And thus Friday arrived

Yes, here we are. Friday has come and it is actually a precursor to an exciting weekend.
Elke, my wife, now begins a two week holiday from teaching, and its always nice to have her at home.
The journalist from FIN24 would have come to interview me today, but instead is coming over the weekend, and he sounds like a jolly friendly and intelligent chap - I'm looking forward to it.
Also, this weekend is the end of the month: pay cheques, shopping, drinking coffee, eating breakfast, and of course the interest payment from Edwafin - or not. Who knows what the gods have in their lucky packet for us this time.
Furthermore, Edwafin is sending us all a letter towards the middle of April to report back on those meetings they held in Durban and cape Town (how many weeks ago then). It seems they were not very happy events, and perhaps it was a good thing that I was not invited as it would possibly have unsettled me too much. Shame on you, though, Edwafin, are we in Gauteng not good enough investors for you to keep us informed about such things? Perhaps the invitations were more selective than that.

But before I continue, I should first confirm that I am utterly disgusted with myself. My last email to Mr Stapleton, was just one big mess: full of grammatical errors and just plain badly written. By writing the email, when I did, I broke one of my own pertinent rules: never write a letter to somebody when you are not feeling happy, are upset, red in the face, hypertensive or any combination of the above.

To today's business.
Fortunately, I have the time to write this entry because FIN24's journalist is stuck with a broken car. We will meet over the weekend however.
Perhaps you will remember that I expressed my concern to Mr Stapleton about the dilemma I find myself in, and that I asked him to put his mind to the problem and see if he could come up with some kind of solution. Apparently he couldn't and as it is seemingly the norm at Edwafin, he could not bring himself to communicate his inability to me. This is not abnormal behaviour though, as I previously inquired about the board meeting concerning refunds to investors, and communication about this with the authorities, and that also resulted in a tromboning silence.

This morning when I contemplated this blog I was reminded serendipitously of old Mother Russia. Before that big "nation" disintegrated into 15 nincompoop states, disinformation, non-information, powerful threats of retribution, and actual persecution amongst many other forms of controlling the masses to tow the line. Now we have our own little Mother Edwafin, who rules firmly by means of the investors' collective fear of loss, and by legalistic bullying. One only has to read through the pages of this blog to note how effectively we are threatened with collective loss and legal repercussions. That is besides the other personal abuse one has to suffer when questioning a matter. Oh my ex-wife - how painful that was.

Anyway, back to my dilemma - well actually, based on my own answers to the following questions, I have concluded that there is no real dilemma, only a reality. Of course, if Edwafin has a different reality, they are free to tell us, please do.

• My inquiry concerning the famous board meeting in March - unanswered
• I asked about Edwafin informing the authorities - unanswered
• I requested some kind of commitment from Edwafin concerning my refund end of May - unanswered.
• Does this mean that they don't have answers, and can't commit to anything? - most probably
• Are investors trying to get their money back through legal representation? - yes
• Is Edwafin trying to find a legal loophole to avoid its obligations? - Read Stapleton's
  comments in this blog - apparently he has found one
• Are such investors successful? - apparently not yet. Crafty, gentlemanly professionals, of the upstanding kind - lawyers advocates are used to try and avoid such repayments
• Are these brave lawyers and advocates paid? - what do you think?
• With what money? - well now, three guesses
• Are monthly management salaries being paid? I have no idea
  
• Are you allowed to question the matter? - no, unless you are an expert on whatever matter concerns you (Mother Edwafin's stance)
• Why has this matter has become such an covert issue; "don't go public", "don't contact the authorities"? - perhaps they are in real trouble?
  

And that brings us to a logic 101 exercise:

1. Are the investors being stolen from? - no
2. Did they take our money originally? - yes, with pertinent basic conditions
3. Are those conditions being adhered to or even acknowledged? - well, are they?
4. Do investors receive their interests due? - no
5. Are there huge amounts of past interests due outstanding? - that's what started the whole mess
6. Do they want to give investors their money back? - I have asked, not even a promise
7. Are the investors being stolen from?

As I was writing this, I received an email from a person who used to work at the Paint Business, and who was retrenched at the end of February 2009. A "horror story" is what the person calls it. If one thinks about it, it must be clear that the "temporary" cash-flow problems must have built up for a considerable period of time, before the actual blow came. So the directors must have been aware of the impending crisis. Yet, they knew how to placate the investors with all kinds of stories about computers (costing millions of your interest money). I think the word is naive.

Sorry, Patrick, you are a nice fellow, but I'm done. Heavens, its like pulling teeth from a stubborn horse.

PS. This is today's first blog. The second will follow shortly and will deal with the now equally famous Edwabond, and its "preferred consultants".

Finally we have arived and edwafin is on the map

This morning when I decided to publish this blog, I thought that it would not be ready before tomorrow around noon. First I wanted to get the Edwafin forum group set up on Facebook. Facebook is, however, not a simple animal, when it comes to setting up a group, and would require a few hours of investigation and trial and error. So in the interest of time and expediency, I decided on using the Google groups, and hey, Presto! that was achieved without any undue trouble. The next step was to inform all the search engines and news groups, like Noseweek, and Fin24, etc. That was easily achieved as well, and all that was left was to activate this blog. That has now been done. Tomorrow, I shall begin contacting some of the huge list of investors that I have managed to get my hands on. Hopefully this will bring a good number of co-investors into the fold - especially when the news starts spreading virally. Of course the folks at Edwafin are constantly updated of every step on the way, and just as a reminder, the main purpose of this blog is:

1. to make known to the world that Edwafin is trying to renege on its undertaking to repay investors their capital in case of them defaulting;
2. that as far as Edwafin is concerned, clause 12.2 of the Debenture prospectus is not worth the paper it is written on;
3. they are prepared to use extreme bully techniques, and high powered legal assistance to achieve their subjugating objectives - this is evident from the recent legal proceedings that was reported on, and the general comments of their financial director and the CEO, Mr Stapleton;
4. unless Edwafin proves differently (not just by airy fairy statements), that there is no reason to think otherwise than that the company is bankrupt and, by its actions, has given good reason for its investors to regard it as being essentially insolvent, and unable to meet its commitments; and finally
   
5. that by their vague statements and weaving, half truths, they have shown themselves to be less than honest and sincere and excellent examples of vagabonds, who will do everything to hide the true state of affairs concerning their financial status.

This list may become longer as the blog progresses.
Since, Stapleton's last curt "that's the end of it" - email, Edwafin has been as silent as a grave deserted by its ghosts.