Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Addicknt, I agree there are 2 plausible scenarios but my gut instinct tells me the second is more likely. I can't even give him the benefit of the doubt and say that naivety played a part. With that level of remuneration we are entitled to expect good judgement and expertise, not naivety. Throughout his tenure, he has not had a single material success but, in hindsight, has been disingenuous and deceptive. He and the BOD have failed to discharge their fiduciary duties by acting in our best interests - he deliberately perpetuated the myth of £1.50 per TCF, he failed to obtain a CPR, screwed up the seismic programme, and finally offers us this ludicrous deal as his valedictory. And I am sure there are other examples. My understanding is that failure to discharge a fiduciary duty is not a criminal offence but a civil one. Going down that route will be expensive and hard to prove but at the very least we need to get rid of him completely from Sound and ensure he is recognised for what he is. And finally, if he is being retained as a consultant, what are we paying for that?
Thank you Treillis. For info, some SLB staff that were assigned to tendrara are shifted to UK. See linkedin
Appreciate your actions Trellis.
No John. The birth of sarbanes oxley does not sound familiar to aim listed Sou. You are comparing two entirely different circumstances and accounting treatments are not in question with Sou, more the PR.
I'm finding it very very hard to believe you have anything to do with banking, even high Street customer service posting rubbish like this.
Any of this sound familiar.....
Park Financial Group, Spear & Jackson Inc. and International Media Solutions, LLC were involved in a Pump and dump where the price per share increased $ 14.00 and over 100,000 shares being traded each day netting Spear & Jackson around $ 3 million in profits. In 2005 Spear & Jackson and International Media Solutions were fined over $ 8 million including two executive officers paying $ 420,000 out of their personal accounts. On December 5, 2007, Park and the company's president were ordered to pay over $ 113,000 in fines and penalties.[13][14]
As late as April 2001, before the company's collapse, Enron executives participated in an elaborate scheme of pump and dump,[10] in addition to other illegal practices that fooled even the most experienced analysts on Wall Street. Studies of the anonymous messages posted on the Yahoo board dedicated to Enron revealed predictive messages that the company was akin to a house of cards, and that investors should bail out while the stock was good.[11] After Enron falsely reported profits which inflated the stock price, they covered the real numbers by using questionable accounting practices. Twenty-nine Enron executives sold overvalued stock for more than a billion dollars before the company went bankrupt.[12
Best post today ...
I was there on Morroco and you have nailed the issue on the head. Its the fact crude and JP eat, drank and raised the hope of these investors , almost all the investors in this dumpster of a stock where just normal people who have lost litterlly their lives savings, and huge amounts of their security. It's the fact JP knowing these people circumstances many where close to pension age , knowing full well this thing was a pump and dump operation.
I personally tried to warn a lot of people on the trip, so I did my bit then , I have not held the stock for almost 2 years so can't report to the FCA, but it is shamefully how JP has taken people life savings from them, knowing full well this was never going to work out ...
I work in investment banking and it's part of the game , but it's not fair when unsophisticated retail investors are shafted by slick marketing and Messiah CEO, truly sad when a CEO can't make it legitimately in life resorts to retail investor fraud. Using one liners like the golden ticket, ducks in a row... So sad , using the pics of your family , pretending your the investors friends ... For a buck ! Lost moral compass and anything for money JP - sad sad man, ps I actually did make money from sound energy so I should be happy but it was bitter sweet seeing so many small time investors lose so much money to sheer greed !
1. Mr Parsons is a decent guy who tried his best. He was operating in a tricky industry where very few exploration projects ever turn into profitable and successful companies. Shareholders were aware of this and knew the risks they were taking. He dedicated much time to shareholder relations and was as transparent as is possible.
2. He is no more than a smooth PR man who knew exactly what he was doing and exploited private investors, recognizing the greed which drives us.
Take your pick.
All I know is that over a four year period his remuneration was £3.2m, and that doesn't include the proceeds of his share sales, which is excessive by any objective reasoning. He is now very comfortably off and shareholders have lost a great deal of money.
I sold out of here when his hubris became too overwhelming and is presentational style too slick. In my opinion, he over-egged the pudding far too often and made some pretty outlandish statements. But I'm not convinced this was done with any malign intentions. I rather suspect it was more a question of his naivety, relative youth and inexperience of running a company. But perhaps it's me who's being naive. His reputation is in tatters, and I wonder how easy he'll find it to raise money in public markets again.
Shareholders were sold a dream...which is exactly what it was...a dream. Nothing more, nothing less.