The backgrounds of the people at the company were posted on Raging Bull and maybe this thread too, I don't remember. They're just tech guys who IMO have done nothing wrong except arguably not pay close enough attention (or not understand the implications of) what the PR firm asked them to bless before it was released. I think that simply getting involved with the wrong people is exactly what they did. It's clear that IBP, or at least Terry Ritchie, were/was "the wrong people" because of those hypey press releases. Floyd thinks Berg and Ray were "the wrong people," too, but I haven't seen anything concrete against them except that they obviously have a relationship with IBP.
BTW if I didn't make this clear, NONE OF THE THINGS THAT BERG AND RAY DID, IN ADVISING THE COMPANY, FORMING THE SHELL, ARRANGING THE MERGER, GETTING THE STOCK LISTED, ETC., WAS IMPROPER. At least not from what I've seen thus far. Floyd doesn't like the idea that Berg issued a legal opinion that SFLK stock sold under Rule 504 and 506 was freely tradeable because that opinion covered stock that he owned, but the analysis required was so basic that it did not, in my view (NOT a "legal opinion" <g>), justify their going out and hiring another attorney to do it. Floyd also suspects improprieties in the issuance of stock, but has no evidence of this as yet. |
