That's a heck of a theory, and a scary one because it makes so much sense. Steve, I'm coming to you when I need to set up my Bermuda retirement!
Nothing would surprise me now. As of the time of Advent Technologies, there were a number of players involved, any one of whom (or all of whom) could have been a conduit or facade for this or that activity. For example, there were some "majority owned subsidiaries of ADM Tronics Unlimited, Inc." which apparently owned HNLY stock, but Mr. Swarzman had the voting rights to the stock. So who really controlled that stock, and who really owned it? Where is it now?
(By the way, I think I misread the Advent 10-KSB regarding ownership percentages. The 31 percent for Mr. Swarzman seems to include shares in which he had "voting rights." But it does not include an unspecified number of shares held by Mr. Swarzman's spounse, in which Mr. Swarzman "disclaims any beneficial interest."]
Also, HNLY's press releases have said that the controlling interest in Magra is being/was (?) acquired by M.A.P. Inc., a HNLY subsidiary. So who has fingers in the M.A.P. pie? (For example, are people such as Mr. Swarzman drawing separate salaries from HNLY and M.A.P? Did Mr. Swarzman buy M.A.P. from a buddy in NY for a chunk of HNLY stock, or some convertible notes?)
One thing I'm really curious about is Magra, and Rocco Magnotta. Is Mr. Magnotta a wheeler dealer? Did he know what he was getting into here? Is there real value in MGRA, and if so will any of that value ever end up benefiting HNLY shareholders?
-- Jim |
