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Chuck, for what it's worth, I am profoundly grateful for your analysis of the current 10-K, I would be the first to admit that my ability to grasp certain aspects of financial reporting is limited. I looked at the old one sent out with the IR package in March again and again, and although a couple of areas were "cloudy" in my mind, I came away with the sense that whatever mistakes were made with the New Zealand deal, that the company made a good faith effort to correct. Now....well, I am still concerned that the ICMX deal is going to fall by the wayside, reason being, if the company is heavily fined and/or sued as a result of Hot-toes mis-deeds (and whoever else) the parties agreeing to the initial buyout may take exception to turning over their assets to persons involved in criminal fraud. Also, although Huttoe clearly is to blame for much of this, along with whatever else is dredged up, it may be that he was "extorted" by outside parties to act in the manner which he has....this would certainly not be unprecedented, one case that comes to mind is Tel-Tek (documented in one of the online news services) whereby a market maker clearly intended to sink the company....so, when you have a pot full of fish, and it stinks to high hell, you can either pick through them one by one, or throw the whole mess out and start over. I am not convinced there will be anything to start over WITH. That's just my gut feeling, which had I listened to before would not have openly prostituted for the self-proclaimed intent of reaping a "modest" 50% profit! Shame on me, shame on all of us....and thanks Chuck for trying to do what you can to right a shitload of wrongs. |
