Re: Mismanagement, corrupt and inept - I think we all knew Cflo was a mistake
posted on
Apr 15, 2010 11:12AM
This is what I objected to:
As many of you are not aware PTSC has brought a trumped up suit against against Crossflo.
The board members have effectively reneged on a deal with the original shareholders of Crossflo who are not party to the suit and are holding $750,000 in an escrow account. They are borrowing from their patent partner who they are now suing as well.
This story is not going to end well. Gloria and Carlton and inept and should be but up on charges for what they have done to this company.
and this:
they have damaged the Crossflo shareholders a minimum $750,000 and possably $500,000 as they wre un able to sell shares on the run up last year
If surfersdsb57 were a shareholder with Crossflo, they would know that it was a PRIVATE COMPANY with the inherent illiquidity of the shares. Notwithstanding this fact, the shareholders had to agree to the terms of the purchase by PTSC. Once they received cash and shares, any shares could have been sold last year had they so wished.
To now come here moaning about how hard done-by they are because some shares were held in escrow gains absolutely no sympathy from me.
Were it not for PTSC, Crossflo would either be deeper in debt, with consequential dilution or out of business. There must have been a reason the shares were placed in escrow, and I don't believe for a single second that it was related to meeting targets.
Since when have PTSC been "borrowing from their patent partner"?
One final thought, if the charges are "trumped up", why didn't any of those at senior level who left fight for their respective positions?
I still believe that PDSG is a viable asset and look forward to some news on how matters are progressing.
.
.
.
Be well