Dave,
Maybe you were referring to the NASD statement - excerpt below - when you suggested my ignorance of the facts surrounding the demise of SOLV? Do you consider this to be good news? Just curious.
From NASD (part of the famous a-b-c-d reasons for delisting this
bogus company)
< During the past four months, the Company has used the facility to -demonstrate" its technology, spending roughly S 15 million to produce 500 barrels of bitumen with 2.9% solids and 20% - 25% water, operating 2 - 4 hours per day. >
Yes Dave, 500 barrels in 4 months - Wow.
Remember what SOLV was saying at that time? They were supposedly making tankers full of bitumen. And not very good bitumen at that!
Good commercial bitumen has less than one half of one percent of water and solids. SOLV spent about $30,000.00 per barrel to produce bitumen that contained 2.9% solids and 20% to 25% water. At US $30k per barrel of sub-commercial bitumen, it is little wonder to me why they
went of of business. To ignore these FACTS is totally absurd Dave.
Now, I honestly ask you this. Is this the hallmark of a revolutionary process in tar sand technology??!! It took SOLV 4!! months to go through your money to make this worthless bitumen, and you're not the least bit angry with SOLV about being lied to?
Remeber the story about the tanker that was supposed to be filled with bitumen - actually hauling water into the plant?
Even I, the first of skeptics thought they HAD to be producing more bitumen than this. Hell, I think I could have produced 500 barrel of the stuff myself with a camp stove in 4 months and for one a lot less than 15 million!!
Incredible! Dave, you're more than welcome to continue living in your fantasy world. Just don't try to recruit new members ok?
With regards to leaks by the SEC and others to competitors about SOLV's state of affairs at the time. I view this as little more than a smoke screen to hide the blatant fraud and mis-management your company was suffering at that time. I don't blame SOLV for being angry with the SEC's alledgedly discussing the "process" with competitors. SOLV probably didn't want the word out that their bogus,
worthless proprietary process was an utter failure. See, if that type of news got to the investment community, just think of what would (did) happen to the stock price. No Dave, SOLV is angry with the SEC because they blew the whistle on their scam.
My advice: Get on with your life and don't spend another dime following this company.
Gary
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