I sent the following queries to Marc Tow the other night. So far he hasn't answered, so I thought I might as well post the letter on the thread:
Subject: MTEI
Date: Tue, 18 Aug 1998 22:15:40 +0200
From: Janice Shell <janice@planet.it>
To: mrt1@webtv.net
Dear Mr Tow--
If you've been following the MTEI thread at Silicon Investor, you'll know I take a keen interest in the unfolding of the company's story. In that connection, I have a few questions, and a few thoughts.
I assume you were the person who persuaded Jack Uselton to decide to start up an energy company. His first step would be to purchase the tax-forfeited land in West Virginia that you'd bought in 1994. Unfortunately his subsequent actions proved to be disastrous. Was the company ever meant to be operational?
How did you come to know Jack? Or am I wrong? Did Jack find you?
Given your active role in the affairs of the company--after all, you, or you acting for two investment groups, controlled 50 million shares, at the outset a majority interest--you would certainly have seen the PRs in which Jack claimed the West Virginia properties had a value of at least $200 million. Did you think this was...odd? And if so, why didn't you say anything?
Following the trading suspension, did you ask that the properties in question--72 parcels, I believe-be returned to you? Were they in fact returned? According to investors who post at SI, Jack is saying "Yes".
How was this possible? Normally one doesn't make a sale and then decide it was a poor idea after all. Was provision for this eventuality made in your contract with MTEI? It's been rumored that the land in question was always your property; that the deeds had never been assigned to MTEI. Is this true?
You controlled 50 million supposedly restricted shares of MTEI. Were these shares returned to the company treasury? Did you ever own any additional shares, and if so, do you own them still?
Shareholders have been taken, and the story seems not to be over yet. Have you considered helping to put what's left back on its feet?
As you know if you follow the threads, I have no position in this stock, nor have I ever had.
I do realize it's presumptuous for me to expect you to answer my questions, but nothing venture, nothing gain. I'd really like to know the truth, and I'd like to see the shareholders get a little bit of a
break.
Janice Shell
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