There you go Zsuzsa the whole darn thing!
By: Zsuzsa
Reply To: None
Saturday, 17 Apr 1999 at 12:26 AM EDT
Post # of 648
Thermo Tech Shareholders:
The "Guts" or Questions/Responses/Observations portion of the material prepared re:
Thermo Tech trip a week ago by Dave Bowen & Peter Van Arnhem will be posted in
segments in the next short while. (over the next few days I expect)
A couple of details are still being addressed.
Assessment of what was learned , achieved , glossed over , missed or simply not covered
has been on-going.
Among those working with the material there are significant variances in opinion regarding
interpretation , continuing concerns and where reasonable relief has been realized.
It had been our intention to provide the results of the meeting and a common view as to
where we see things.
That will not happen.
A strong indicator of the differing thought is the positions Dave, Peter & I have taken vis a vis
our own shareholding positions.
Peter is increasingly confident regarding Thermo Tech since attending and departing the
sessions last Friday. Strong likelihood he will increase his position if not already done.
Dave has what he refers to as a "Cautiously Optimistic " view.
Is certainly prepared to continue holding his position for awhile and will re-evaluate as events
occur to justify changes either way.
Last Tuesday , I decided to sell my shares and am no longer a Thermo Tech shareholder.
I was not physically present at the meetings .
It is natural for my perspective to be different.
Everyone involved has worked in good faith with a belief the effort would open up
communication and responsible information sharing with TT management..
Quite Simply: I have a major concern that was not addressed .
The question wasn't even considered in my context until after the trip was over and the
material evaluation was underway.
For me the single most important issue comes down to the 10's of millions of shares placed
into the market " Dilution " since last AGM.
I have little concern regarding whether Dilution was Bad, Good or Indifferent.
The money was needed for Construction Bills , Equipment Purchases , Operating Expenses
etc.
None of it seems to have been used for direct contributions to personal assets for anyone at
TT.
The various required form filings appear to support that understanding.
So ; Why Is Dilution the Major Issue for me now ?
*
Until now I have been concerned the company was teetering on Bankruptcy .
*
Until now I wondered: What would happen to the company's assets and my shares if new or
existing stockholders "Stopped Buying" these bit's of paper as price/value declined ?.
*
Until now I wondered : Who would purchase the "Remains of the Dead" for mere cents on the
dollar from an Insolvency Liquidator or Trustee .
.... I no longer wonder , I do not have that concern.....
Why?
Appreciate this is my "Opinion" Only. It is not shared by others:
The company "Will not be Petitioned into Bankruptcy".
Existing and new share holders will benefit from their holdings ; The share price will likely
increase in the forseeable future !
Let me explain:
i.)
It is less costly to dilute shares and pay anyone (everyone) who might consider initiating a
"Petition in Bankruptcy"
ii.)
The technology and any existing/pending contacts are significantly more valuable if the
company is a "Going Concern"
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iii.)
Major control of the Assets is "Already Being Purchased" for "Cents on the Dollar".
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The question not asked during the meetings last week was this:
.................. "Who are Major Buyers of Dilution Shares" ? .............
All the analyses of Financial Statements, All the questions and speculation and innuendo
regarding Waste Streams and Pending Contracts and Management Re-Structure and Fuzzy
News Releases, and will TT agree to having Shareholder Rep's in the Boardroom, and Why
Share Dilution and Plant Costs and Rene's Home and Legal Suits and Unpaid taxes and
Thermo Tech Enzymes and , NJ and Ambrose and ..Oshawa and Niagara,Skagit, Baja , .....
and ... and ... mean absolutely "ZERO"
It is more than plausible: Share Dilution is a "Well Orchestrated Program"
to ensure Majority Control & Phenomenal Profit Returns accrue to a very small and select
group of people.
Have the major purchasers of the diluted shares been those people who turn to their broker
for investment advice ?
No ! I don't think so.
Have the major purchasers of the diluted shares been the likes of me ? People who pick up
5, 20, 50 or 100 Thousand shares from time to time to average down cost or because at
such a low price , the downside risk was much less than potential upward gain ?
No ! I don't think so .
Have the major purchasers of the Diluted Shares been those "Wicked Day Traders and
Market Makers " that disrupt the natural flow of real share value?
No ! I don't think so.
So ; Who are the Buyers of the majority of the Diluted Shares ?
Seems it has already been suggested or wondered about by others in the past. Guess I have
joined their ranks.
I believe it is a select group of people who knew the following all along :
i. )
Major Contracts are Pending and have been pending for some considerable time frame.
ii.)
There is significantly more in TT asset & future value than Market Cap reflects.
iii.)
It is better to Buy Thermo Tech as a "Going Concern" rather than as a Bankrupt Shell or a
Pile of Equipment to be re-built into a more viable organization.
iv.)
They could buy 50 % & more of the shares for a miniscule fraction of the cost of building the
company on ordinary shareholder money.
Basically they are buying that huge percent control by paying the operating expenses for
awhile.
So: to reiterate my major burning question:
................ Who Is Buying The Shares ? (Millions of them )..............
I really don't know. Strongly suspect 8 or 10 possibilities .
Anticipate some of the names and companies we have come to know and love along with
other holding companies we don't yet know (perhaps offshore) might show up in share
registries as significant and repeat buyers over the past year .
Would this be Share and Market Manipulation ?
Should anyone be advised of this suspicion and formally asked to investigate ?
I think so.
Jim Howard
PS: If anyone is good at Cut & Paste, I would appreciate this message being posted at
Yahoo |
