Pugs,
What I find most fascinating about your diatribes is that you chose to completely ignore the same "Red Flags" that the SEC was paying attention to.
GRNO made mistakes. The ones I know about certainly pertain to their decisions as to what constituted "material information". While the CEO wanted to make a lot of information public for shareholder's benefit, it was the fiduciary duty of his legal counsel (ex-counsel now) to determine what was worthy of a News Release.
It was also the fiduciary duty of the GRNO lawyers to properly register all GRNO securities with the appropriate state and federal offices. Apparently, this was not done.
It was also the responsibility of the Legal Counsel to determine if they should disclose of the activities of a close advisor and business associate, who also is a LARGE holder of restricted private stock purchased at current market price. This lawyer should have advised GRNO management that the company was required to disclose that this advisor had also decided to resurrect a dormant company he owned in order to enter into the waste oil conversion business and sign a contract in December, 1996 to purchase 3 processors at a future date (necessary to have the contract by 12/98 in order to capture Section 29 tax credit eligibility). This lawyer should also have advised GRNO management that letters of intent without money in the bank are not worthy of press releases.
So Pugs my boy... while it is obvious in 20/20 hindsight to say all of these things, most of this information was not the basis for my investment. I invested because of what I personally saw during my visitations to the processor site. I frankly didn't care (and still don't) who would be first to buy one of those processors. What was more important to me, and I believe most shareholders,was that the technology was sound enough to warrant someone eventually purchasing one.
So here we are, almost 12 months and an SEC investigation later. We have an operational processor, continuing interest from potentially major clients (Turks), and a credible legal counsel that ensures that nothing gets released that "isn't so".
What you have to figure out is whether RMIL would be able to endure a similar scenario, given the blatant lies that company has made in its public filings and news releases and its feeble fiscal position.
Don't you think they been awful quiet since the trading halt?? Good thing you are getting the "inside" scoop from management while the general public is left in ignorance.... <wink>
And you completely disregarded my warnings when I first began posting about the level of hype and misrepresentation you and the company were spewing forth. RMIL was an SEC trading halt waiting for a time and place to happen. And you choose not to listen to those who have been there before you.
Now you know.... <wink>
Btw, I will keep talking about GRNO on any thread that you choose to copy GRNO posts to. I don't do this voluntarily, but merely as a response to your activities.
Regards,
Ron |
