To begin with: the Edwafin site is down. Now, that may be to do maintenance on the site, or perhaps things are changing so quickly, that it needs repeated revision. Let's face it, they have removed all the pictures from their site - Edwafin has become faceless. Not that I could add more pictures, though, the blog-server has informed me that I have used up my allocation. Thus, no more prity pictures of Edwafin and its human population; and I so much wanted to include one of Ms Cowan. Perhaps if Marc (FIN24) has found a picture, I will erase one of the many of old Patrick to make room for her. While we are at it, you wouldn't have one of Brian Poliah as well, would you?
Except for two short, curt sentences - each in a separate email - from Patrick, they are as quiet as their bank account. Because of their synoptic character I did not think is necessary to publish the whole email here. The one said:
My wife does not drive a brand new Merc, you are mixing fact and fantasy in your spite.And the other one said:
So you broke your wordWell, now, we have come to know Patrick as a man of a few words, especially when it comes to providing information or speaking the truth, and this is no exception.
Let me categorically state: Patrick's wife does not drive a new Mercedes. It only is very shiny and looks new, but that does not imply that it is. My informer must have it wrong.
Yes, I did not wait until 31 May, as it became evident, that the masters of Edwafin were not going to refund their investors in any case. When I pressed Patrick on this he refused to respond:
20090325 Email Respond to Stapleton 1 Shame on you, Patrick for being so selective in your arguments.
That brings me to a matter I have been pondering for a few hours now.
There might be investors who are frowning on the actions I'm taking in respect of Edwafin, and they have all the right to do so. Obviously, it might put pressure on Edwafin and its subsidiaries. However, if they are not in financial difficulties, they could easily overcome my arguments by proving me wrong. That would make a fool of me and make their case so much stronger, and everybody would be paid his/her due. I don't mind looking the fool if that happened!
On the other hand, if my supposition is correct that they are essentially bankrupt, then every week that we let pass means that they will spend more and more money on directors salaries and other expenses - at our cost.
In the mean time they will continue roping in gullible investors that might just end up in the same situation as we are. And that for a few months more interest payments, we hope, and possibly/hopefully a recovery that would allow them to cover our investments. Has anybody out there seen the balance sheets of Edwafin recently? I wonder.
Let's be realistic about it. Except for loud protestations stating that they are not bankrupt, they haven't shown investors there financial statements, or have made any attempts to proof that they are not - words, words, words, words.
In reality they have admitted that they are bankrupt, by actually telling us so on 19 December 2008:
CERTAIN INVESTORS, DUE TO THEIR WORRY AND CONCERN, HAVE LEVIED THREATS AGAINST US, WHICH THEY ARE WITHIN THEIR RIGHTS TO BE CONCERNED ABOUT (AND OF COURSE WE DO UNDERSTAND HOW THEY FEEL). HOWEVER WE NEED TO MENTION THAT IN TAKING THE MATTER FURTHER BY GOING PUBLIC OR INSTIGATING ANY OTHER FORM OF ACTION AGAINST THE COMPANY, WOULD NOT ONLY PUT YOUR CAPITAL IN JEOPARDY, BUT THE CAPITAL INVESTMENTS OF ALL OUR CLIENTS WILL SIMULTANEOUSLY BE PUT AT RISK.Now, isn't that a beautiful encapsulation, if clumsy at best, of the status quo, Edwafin's attitude, and the company's financial health.
Usually I have a cash flow problem, when I don't have money to pay for things - perhaps Edwafin is different. Tutt, tutt, tutt, Patrick, have we been talking ourselves into a corner again? Below is a copy of part of a brochure used to entice me to invest with Edwafin:
Brochure
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