Bob:
As I understand it, Rene when questioned within the last day or so as to the status of the whole Simpson deal, went into a rambling, irrelevant spiel which inidcated that Simpson/Residential Resources have failed to provide some information regarding the financing---and that this has thrown a snag into the deal. Thus he's apparently already trying to lay the breakdown at their feet. When asked about the April 22 release which clearly reported a completed agreement, he reportedly blustered meaninglessly about the quality of legal advice he had. It's obvious that if a major part of the deal is not in place now, then it wasn't in place on April, 22nd.
Facts: Kevin Simpson has not taken over as president and CEO. Rene is still in charge. There is no completed deal and there never has been one. When asked about the status of things, Rene reportedly said they are "negotiating." Negotiating??? What a familiar ring that has to it.
In short, the April 22nd announcement was meaningless--had absolutely no validity. When asked about it, Rene reportedly blathered on about the quality of legal advice he can afford.
Can everyone begin to realize now why Kevin Simpson had no office and staff in place even though he supposedly was to begin running the company on May 1st?? It seems obvious that he's had doubts, even since the "official announcement" on April 22nd. Does it seem clearer now why no one In IR could say where the corporate office was going to be----even though the new group was supposedly taking over on May 1st??? Looking back, the whole thing was luidicrously transparent, although they apparently did throw enough crumbs his way to keep him hanging around the Langley office a good bit of the time leading up to "Mayday." There were even breathless reports that Kevin Simpson was already there in the office!! A touch worthy of "The Sting." Next time, maybe someone will at least kiss him before he gets screwed.
Now why would Rene issue bogus announcements about a "deal" with Residential Resources/Kevin Simpson, including the release on April 22, regarding the supposed agreement that had been reached and the actual date (May 1st) when the new group would officially "take over?" Why indeed? Well, let's look at what was happening at the same time that these breathless announcements were bumping the stock up to .16. Oh my goodness. Rene was throwing a new wad of stock into the face of the rise, an action which of course killed the rally, dropping the share price back down to about a dime. All neatly accomplished BEFORE May 1st---which came and went with no management change, no announcement, no nothing. All a coincidence?? If you believe that, I've got some swamp land in Florida (or a bridge in Brooklyn) I'd like to interest you in. Does the term "pump and dump" come to mind?
It's interesting to speculate about the nature of Kevin Simpson's and ISMH's involvement in what appears to have been an elaborate charade. One can only guess that they were snookered into believing that they actually had a deal, and were actually going to assume the management of the company. An interesting question now is at what point they will realize they've been had. My guess is that we'll see some sort of release in the next couple weeks from one or more of the parties acknowledging that the whole thing has fallen apart. And then, on to the next "pie in the sky."
From what I can glean at this point, there has never been and probably never will be any deal for a management change at Thermo Tech. In all likelihood, the funding is gone. In the next month or so, it will all, including "Thermo Tech Ventures" and Kevin Simpson, fade into the mist. I hope I'm wrong, but doesn't it all have a sickenly familiar ring?? It seems clear, at least to me, that Rene will take the company down into total ruin rather that relinquish control.
One senses that with this fiasco, the end may be near. I understand that they're having trouble meeting the bills even now. Heaven only knows what's happening to the money from the endless, mind-numbing dilution that goes on...and on...and on...and on. What's it now? Over 220 million?
Sifting among the rubble, one can only behold with morbid fascination the intricate workings of the pure sociopathic personality...the total self-absorption, the utter lack of conscience and remorse, and the endless capacity for deception and manipulation. Sad, but fascinating.
Sorry folks. Hope I'm wrong. But no deal...no Kevin Simpson...no money. Nada...
Veritas
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