of this data, one reason is they have a vested interest in seeing the company become successful. Floyd, Brad and Dan have nothing to gain if EUTRO is not a complete success. They want achieve a much higher share price. Another thing, there is not anything left to bleed out of the company, they were under water when Floyd stepped back into control, one year later they are floating, focused, they have a positive direction, they have goals and are actively working on more deals. They have completed a 180 degree change in direction, they could have easily just gone ch. 11.
Unfortunately, there is still a line holding the boat to the dock, the 50 million share issue. It is out of Floyd & Brad's hands, it is now a legal matter being handled by a law firm specializing in SEC/public company issues. Floyd wants the matter resolved as soon as possible, however, I got the feeling he wants the offending parties to feel the pressure being applied by his counsel to effect a strong settlement. You can not rush legal matters such as these, he who blinks looses! Dan and Floyd have been in the investment banking business for years and have a lot of experience behind them, they have contacts, they know where to go when they need outside help, I am confident they have good legal counsel. However, keep in mind, this is like a real estate deal or buying a car, the more anxious you are the more it will cost you.
I am also mindful that this is a legal matter, other people determine the outcome. There is a chance a settlement could be less than desired. However, Floyd and Dan seem to do their homework and are prepared, I dare say that is 80% of the battle.
As Brad would say "this is speculation".
Bottom line is we may not see a quick resolution to the 50 million share issue, however, I would rather be sitting on EUTRO's side of the court room if this does end up in court. It has been my experience, once both sides are done posturing and sizing up the facts, offers start going back and forth for a settlement. Court is the land of losers. Both sides will incur legal cost and if there has been violations in the handling of the funds of a public company, I imagine it would not be pretty for the offending party.
AGAIN, this is speculation on my part. I want to stick around and see how this plays out. I am long on this stock!
Robert |
