Just a couple of points to consider.
Note the profitability reported in the March 27th press release:
It shows profits and expenses but doesn't disclose the crucial information that these numbers are based on. The operating costs and other expenses of the Hamilton Plant may not show actual costs attributed to the plant. For instance some of the management payroll may come out of the companies general expenses. It is an easy task to do up these models and projections in such a way as to impress those who would likely read it by juggling the numbers accordingly, in the same way businesses do for the financial institutions of their choice.
Does any one have access for a more detailed listing of expenses attributed to the Hamilton plant?
This would be much appreciated by most of us on this thread.
Another red flag:
Due to the unlikely hood of my money being gambled in TT subject to a major change in management, I feel at liberty to discuss my conversation with Rene in a little more detail (he reads this thread regularly and I'm sure he won't appreciate it).
When talking to Rene he showed no concern at all in the impact the law suite TPP has filed might have TT's share price or how TT investors would perceive this, his reasoning was that he had an insurance policy to cover his and TT's butt so it didn't seem to matter to him if TT lost. If it came to pass that he and TT lost the suite he would hold those who have issued the affidavits on TT's behalf liable (I doubt very much that he would be able, if they only knew.). He also mentioned that TPP didn't have any insurance to fall back on except the courts. I found this attitude applicable in his explanation of the way the JV in Ontario Thermo Tech was set up. TT Corporately is not liable if a default were to occur in repayment to the pension fund for the debt financing, TT has nothing to lose, they put no money in. YET! The companies guaranteeing the put and pay and the take and pay by contract for 12 years, both conveniently seem to be subsidiaries of Thermo Tech. These contracts are used to secure the nonrecourse financing. I'm not sure what the implication of this might be. I am beginning to doubt that the financing is all that secure. I was told it would be completed by the end of March (some one out there may be able to confirm this).
I brought up the possibility of a small settlement of maybe $10,000,000 and his response was that he would buy the F___en company (TPP) before he gave TPP that $10,000,000.
He explained that before 1993 TT had no intention of building their own plants around North America, but due to the lack of interest and inability in his opinion to find adequate JV partners and licensee, they went it alone.
Because of his arrogance and the way he freely displayed it, I felt he had a personal vendetta against Stan Lis. A person that displays such an inflated ego and fearless arrogance this is not the man I would like running one of my companies.
I refer to TT's CEO by Rene and not Mr. Branconnier, because of my acquired lack of respect for him as a CEO.
Robert Pool
Now 100% confident in a SUBSTANTIAL TPP victory. |
