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Itronics Inc. Message Board

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  • billdesouza billdesouza Apr 4, 2012 1:21 PM Flag

    Proxy and Fed

    It would not benefit NIR to dump shares at any cost, they may be owed the money by ITRO, but the money NIR recoups has to be disbursed to the investors he scammed. It is better for both parties if the stock price was higher, the money would be paid back and settled quicker. The outcome was 8+million dollars to be paid back, that was public. So from a business standpoint it makes no sense to have the shares crash or prolong and sell low.

    The settlement is secret yes that is true, but it was settled in both ITRO and NIR's benefit. NIR gets the money, and ITRO gets a set process and payout schedule and no more interst charges.

    The payments are not going to be broadcasted to the world or to feddly, he has no business in a answer. If there was inpropriety in the deal from one end of the other PWC would know and let the government know.
    Ribotsky is still running NIR and his affiliates out of Caymen Islands, he is also in charge of the process, even though PWC is the auditor/overseer. Yes he got busted by the SEC, but he got no jail time, he only got fines and made to pay back monies, Dworkin got the jail time.

    You can also read the entire transcript of the deposition, 160 pages of how Itronics was played by NIR. It is public on scribd.

    The deposition is seperate issue from the SEC lawsuit, and FBI investigation of NIR.

    If there was anything with the mining it would be under mining services as far as income in or out. BLM is not the end all tell all, Isn't the land private property and not federal land? That is what it sounds like under the press releases.

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    • "It is better for both parties if the stock price was higher, the money would be paid back and settled quicker."

      Bill, I gotta disagree with ya on this my man. The money would not be paid back quicker. The settlement arrangement must have a fixed $$$ amount to be paid on some kind of set schedule. It's up to ITRO to pay that $$$ amount in shares or cash. If the pps was to go higher then that only means less shares would be going out. It would not mean the settlement would be paid off any quicker.
      It still looks like shares were paid out early on...which are now essentially worthless...then later in 2011 it appears cash payments with or without shares were paid because the O/S should have increased a hell of a lot more. Maybe Johnnie wants to screw CR on the shares he already has but doesn't want to pay him any more so he's paying him with off the books revenues...whether that's silver sales or claims sales or whatever sales. CR is not still being paid in only shares. I just don't see how that's possible. Only a handful of people know what's really going on. If the SEC would get off their big fat rear ends maybe they could bust this wide open.

      • 1 Reply to exposingitrofraud
      • I must say, I was shocked and befuddled at the pleasant disagreement. It was a welcome suprise of no name calling and swearing. At least it is more like a real debate and response one would return your engaging difference of opinions on.

        Did you get a chance to find the scribd posting? The 160 page depositions on Ribotsky vs. Itronics. Makes for a very intersting read. Old Ribotsky has a sever case of of duhs and donotrecalls throughout the whole thing, and his lawyer reminding him of his pending issues on the SEC lawsuit.

        From what I can see he was evading the issue of his shorting and death spiral plans for Itronics. He also had over the 5 percent requiremnt on Securities reporting. It also has in the beginning he never finsihed law school or securities degrees.

        I guess Dworkin was the fall guy for the fiasco, amazing isn't it Ribotsky got zero jail time, just fines and having to pay back those he screwed over.

        Terri Buhl also has a good blog, she captures some reporting onthe Ribotsky ploys.