Dear Mr. Huttoe
I have been reading with great interest your exploits and I have developed a few questions for this thread's discriminating readership:
1. The 34 million as yet supposedly unsold shares, are they perchance still in your possession?
2. Has the SEC actually delineated detail wise, anything other than that a civil lawsuit is engaged at this time? The freezing of assets is germane to that which can be "frozen".
3. Since the above refers to a civil suit, it has none of the implications of a criminal suit, with the keywords "felony", grand larceny, and if memory serves, other than the word "manipulation"
>>The Complaint alleges a massive and ongoing market manipulation...<<
4. Possible developments more suited to SOE stockholder goals would be proof that the following can be proven;
>>>The complaint further alleges that Huttoe engaged in a massive cover-up after SOE's auditors discovered evidence of his unregistered distribution of securities, and raised questions concerning it in mid-September, 1996. As a result, the Complaint alleges that defendants variously violated the securities registration, antifraud, anti-touting, and other provisions of the securities laws.<<<
I have noticed on this thread a lack of directional thrust which remains focused on obvious issues, and stated fact. While the in-between rhetoric is fine for cathartic endeavor, it won't gain you access to your piece of the pie. One huge body of work done by caring and talented members of this gathering was with regards to the S-8's. Unless I have read this wrong, which is quite possible, the S-8's were produced by You, Mr. Huttoe as a means to stall for time, and provide a bromide to a festering wound a-brewing; sort of a glorified male yeast infection. A tremendous body of work was done to ....give the contents credibility by discerning if the names on the S-8's had real value.
If as the SEC alleges, you have instead simply dumped shares which, naughty boy, were not to be dumped then the shareholder concern would be;
· Exactly what shares are left, and does it mean beans anyway?
· Can dumped shares be retrieved?
· Have innocents purchased these shares as this board has, with trading rights?
· Have these other buyers dumped their shares,
· And if so, just what do we have anyhow?
I would much rather see a forum develop along the lines of what do we really know, what can we really do, and does our collective assets in SOE give this body credibility and strength in numbers so as to guide the outcome of the carnage (along with a two hour disembowelment for you Sir, if proven guilty.
Nothing personal, Mr. Huttoe. This is business.
I was chagrined to note that Mr. Wax divested himself of his many shares, and I certainly don't purport to have any magic bullet, other than the one Mr. Huttoe should be eating. That said, I am just curious whether there was a better alternative to Mr. Wax's sale, at such a terrible cost.
I would have preferred that Mr. Wax present his case to the forum, and without any implicit binder, seek through consensus, the viable alternatives open to him, all taking into account his personal tax status and other considerations. None of which are our concern, yet a true understanding of what options are available would be helpful to us all. I still believe, that the loss isn't there until it is taken. Once taken, you have pronounced the amount.
This is not to be taken as quarterbacking. Mr. Wax is referenced because he had the presence of mind to take a pragmatic moment and share the amount of his loss. This is certainly not any easy thing to do. And since we all have been well duped here, Mr. Wax is among friends.
Mr. Huttoe on the other hand is not.
I would imagine that his civil suit legal representation is gleeful that this is a "complaint" and that they have many, many options at their disposal to minimize the import of his misdeeds. The SEC, admittedly is entering unfamiliar territory, and will possibly pork themselves in the foot, unless they are well represented as well. Additionally, we have the novelty of the "scam" and the "Internet", all guaranteed to turn simple constipation into ordinance likened to a Hershey projectile, with I believe O'Henry like velocity. |
