Take a whiff. Chester P. White (Griffin Partners) holds about 39,000,000 shares and has been a DIRECTOR since 2010. Now he wants $100,000 fee for "consulting" on a financial "restructuring"?
THIS MAKES ABSOLUTELY NO SENSE
Sentiment: Strong Sell
looks like Griffin gets a lot of shares as "interest" for predatory loans that they advanced to the company years ago. Chester white never paid much for his 39mm shares. Of course, those shares aren't worth much. Looks like the Boston firm that bailed on this deal a while ago invested some cash, but Chester is a small fry with no technical knowledge and a small Johnson.
what exactly has Chester White been doing since 2010? This seems like stealing from the shareholders given that it's his duty as a director to restructure the capital structure (which I believe is his area of expertise as the only ex-banker on the Board). He has been at the company and in charge of the company's financial direction since 2010. What is going on here except outright fraud? If you go through old filings, then you will see that he paid Griffin a $75,000 fee for arranging financing in the past. I can't believe how easy it is to take advantage of small cap companies. I don't own this piece of #$%$ anymore and won't bring suit -- but I hope that someone will protect the shareholders. No wonder Bill Joll left -- he seemed like a competent guy.