La-La Land and the sleeping doltations

Well, well. You didn't think I would be back then, did you? I'm still around but the Edwafin thing became a real dull subject too spent too much time on. But then, the abuse, oh - the abuse that came from the anonymouses was at time hilarious. It seems that the snippets of information I provided now and then was really addictive and that the withdrawl symptoms was really too much to bear for some of you.

A major withdrawler was old Patrick Stapleton himself. It became so bad that he started a kind of blog-thingy for himself. A few weeks ago when I discovered his new/old site www.edwafin.co.za I though it was a historical remnant - a  fluke of hyperspace, hanging around like a ghost not wanting to give up - well - the ghost. You see at the time I could have sworn that the articles were written in present tense - as if Edwafin was an ongoing, flourishing enterprise.

This morning an anonymous submitted the link to the site again and, by Jove,  the tense has been changed to reflect the past. Here it is again: www.edwafin.co.za.

In typical patricksonian prattle, our friend makes the profound statement that most of the commentators on this blog (I presume), are unknown to them - Patrick and friends one presumes. Now isn't that a coincidence, as almost all the commentators to this blog have been anonymous.

Then he goes on and on and on about how stable Edwafin was, on how steady the financial footing was before we all discovered that the cash box had been emptied. Anyway, one need not repeat the whole sickness here as everyone so inclined to go and read Patrick's version on the site give above.

Then ...

Of course for the sake of balance and fairness we must also read about the other side of the story. And that is acutely summarized in an article in IOL of 24 June 2010. Go and read it here, but please let me have the pleasure of quoting the judges opinion following the judicial inquiry. Here we go:

The judge concluded:

That the company was running a Ponzi scheme, "in itself a fraudulent transaction rendering every director who was a party to it liable for the losses suffered".

That certain non-disclosures by Stapleton rendered him liable to be prosecuted criminally.

That Stapleton had committed tax fraud in that Edwafin regularly paid into a close corporation in his name more than R100 000 that was not reflected in the company's balance sheet.

That Hutchinson and former director Myrtle Winchester were liable to repay directors' fees unlawfully paid to a trust and close corporation.

Attempts to "right size" Edwafin's balance sheet to make it more attractive to investors were fraudulent.

That the directors had committed a "most serious fraud" by making false statements in the prospectuses, among them that one of its subsidiaries, Rainbow Paints, was in "good health" when it was "hopelessly insolvent".

That Edwafin's bankers had a "prima facie" case to meet and could be liable for the entire R230m loss.

That Edwafin's auditors and attorneys, by lending their names to the prospectuses, could also be liable for investors' losses.

Patrick, man it has been such a long time since you actually contributed to these pages. This is an open invitation, if you have anything to defend, to state your case to those that you owe so much. Please, present your case here instead of making wild statements of high-powered lawyers and civil actions against poor old anonymous. Let us be honest, Edwafin has been liquidated under circumstances that the judge found most irregular - do you still have a case to present under the logo of Edwafin, while it no longer has life?

Huff - Puff. My woolies over thine eyes

PS. Patrick you spelled my name wrong in your search keywords

Somebody did not read properly I think

Today, the following comment was received:

My, my,the lengths that folks will go to discredit one.........perhaps
you never really knew her after all?

This one is a bit problematic for me, since I do not know if the comment is in response to what I wrote yesterday, or perhaps a comment on somebody else's comment. If the latter is the case, I have no idea what it is about and would like to suggest that if you wish to comment on someone else's comments please include some kind of link, such as: "with reference to the person who said blah blah blah", the following. That will help is get some kind of context.

If the comment is a response to my synchronicity story, I need to stress that I did not intend to discredit Carol Gardiner in any way, or to make her look silly. In fact reading the story again, I don't think that even the worst reader on the planet can draw that inference. The point that I tried to make is one of coincidence, that happened to involved two ladies, a Gardiner and a Gardner, both called Carole. The coincidence happened at a specific moment in time so as to give some meaning to the experience. What, I don't know and I might never know. The experience was just interesting - that's all. If I made fun of anything it concerned those ridiculous flayed human-like figures, that's all - no other reflection whatsoever. Explain, explain, explain ..... However, I suspect that it is our heckler again who has been sneaking in and out of these pages intermittently - she absolutely hates me.

