Here’s one that I haven’t posted on too much. We have previously discussed evidence that the Nuinsco private placement (announced January 9th) actually closed a few days after Christmas 2006. We believe that because Nuinsco Insiders were legally required to file certain reports after closing. There are some other signs that I can explain if needed.
We guess what? Mr. Fortier was in no rush at all to issue that press release on January 9th. I ended up arguing with him on the phone. At one point he said “well it is a material development, I guess we should announce it at some point”.
His excuses were so lame. At one point he said “there are many people involved before we make such an announcement – the Transfer Agent, the Attorneys, blah blah blah”.
I thought to myself, “The Transfer Agent?” Why on Earth do they need to be notified that Investor Relations is announcing a deal that already closed?
In my usual cynical style I saw one possible answer – Campbell needed to check with them to make sure that undocumented Short Position (which I can’t prove) was getting a little lower, or certain House Accounts had been replenished, before issuing any positive press.
Remember that the constant “blasting of the bid” requires shares that come from somewhere. I find it absolutely unlikely that there selling firms really want to sell their shares at such levels (maybe the fact they rush to buy them right back is a give-way).
So I argued with Fortier, and he got mad, and finally they decided to issue the press
If you are reading this, Mr. Fortier, and you consider it a “slap in the face”, then you need to reflect on where exactly you lost my confidence (that you were looking out for all shareholders). There was a time when I took all of your information at face value. When did that change? I have already posted the 3 things that happened that turned me into an Activist.