SFH:
Thanks for your post.
If you were reading here last fall, you may remember my first hand account on the events at the shareholder meeting in LA. There, I heard company President Lee Hoevel describe where the company was headed. I was impressed and intrigued, enough to decide to stay the course and continue investing with the IMS for a while longer- based on his stated goals. I gave a favorable report to that view here. Plenty of evidence, official and otherwise, came out at the end of the year to confirm that his goals were being acheived.
At the recent court hearing, Board member Neches told the judge he began feeling at the end of the year, and into 98, that things were not going well financially for the company. Since he and Dr. Hoevel are long-time associates, and both are IMS Board members, it would seem obvious that they both knew of those difficulties.
Instead of acting in their proper capacities as IMS Board members, acting on all our behalf, to address and respond to the financial difficulty in front of them they resigned their positions. They were elected by all of us to act appropriately and help secure financing and deal with all company matters at these levels. Reasonable people among us believe that proper financing could have been secured then with a concerted effort from the Board.
It is fair to ask why this simple function of the Board was not performed? If an account of the effort is available it should be published for us to read. If the company had to seek Chapter 11 protection because such an effort failed we are owed an accounting of it.
Of course, I'm not looking for such an accounting any time soon. In fact, I'm probably like many others that just want to get away from this sleezy, unethical behavior of those associated with this.
However, last fall Dr. Hoevel gave me hope that this company had goals and was going to succeed, and I believe it has. I stuck with it, and at the end of the year, even invested some of my son's college funds in IMES betting on Dr. Hoevel.
Now, I see that some of the IMS Board are acting for their own interests- and against those of my son and I. They are wrong to do this. This will be the way I see it and handle it until they have the decency to address us with the truth. What I've heard from them to date is no where near credible. They deserve to be resisted and opposed in every way.
DD |
