Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Thermo Tech Technologies (TTRIF) -- Ignore unavailable to you. Want to Upgrade?

To: Robert Pool who wrote (4181)	5/22/1998 4:29:00 PM
From: Tom G	Respond to of 6467

Repost from Yahoo FRom TT lawyer Part I Exact copy of FAX received at 20:29 last night. Call (604)534-5085 to get a copy. "As you know, today was the court appearance before Justice Cohen on Trooper's motion for contempt sanctions. The Judge ruled initially that Rene would be excluded from consideration for contempt sanctions, and that the hearing would proceed only against TTRIF and TTWSI. There was a full day of testimony, with David Lunny cross-examining Dr. Cumming & Ross Lewis for Trooper; Ed Bowes on our behalf cross-examined Stan Lis and his engineer, Harlan Kelly. We had an excellent day, with the following high points: Dr Cumming testified to & demonstrated the conscientious response of TTRIF to Justice Cohen'sOrder, having studied it in light of the Reasons for Judgement, noting that we hired Ross Lewis of Stothart engineering to review the License Agreement, the order, and the Design Criteria Manual to be certain that we were in full compliance with the order, and that Trooper had the latest improvements available under the License Agreement. Dan covered the old patents, resisting adeptly Lunny's attempts to suggest that we had merely improvements, not unique new subject areas, in our new patented processes. Ross Lewis testified that he had reviewed Justice Cohen's Order, and found that Cohen had expressly excluded from production specifications related to equipment and construction, and environmental studies. So Ross therefore believed that the order only called for turning over the technology Transfer Manual, which is our Design Criteria Manual, which he updated, after due diligence, in full compliance with the Order. Lunny appeared totally taken aback by Ross' reliance on what Cohen had excluded from production, and attacked Ross only to the extent of urging that the standard engineering drawings which Ross produced had not been certified. Ross produced a copy of the certification from his file. Ross stressed the difference between process drawings - which the Design Criteria Manual provided - and construction drawings, which could be produced by reference to a specific locale, from our Manual. He pointed out too that in 1992, there had been no plants built; none were built until 1994. Ross stressed that we had produced all of the certified standard engineering drawings which we possessed, and that in his professional opinion: i) TTRIF had complied fully and in good faith with the Order; ii) Trooper has everything in the Design Criteria Manual necessary to build plants; and iii) that he was familiar with dick Engineering's drawings, and that these were for a wholly different process and had nothing to do with what was acquired by Trooper under the License Agreement. On cross-examination, Stan Lis stated that all of Trooper's press releases were true, including those from early 1997 that reported a contract with Korbud in Poland to do all of their necessary plant drawings, and that all approvals had been obtained from evey agency except one so that construction was definitely to start in August, 1997. Against this, he tried to claim that he had gotten all of this permitting done without producing any drawings, (that Korbud had been hired to do under the "Contract"), and all of this was because TTRIF didn't get him "blueprints". He claimed that all of his filings & permits in Poland were achieved without having to file a single drawing, because he had none and this was our fault. Ed Bowes demonstrated that the BDO report, and Trooper's own "true" press releases, said the opposite. Lis claimed that his website report that environmental approved deals had been obtained based on the specificeions from the Ontario plants was false.

To: Robert Pool who wrote (4181)	5/22/1998 4:34:00 PM
From: Tom G	Read Replies (1) \| Respond to of 6467

Part 2 of Fax: ' Additionally, Lis demonstrated that Trooper did not wholly own IEWS, but that he & Kosak and three other individuals had held one share each, "on behalf of Trooper," to get around Polish law governing joint stock corporations. He hastened to add that Price Waterhouse said it was okay nevertheless to sayTrooper wholly-owned IEWS (it apparently owned 95%) at the time. Ed Bowes was able to show that Lis' claims to "contracts" for raw material were not contracts at all, that Lis had prevented BDO from due diligence on this score; Lis did not help his position - that he could not have firm, enforceable contracts -- by defending himself and his secrecy and obstruction of BDO's due diligence on the ground that his "partners" were defrauding Polish authorities about how much waste they had so they could avoid making payments required under the new environmental laws. Trooper's engineer, Harlan Kelly, admitted that he had received a letter from Lunny which told Kelly what conclusion he was being hired to reach, and which he reached. He had never been shown the License Agreement, nor the court Order; he had no idea what Trooper acquired under the Agreement, nor whether there were any limitations on it. He was directed simply to find that no one could build a plant based only on our Design Criteria Manual. He admitted, however, that a talented engineer, such as himself, could prepare construction plans, for a specific locale, from our Manual. he also admitted that a patent would not be granted unless the new learning was "unique;" he did not know anything about TTRIF's new patents. Kelly had not been shown Trooper's press releases before today in court. He seemed suprised to read that Korbud had been hired to prepare all drawings necessary for permitting, and that all of the steps necessary for permitting, except the last piece of environmental approval, had been achieved by early 1997, according to Lis' "true" press releases. At the end of the day, Justice Cohen adjourned the matter to the week of June 8th, with both sides to submit written argument by that date, based on actual transcripts of today's proceedings. He deferred a ruling on the corporate contempt issue before him, and took my affidavit subject to a later ruling on whether he'll let Lunny cross-examine me on it, which Lunny said wouldn't take very long. The Bottom Line: Rene is out of it; there will be no contempt findings or sanctions against him. Dan and Ross were strong, persuasive, honest in their presentations of a company that dealt in good faith with a somewhat unclear Order that differed from the Reasons for Judgment; they showed that TTRIF produced exactly what was required by the inclusion and exclusion provisions of the order, and indeed by the License Agreement. On Trooper's side, Kelly's testimony should be thrown out for having had the conclusion imposed by Lunny, and Lis was stuck in the quite obviously uncomfortable position of having to convince someone that his Press Release & website were truthful while claiming that he had no "blueprints" and thus got all of his much-heralded permitting and opportunities done without submitting a single piece of paper. It goes without saying that he failed in this effort, just as he failed in his efforts to get permits to build anything in Poland, through no fault of TTRIF. End of Fax transmission.