PyroGenesis Inc T.PYR

From another PYR forum - Agora

[dalesio_98]

Comments by Whodat780:

Oct. 1, 2023 9:36 PM

AMF motion

I read through the AMF motion document. Interesting read! A recap for those that didn't bother to read:

• Pyrogenesis and Phoenix made a legitimate agreement where pyr would buy the IP from Phoenix. Fair market value was deemed to be $7.6M, to be paid over 30 years. With interest the total paid over the full term would be $14M
• Over the next few years, Junior made several amendments to the original deal. These amendments were done without the knowledge or approval of the rest of the board, as admitted by Pascali and the board.
• The signatures of Pascali Senior on these amendments were forged by Junior, according to a handwriting expert. When asked directly about the signatures, junior refused to answer.
• Bank records indicate clearly that some pyr payments made to Phoenix were deposited into the personal bank account of Junior
• Phoenix basically ceased to exist as a legal entity as of May 2017 (due to non-payment of annual fees)
• Junior receives full power of attorney for senior in July 2017.
• Pyrogenesis issued 1.9M shares to senior in March 2018. Senior never pays for these shares, and the fact Junior in fact has POA for Senior is never disclosed.
• Phoenix (which is no longer a current legal entity with standing to make a legal claim, and for which Junior has Power of Attorney), makes a claim that pyr still owes them over $5M
• The board is blindsided and confused by this claim, and cannot understand how they would still owe this amount.
• The claim is not made in writing or based on any formal notice or legal action - it is presented verbally solely from Junior.
• Emails show that Junior pressured the board to NOT involve any outside legal counsel and to appoint himself as the sole negotiator with Phoenix (who he had POA for)
• This situation caused the resignation of board member and head of the audit committee Vlasopoulous
• The shares issued to Phoenix as part of the settlement were "sold" to Junior just weeks later for a promissory note. Junior never paid for these shares.
• "Ultimately, after the May 2019 Transaction, Pascali Junior obtained without paying anything all of the 5,285,714 pyr shares issued to Phoenix to settle the Settlement Transaction, as well as the 3,385,715 warrants"
• This resulted in over $9M in person profit for Junior. Many of the sales were not disclosed on sedi.

 

This is the Cole's notes version, there's even more. Yikes.

 

I don't see how any of this will even be disputed in court. Junior already had the opportunity to deny he forged the signatures and he refused to answer. Bank records show payments. Emails prove pressure on the board. The board and Vlasopoulos have already testified during the investigation. The shares sales weren't reported. Like what is there to argue?

[dalesio_98]

Comment by Whodat780: Oct. 3, 2023 10:11 AM CEO accused of fraud by financial regulators, declining revenues, unpaid receivables, precarious cash position, company massively underperforming, stock price tanking to 3 year lows, delisting from NASDAQ imminent, negative national press coverage, failed financings Pascali: "BETTER GRANT MYSELF MORE OPTIONS, I DESERVE THIS"

[dalesio_98]

Comment by HeatStroke Oct. 3, 2023 3:26 PM October 10 : AMF hearing November 7-10 : FormNext Expo November 9-13 : Earnings Report (expenses to exceed 25 million) November 20 : NASDAQ listing deadline   Any other dates to add anyone?

[tamaracktop]

"Bank records indicate clearly that some pyr payments made to Phoenix were deposited into the personal bank account of Junior..." Yup, you have a winner here folks. Sell this pig.

[tamaracktop]

This is the same guy who saw fit to buy the most expensive house ever sold in Montreal at the time. Conspicuous consumption perhaps indicative of a deep issue.  "Look at me!" The same guy who donated $2,000,000 in shares to a charity who's mailing address is his own residential address, and a charity where he plays the roles of both President and Chairman.  Last I saw

[tamaracktop]