Investing in Bad Company by: ababychuk Long-Term Sentiment: Strong Sell 03/08/05 03:07 am Msg: 17 of 18
For your information: I was looking into POCC and found something that might interest investor of POCC and RVEP. Please follow link to SEC proceeding against Jerome P. Richter in 1996. Hope this will help you folks decide invest or not.
cbr954wrecker, it never ceases to amaze me the number of people that invest without doing any due dilligence whatsoever. If anyone reads my posts on this board, going back probably 2 years, they would see that management is corrupt and out to line its own pockets and that is it. The link you posted was news to me, I had been basing all of my postings off of the public filings, such as the numerous inter-party dealings, debt forgivance, lavish compensation and general dismal prospects of selling LPG to PEMEX, and inability to compete with companies like Valero LP with its Dos Laredos LPG pipeline, plus the continuance of PEMEX producing more and more of its own LPG(hence the decling volumes shipped by POCC via Rio Vista).
Heck, management stole 50% of the GP for itself at fraction of its net-worth, but 99.9% of the suckers that own this, don't even know what a GP is, or the connection between POCC and Rio Vista. Do they know what the incentive distribution righs are? Nope. Thats why I laugh when I see people post messages thinking that POCC is going to soar as the price of LPG climbs....really, and where does POCC get is LPG.
What was all of that garbage about making Rio Vista holders register in order to collect the distribution last Q?
How do scam artists like this(whose own auditor questioned their going concern status) keep it going?
you may have already read it on the RVEP board, but if not its definitely worth a look! The guy owns 25% of POCC and he is a complete clown. From the lack of proper accounting to his idiotic 'borrowing' of company money to invest it in the stock market its too amusing.