Wednesday, May 7, 2008

This is worth reading

This great piece of research was posted on the Yahoo Message Board for IEAM. Everyone should read it. There isn't much else to add.

A little history will explain it a

Why don't you "investors" do your homework when it is so easy with the internet? Let me direct you to info on your executives and Board of Directors.

Look up (google) John D Mazzuto and EVTC. Try Bob Casper and EVTC. Or maybe George Cannan and Butch Ballow and EVTC.

You will find that this group were all at EVTC in the late 1990's and early 2000. Mazzuto and Casper were directors of EVTC and George Cannan was the CEO. The company went under and the SEC went after many of the execs for Securities Fraud. There was a major stock manipulation. Butch Ballow (a prior convicted securities fellon who did time in prison) masterminded the scam and skipped the country. George Cannan and his son Jr. were convicted along with other execs at EVTC like David Keener. They filed personal bankruptcy to avoid major disgorgements from the SEC.

EMC was a subsidiary of EVTC. EMC is now a subsidiary of IEAM. George Cannan now runs EMC and the building is leased from him. Funny how this whole bunch winds up together again and the outcome is the same. Read up on the SEC indictments of this group at EVTC and see if you see some similarities on how they ran the company into the ground. It was a classic "pump and dump" at EVTC. John Mazzuto and his wife Elizabeth, (J&E)owned 1 million shares of EVTC. He was on and off the board and was CEO for a while. You don't see George Cannan anywhere at IEAM because he is banned from the SEC of holding any office in a public company. But you can bet he is in the thick of things.

Bob Casper and John Mazzuto were on the board throughout the whole manipulation at EVTC. John was on the executive committee with George Cannan.

Some of the rats have already jumped ship.

Do a little digging and it will shed light on the quality and ethics of your well paid officers and directors. I gave you the lead, now run with it. You may want to contact the SEC with what you find. Tell them the boys were back at it and the results were the same; a bunch of shafted investors.

6-May-08 11:50 pm

Monday, May 5, 2008

Looks Like It's All Over

I went up to Creighton again. The plant was closed for a week because they had nothing to make their products. Looks like the creditors aren't floating any more love. Even the people who run the local convenience store were talking about the employees all looking for new jobs. That isn't a good sign.

You really gotta wonder who's moving all those shares last week. Is there a broker somewhere trying to prop it up? Somebody on the board keeps talking about a "perp walk". He may be right.

Anybody know anything else?

Monday, April 14, 2008

What did we actually buy?

Someone on the Yahoo Message Board said "there is some real value in the plants and equipt, plus a viable business." I hope he's right. I went to Google Maps and got pix of the plants. It will give you guys a look at what we all bought into.

The Pitt Penn place is right. The rust colored building is the corporate office I think. There are two beat up trailers that are stuck in front of the building. The Unifide place looks like its in a strip mall. It shares the same address with a restaurant. Don't know about the EMC place.

The message board has a lot of wishful thinking on it. When you buy a stock, you can't forget that there is business behind it. We're not playing Monopoly (unless you're day trading). The price is not going to go up until this company starts doing something!

I wouldn't be surprised if they closed the doors by the 18th. They could avoid posting the numbers on the 22nd that way. Who knows. This thing is a total crapshoot.

Any thoughts?

Monday, March 3, 2008

A trip to Creighton

When I bought this stock back in April 07, it was at six bucks. 10 months later, it’s at 39 cents and delisted. What’s up with that?

I went out to look the plant over in Creighton. Should have done that before I bought. The place looks like a Superfund site. Talked with some of the employees. They’re all looking. The company isn’t making payroll. Suppliers and vendors aren’t getting paid. There is no inventory. They said that all the base material they use to make the products was sold off. The storage tanks are pretty much empty.

Somebody on the Yahoo message board said something about all the products the company makes. I tried to find some of them in the stores. Not there. Nobody knows much about our products and we’re in Pittsburgh. So I ask myself just what’s this all about? Everybody here keeps talking about when the 10K/8K are coming out. I don’t give a damn about the reports. I want to see these guys sell something! That’s how you make money.

We’re paying this guy Redmond $275 thou a year and giving him a luxury car to drive. God knows what else. I don’t know what he’s been doing but it sure hasn’t been moving product out the door. We don’t need a production guy running the place. We need someone who knows how to get our products in front of people who’ll pay real money for them.

Wednesday, February 27, 2008

Did you ever wonder what the "Pink Sheets" are?

I looked it up and learned more than I wanted to know.

"Companies will typically be listed on the OTCBB for one of two reasons:

(1) The company has been delisted from a major exchange. When a company is facing tough times and is unable to meet the requirements for continued listing on the Nasdaq or NYSE, it will be delisted. This usually happens to companies that are under financial strain and near bankruptcy. Even when listed on the OTCBB, companies are still required to maintain SEC filings and minimum requirements set by the OTCBB; however, these requirements are considerably easier to meet than those set by the national exchanges. If a company undergoes bankruptcy proceedings or misses certain SEC filings, an additional letter will be added to the company's ticker symbol to notify investors of this problem.

Typically, companies are on the Pink Sheets because either they are too small to be listed on a national exchange or they do not wish to make their budgets and accounting statements public.
Companies listed on the Pink Sheets are difficult to analyze because it is tough to obtain accurate information about them. The companies on the Pink Sheets are usually penny stocks and are often targets of price manipulation. They should only be purchased with extreme caution."

I'm not surprised about the " not wish to make their budgets and accounting statements public." That's what got us into this mess in the first place. What happened to transparency?

The news is all bad

I did my trip to Creighton. What a downer! Didn't see or hear anything there that made me feel any better about this dog. I'll post a run down later.

Wednesday, February 20, 2008

What do we do next?

Wow! Delisted. Way to go guys!

Since I live here in Pittsburgh, I'm heading up to Creighton to see what's up. I'll let you know what I find out. I'm not expecting much.

Post your comments here.