Post by
solgursky on Feb 28, 2016 3:11pm
Who screwed CEC shareholders? Look closer to home
Consider that as Chairman of the Board of Compliance Energy, O'Rourke has presided over the lengthy collapse of the company. He has been privy to every detail, and led all the decisions. Consider that three years ago the auditor included an "emphasis of matter" in its letter to shareholders, highlighting the desperate financial shape the company was in. The company's response was not to clean up its act, but to fire the auditor. The next year, the new auditor included a similar emphasis of matter.
Last year, with 1 million dollars in payables, a deficit of $20 million, $100,000 owing to the BC Environmental Assessment Office, and behind rent on the coal claims, O'Rourke loaned the company $200,000, secured by CEC's assets.
The recent "resignation" letter - in which O'Rourke and the other directors and officers jumped ship en masse because of the company's insolvency - states that "the Company's only secured creditor has demanded repayment of their loan."
Duh. Guess who gets the spoils!
Shareholders should not be aiming their anger at environmentalists, First Nations or the EAO. They should be looking closer to home, and be considering a complaint to the Securities Commission, or even a shareholders' lawsuit.