Today we received the first circular from one of the provisional liquidators Berrange Incorporated. If you haven't received it yet, you will probably receive it any day now. If you like I will publish it on the blog as well. Please let me know - as always, your wish is a whisper in my ear, and by that I'm not implying that I have horse tendencies.

It does not look good, and from information that I received yesterday and today, I would definitely consider joining the class action group. At this point I cannot divulge anything as it may jeapordise investigations, and I'm sorry about that. However, it is in our own best interest that we allow the investigators to complete their work.

I nearly forgot that Patrick Stapleton had promised that I would receive my money back by the end of May if I delayed the publishing of this blog. That would have meant that you would have only gotten to know me now. Of course, I did not keep my word to Patrick, and it is obvious that he didn't keep his either. If he had, I would have informed you that I was off on holiday for an undetermined length of time. Hey, I'm here. The only thing we have learnt is that Patrick et al are unbelievably despicable characters that have mastered the art of deception and iniquity exceptionally well. Having said that, they are humans, just like us, and we all belong to the same species and we need to feel sorry for them. These are people that cannot rely on their own resources to travel life's pathways, and need to encroach on the living resources of others to function. Are you not fortunate that you don't have to be like that? Our blessings are greater that those amongst us who do not recognize their own blessings.

There I go again.

Edwafin gets honest and I get the physical once over

Final Honesty
Yesterday, midday I - like I suspect many of us did - received an sms from Edwafin. It stated the company's regrets that the court had placed them in provisional liquidation. The previous sms from Patrick was on 15 December 2008 - the day our cheques were cancelled - telling us that they were closing shop for the holidays. There we have two truths via sms, and in between nothing but conjectures, evasions, agression and BS. Congratulations Patrick, at least you didn't close shop with a lie.

Handsome Me
Amongst all the anonymi to this page we have had very few antagonistic ones. Obviously anomousnesses are ideal for those with small frontal lobes, as they will remain unknown. But that is in itself a falacy: - the universe knows them, and then they have to look at themselves every now and then in the mirror, and presto there we have anonymous, face to face. I do appreciate the other anonymi for coming up for me. However, I'm not offended and would like to express my compassion and understanding for the pain and hurt anonymous experienced yesterday. It reminds one of the story of the wife who loved her husband dearly, like a god he was. Then he did the unforgivable and she discovered it. She could not beat him up, he was too strong and she still loved him. She turned around and kicked the dog for which she otherwise had great fondness, but conveniently he was there. I was happy to be your dog for the day and am glad that you spend so much time in cyberspace with me. What puzzles me somewhat - and that is not so unusual in itself - is which picture anonymous has been looking at. For your info, the chappie at the top of the page, under the Edwafin logo, is Patrick Stapleton, himself not too shabby. However, I'm right at the bottom of the page, inconspicuous and unaffable.

Short note to Marc
Thanks for siccing me in your report for FIN24 (click here) and pointing out my confusion with isses and are's.

Am I closing the Blog?
One anonymous wondered if I was closing down the blog. I have thought about it, but I don't think it is time yet. There is still too much that needs to happen. Yes, Edwafin has closed its doors but there is still the process of liquidation that needs to take place, while I am still collecting names and suggestions for a possible class action. In connection with the possible class action, I intend to start a sister blog to this one as soon as the number of interested persons have reached a certain level. This new blog will only be open for viewing and posting to members who want to participate. More about this in due course.
If you do insist though, I will remove my picture from the blog as I do not wish to affront your sensibilities for beauty.

The Court Order
A good number of readers have downloaded the Judge's order from my web site, and I'm sure that most will agree that the Judge's arguments are immaculate and sensible, and that the conclusion that he reached could hardly have been different. As sad as it all is, it does restore some confidence in some processess of our society. Somewhere though, some confusion must have arisen. I'm sure that Patrick had told us that 20 DMC cars were on order. Perhaps a few were cancelled in the interim.

Actually events overtook me somewhat, and I should have realized that it would. But I was going to devote some time to the Klynsmith mystery. It all seems a bit pointless now, doesn't it. however, I would like to thank one of our anonymousses, for cheeting by clicking on the picture and peeping at the names of the photos the other day. To make things worse, you compared me with Carole Gardiner. You are banned from these pages for life - yours or mine which ever takes the longest.

It is now Saturday 15:30 and as I was writing the last line, Gardiner left a new comment on our blog. As promised I have published it and I won't comment - you can do that. However, please note that Mario and the various anonymousses have now become a new unified individual. It is called creating a new manifestation - Marinymous.

