RE: Private Placement closed The shareholders have no access to detailed information on how Leung has spent 30 million dollars. I wonder how many 5 star hotel nights, flights to China, HK, Europe and the US, 5 star meals and ill advised-poorly executed projects Leung has wasted investor money on. At the AGM Leung flattly refuses to answer any questions about where he has spent 27 million dollars of other peoples money. In my opinion it is unacceptable for a CEO of a public company to act in such a manner. He ducks questions and runs out the the room as quickly as possible.
In spite of his abysmal record I expect Leung will trip over his 2 left feet and stumble backasswards into this acquisition sometime this month. But I could be wrong. If theres a way to screw it up Leung will find it.
I think its a good idea on Leung's part to acquire Northstar but this is not the stuff of visionaries. Northstar desperately wants to sell this division so they can move on with other projects. They are broke. When this acquisition is finally complete it will be nearly a year since Empower and Northstar began discussions. This deal should have been completed months ago. It will also be nearly 13 complete years since Leung began squandering investor money. For some perspective consider that Bill Clinton was still president with another year remaining when this financial train wreck began. At this point Empower still only has the occassional trickle of revenue. For the first 6 months of 2012 Empower has a grand total of $21,000 total gross revenue. Thats a net of about $12-15,000. That total is pathetic after so many years.
This acquisition is our best hope at getting some of our money back but I cringe at the thought of Leung running Northstar. The staff at the newly acquired company will do their research and quickly realize Leung is way over his head. I am hoping Northstar has quality people running the show and Leung will refrain from making any decisions that will alienate the staff. Its very possible that under Leung's leadership he could bankrupt and ruin Northstar in a few months.
At the 2006 AGM a broker[s] who had been very supportive with many clients invested in Empower came to the meeting armed with proxy votes to have Leung fired. The broker[s] had seen enough and wanted Leung gone. There weren't enough votes and Leung obviously held on. In hindsight firing Leung would have been the best option. The company still had several million dollars remaining that Leung hadn't got around to squandering. But for now we are stuck with this guy. The investors of this company could have paid for 8 years of tuition at business school and Leung still would have had nearly 5 years to squander 30 million.
-Where is the joint project with OPT that was announced 16 months ago on May 2,2011? My source was obviously correct. Its dead. Can it be resurrected?
-Where are the "firm orders" that the Taiwanese mystery company was going to place in april? The first delivery target date is set for "after the summer of this year". I'll believe that when I see it.