One of the little ironies in the ECO2 affair was the way that SPA FAUCET, its once 51% owned subsidiary, became a founding member of a organization dedicating itself to "full disclosure" to investors. Perhaps the old ECO2 hands here will be interested to know that SPA has been suspended, although that fact doesn't make me any more confident that the organization does not have as its real purpose to encourage confidence where none is deserved.
Here's some recent correspondence about it between me and the organization.
- Charles
=========================================
>And now SPA is bankrupt -- so I was right.
>
>Your "standards" organization is the fraud I said it was. Nasty business.
>
> - Charles
>
>============
>>>SPA FAUCET has a right to use your seal? Are you joking? Do
>>> you know what a laughing target this makes your organization,
>>> or are all of your members as tainted by self-dealing and
>>>fraud as DRIP is?
======= REPLY ==============
Subj: Re: SPA FAUCET
Date: 12/21/98 10:01:30 PM Pacific Standard Time
From: iri@investorsresearch.org (IRI)
To: CBKNYC@aol.com
Solvency is not a standard. Accessibility, disclosure and scrutiny are the standards. As noted before, our responsibility, once our website is established for this purpose, is to note the progress or lack of it for companies pledging to adhere to the 'seal'. Anyone may join our organization and/or participate in the annual hearings which establish the 'Seal's' requirements.
A company must pledge to adhere to the standards listed at our website at
investorsresearch.org . If they are not meeting the standards set there, DRIP may be placed on our "watchlist", "temporarily suspended" or "suspended". Due to the company's failure to respond to our inquiries about its solvency, or to report that to the public, it has been temporarily suspended. |