Carole: nothing would please me more if you could and would vindicate yourself. You are a part of our reality, as we are part of yours. If we could co-exist in harmony it would help elevate the conciousness of the universe - even if it is ever so slightly. That is why you are welcome to keep on commenting on this blog and I will continue to publish your comments. To make it easier for you, please become a follower of the blog and contribute to the blog in your own name instead of as "anonymous".

And the Judge Thinketh .....

Well, the court was very busy yesterday, and I had to wait until this morning after Pietermaritzburg had had a good sleep. I would like to thank my new friend in PM for talking to me so friendly so early in the morning. (If you make me president I'll make a law prohibiting working hours before 10:00 in morning. Look what it does to us laid-backs we have to switch on clock alarm just to get into step with those hard working folks - it's just just not fair on us.)

Alas we have to wait some more as the judge will give his judgement only towards the end of the week.
So we'll wait some more. It is not as if we are not used to it.

Have to go to the doctor to see if he is well. When I get back I will blog a bit more as we got some rather touching comments from past staff members of Edwafin - need special attention.

Come dance with me? I'll whisper sweet fibs on your ear.

It happened again. Someone sent an important comment concerning the state of affairs of DMA, and I moderated it via my cell phone. By George! this morning I discover that it wasn't published yet. And now that it has been published I can't find it. This person seems to know about DMA and says:

Do not be fooled - this pretty picture is no longer so- the factory has been devoid of semi-built vehicles for months, the workers (save for 1 Pat Malone) have been retrenched, the offices vacant save for 4 idle space fillers, equipment and stock is 'disappearing' and not much else happening except for pie-in-the-sky talk of a mine vehicle.

Who will design the vehicle?
Who will build the vehicle?
How will they buy the parts?

Worth R128 Million? - sure, and Patrick Stapleton is just a good man who has been misunderstood...

- Still not holding my breath, but sick to my stomach nevertheless.

This morning, as I went through the documents to find the instances where I, and other have been told about how the court case against Edwafin by that dear lady was of no consequence, I found a litany of memorable sayings by first my dear friend Patrick and then a bit later his associate, Don Hutchinson. Of course little Verona, is just off-stage, but still requires the prompter.

An aside: It is interesting, that the word "litany" also means prayer - so that is what they have been doing all this time!

Anyway, it is going to take some time but I will compile a list of dates and statements/promises by these folks to give you an overview of how they have tried to lead the investors by the nose - yes, like donkeys they dangled carrots before our noses, and when one carrot shrivelled up, they used a new one. The list is going to take some time but should be an indication of how little one can depend on, and trust in, these participants to the human race.

The latest issue is, of course, the impending court case - you know, the one that wasn't going to happen.

When at a recent meeting some of the investors requested a vote on the liquidation of Edwafin, the directors would have none of it. To support their point they provided figures to indicate that the company was a profitable and viable one. Of course, at that stage Don and Patrick both confirmed that with the help of their all-powerful but cheap advocates, a deal had been made with the lady and the court case was "finish and klaar" ala Patrick. Good!

Well, we all know that that was not true - don't we now? So shuddering in their little booties, the four applied for Judicial Management on the day the case went before court - thereby stalemating the works, and postponing the case again with a month.

Am I having visions, or are the four still shaking in their little booties, because now they want the help of the same investors that they treated with such immense disdain, whom they have lied to and deceived, to support their request for Judicial Management.
But they are cunning! (slinks of skelm, met ander woorde):

• First, abracadabra! they provide you with different figures that make it look as if the company is worth virtually nothing - we dealt with that yesterday.
• Then they want you to believe that they can make up the R200,000,000 during bad economic conditions, and in such good time that the investors will be paid again from August (2009?). That while they lost the same amount, during the five good years! Ingenious, masterful, intellectually unequivocal. The omit to tell us what will happen if their conjecture flops - doesn't happen. It is like the authority-supported clause in the prospectus that tells you that they will pay you back when you default. Like a silent fart: you hear nothing, but the smell hangs in the air.
• Thirdly - they are transparent you know - they give you the vote: you have a choice: either we get sequestrated or your choice is for Judicial Management. The third option they do not mention directly, and that is to have the court decide by simply abstaining.

