investorshub.advfn.com/boards/read_msg.aspx?message_id=32646686
Posted by: holter Date: Saturday, October 04, 2008 2:45:53 PM
In reply to: None Post # of 203379
Below is the email I sent Gary Nash.
Gary,
I ask that you please convey these postings to Tom Scozzafava so he can see what the common shareholders are feeling regarding their investments in SWYV and the CEO. We feel as if we have been sold down the river for the good of the preferred shareholders. Nothing has come our way for our good in this stock price for a long long time. We were led to believe through PR's that the supposed unknown Legacy Debt had been paid off and we were going to be able to move into the right direction. Well since then we have been Reversed by 5 for 1 and our stock has continued to fall. Below are postings from investorshub.com . I say we natives are very upset as you can conclude from reading below. This could get real messy and if Tom Scozzafava doesn't do something to address the common shareholders concerns soon, like give up some of the preferred shares he owns if necessary to get us back to where we as commons are close to even. Tom may have a big distraction on the horizon due to what burden he has layed on the common shareholers.
Below is from a poster on IHUB:
Commons ONLY Recourse:
1. Petition the State of Deleware, through the Chancery, a Shareholders Meeting, as stated in the filings.
2. Contact the State of New York Attorney General, filing a Civil Complaint as a result of mis-leading Shareholders
3. Contact GOP and the Democratic Party of NY, Questioning Dede's Involvement as a Preferred Shareholder as Commons get Screwed, Also Questioning any Contracts, Kick backs or Support that Tom recieved from the State of New York as A result of Dedes Involvement and Toms Association with the NY Power Authority.
4. Contact Your State Representatives and the SEC.
5. Contribute in Taking a Full Page Ad out in the local Rags surrounding Hacketts and Explaining Common Positions Here as well as Contacting Major Media Outlets to expose YA and the Fraud that runs Rampant in these markets.
Below is from a poster on IHUB:
Here's a e-mail I sent to Rachel Hanley at the Watertown Daily
Rachel,
How are you? I wanted to keep you apprised of unfolding news on the Seaway Valley Capitol story.
You will remember me. I was the fellow that spoke with you via phone about my inability to make any headway in bringing attention to the worsening financial disaster taking place at Seaway Valley Capital under the mismanagement of local resident Thomas Scozzafava. The situation has worsened considerably since our conversation last month. A reverse split was enacted causing current shareholders to lose 80% of their share totals, and the limit for authorized shares has now quadrupled to 10 billion. The post reverse price has fallen to a point where the entire company is valued less than $200,000. There is now fear that Mr. Scozzafava will take the price so low that it will cost him only pennies on the dollar to buy all the outstanding stock and take the company private. He will have succeeded in using common shareholders to finance $40,000,000 worth of purcheses for what may only cost him $100,000 or less out of pocket. Nice deal, huh?
On several stock message boards, there is now a unanimous ill feeling amongst shareholders against Mr. Scozzafava in light of the plummeting share price, and his absolute refusal to address shareholder concerns. We are not talking about 5 or 10 people, but several hundred, some of whom have been quite animated with both veiled and unveiled threats against Mr. Scozzafava's person and property. I know of at least one person who has taken time in an attempt to track Mr. Scozzafava's comings and goings...although I am not sure if he had any success, because Mr. Scozzafava seems to be in hiding.
At one point in time I had a letter published on one of the Upstate New York political blogs that tied Dede Scozzafava to the management team. I was incorrect about that point...she had been an officer when it was Wisebuy's but became, technically, only a "passive" investor when it became Seaway Valley Capital. But to be honest with you...how can she not know what is going on with that company when she is the CEO's sister? Just a question that may have an interesting answer. And what do people on the streets of Watertown and Gouvernour think about having one of their own legally milking $40,000,000 from common shareholders over the course of the last year and 1/2 in order to build a local empire, only to cast them aside like a spent condom when their usefulness had ended?
I am afraid for Mr. Scozzafava's safety. There are some very very angry people who are not taking kindly to beeing fleeced by someone who is perceived to be nothing more than a cowardly, two-bit New York pretty-boy hustler. And I am afraid that this mess will not reflect well on his highly regarded sister, Dede. Her association with the company (she is a MAJOR and PROTECTED investor) will not be looked upon lightly by those who would wish an end to her fledgling political career.
There is a story here, if you care to look for it, no matter what your editor thinks.
Sincerely,
Timothy XXXXXXX
XXXXXXXX, Illinois
Maybe Tom should tell us all what the truth of the matter is.... because if I have no clue then maybe he has the responsibility of straightening me and the rest of us out. But that would require him to address shareholders, but that seems unlikely seeing that he has neglected that end of the business as of late.
From a poster on IHUB:
RPT, no as all debentures and preferred shares are floorless, the number of shares to convert depends on the sp. So if there were 200 billion shares to be converted at a .0004 sp before the RS, After the RS it would have been 40 billion shares if and only if the sp was now .002. But the sp is back to .0004 so the potential shares to convert is back to 200 billion shares (minus the ones converted in the meantime + 1 billion from the S-8). If the sp drops to .0002 without significant volume, then the potential conversion will be 400 billion shares and so on.
That is the terrible thing about floorless conversions, and that is why SWYV is a classic example of death spiral financing. Almost none of the debt gets paid of, while at the same time the sp keeps dropping, and the number of shares to be converted keeps skyrocketing.
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