Aren't they decent people, these? Of course they are, but giving the investors a choice in the matter is not really what they want, because Ms Cowan speaks on behalf of the four when she says in her letter (24 April 2009):

"It is our bona-fide beliefs that a liquidation order made against the company would be to the detriment of all concerned, investors, employees, shareholders and their respective families alike, and to that end we advise that we will continue to strenuously oppose the liquidation application."

Isn't she just too sweet? She actually blushed when she wrote this, I'm sure. What she is actually saying is: "we give you a choice, but if you do not support us, we will fight you with all our might." She also expresses her concern, after they have laid off most of their staff (and the remaining ones are hardly paid salaries), and they have taken their investors for a merry joyride all over the universe. Naturally, the money (that is no more) that they will use to fight you, is/was yours - so they can afford to spend it. Giggle, giggle, giggle.

After all the deceptions they have fed us, they persistently refuse to provide investors with proper financial statements. They are good talkers (on second thought, perhaps not even that), but don't seem to realize that the investor can only make up his mind about these things when he sees figures on paper - this Patricksonian blabber-mouthing is just not enough anymore - in modern parlance: it sucks. The only conclusion one can come to is that once again they are again leading the investors on a path of deception. THEY ARE JUST NOT TO BE TRUSTED.

Nevertheless, I still have a deep feeling of fondness and admiration for these people - let's face it they are part of my reality, and as such have a purpose to fulfill.Next time, I will choice another reality, one with fewer funny people.

Suddenly we vote; Edwafin admits all with dangling carrots

One of the readers has kindly provided me with a copy of the newest circular that originated with Edwafin. Apparently if one live up country, the mail takes longer to arrive. I thank the person who provided me with a copy. The contents took me somewhat by surprise though: for months the masters of the Edwafin universe neglected to consult with their investors, denied the predicament their in, and now suddenly they are seeking support for their quest to be placed under Judicial Management. They were a little ingenious though, as they stress the paltry amount (R0.0653) that each investor would get for every R10,000.00 invested with them. On the other hand, aren't they just confirming that they are simply bankrupt at this point? and that they are really, really bankrupt to a disastrous point. Where are the denials now of not being bankrupt, and the company being essentially profit making. Madre Mia!

So we will have another meeting, and further gobbledygook will be presented. Have you also noted how cleverly they have biased this listing of benefits between liquidation and Judicial Management? Should you opt for Judicial Management, then every is going to be fine it seems, so obviously we all join the happy party of Judicial Management. Their badly mastered smoke and mirrors is again evident when the letters states: "Judicial Management is the best option....for...all investor's capital would be repatriated to them in the long term". I must say they are positive thinkers par excellence!

With my outlook in life, time is a relative measurement of awareness, but it seems that Stapleton and friends are themselves, and in their own way, philosophers. Remember how, Patrick promised us money repeatedly at the end of certain repeatedly increasingly longer periods? The last I remember we would be more-or-less back on track by the end of May (in fact that is when he promised I would have my money back), the goal post is once more moved to November this time, and just to makes sure, they have planned goal post movement to March 2010. How in the world, after so many years of deplorable business results, are these people going to put everything back within the next 8 to 12 months? But, miracles happen, and I happen to believe in them, so in spite of it all I am tempted to give them the benefit of the doubt.

I just wonder why they took this step, and the only conclusion I can reach is that they are essentially unsure that they will be granted the request they made to the court themselves. One benefit that I would be very pleased to see happening is point no iv: that the company would be properly investigated with an possible unbiased feedback to the investors and the court.

Having said that, "scepticality" is a new word that applies to the situation I find myself in when I I think about the involvement of the authorities. Remember the protection NCC, SAVCA, FBI, CIPRO offered us as investors. In essence Edwafin defrauded all its investors when it promised, contractually, to refund us our money. And thinking carefully, one should have realized that that would be an impossible scenario. The bodies of authority and supervision, surely must have realized this as well, but nevertheless gave Edwafin the green light (CIPRO, FSB) to go ahead, while the other mentioned bodies were only to happy to provide them with credibility. Let's face it, as matters now stand, we have been defrauded and lied to - if that were not the case many of us would have had our money back by now.

However sceptical I might be, the question is: what has one to lose? If they go bankrupt we loose majorly; if they are given the opportunity to try and redeem the company, who knows? Perhaps Patrick will pull a rabbit from his hat after all.

I would certainly give him all the credit for being a master businessman, and that includes the sneakers and lurkers.