At the end of 2008, it became clear that investors had lost all their money invested in Edwafin. The company has been liquidated and R228 million has been lost. Are those who perpetrated this evil are regrouping to pounce on unsuspecting investors again? This blog will expose those who are responsible for the demise of Edwafin. The principle players are Patrick Stapleton, Don Hutchinson, Carole Gardiner, and Rob Klijnsmith
This morning I was eager to get to the computer, to switch on both the blog and the group/forum. I must have done something wrong since I was later told that access to the blog could not be obtained. Perhaps that's how it was to be.I was in the process of sending out a group SMS to co-investors to make them aware of the blog and things when the following email from Stapleton arrived: 20090325 Email From Stapleton 1
I get the message about the forthcoming letters and the meetings and things, but what is the man's concern with my daily activities? Also note, that in spite of the bad press, and their refusal to acknowledge responsibility for being unable to pay my capital back, I am made "die vark" in the game. So I asked him friendly not to be concerned with what I'm doing but to concentrate on his own work: 20090325 Email Respond to Stapleton 1
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:
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;
that as far as Edwafin is concerned, clause 12.2 of the Debenture prospectus is not worth the paper it is written on;
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;
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
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.
Last Friday I requested an update from Edwafin concerning the board meeting that was supposed to be held during early March, and whether they had been in contact with the authorities concerning the return of my investment money.
No response to date.
Yesterday, I did a Google search and found a short article in Fin24 about the law suite by an investor to try and get her money back. It was actually reported with the headline "Edwafin finally underwater?", and with a rumor that Edwafin was applying for sequestration.
On the spur of the moment, I realized that I had been towing a line, that was going nowhere, and that I need to show consolidation with the other investors. I wrote a short comment with a link to this blog.
At the same time I wrote an email to Stapleton, asking him if they had applied for sequestration. A short while later I received the following response:
No it is not true that we are liquidated at all. The press are making mischief. We have a minor investor comprising less than 0.006 of our debenture book who is upset because we will not pay her out for very good reason and she is bringing an application which our advocate is confident she will not succeed with. End of the matter
I immediately changed the name of the blog to http://edwafinexposition.blogspot.com/ and closed it to visitors (the name change sounds more apt). Note, however, that Stapleton does not say what the good reasons are, and that he is relying on the adbvocate's opinion about the matter. Neither is he commenting on the questions I asked him the week before.
However, this morning I found an article in the Witness outlining the story of this lady who wanted her money back, and found herself up against Stapleton's Dobermans. The following are my deductions:
The investor now has become the enemy
Edwafin do not intend to repay our money and simply denies that the investors have the right to have their money back
Edwafin has unilaterally altered the terms of the debenture prospectus, and is now essentially sticking its tongou out at its investors
The folk at edwafin are becoming more and more like the scumbags some commentators tend to describe them
The original threat of high powered lawyers against anyone who tries to take Edwafin on, seems now to have become reality
Edwafin and Stapleton are less than sincere in there dealing with their investors, and it is mind boggling that they are still trying to get more investors to invest in them.
In view of its beligerence against its investores, it is now my opinion that this should be brought out into the open. I realize that I had made an undertaking not to publish the blog before 31 May, in light of the disdainful way they have treated this lady (who simply demands what is now rightfully hers - like most of the investors), I don't think it is necessary to wait any longer. I pressume I will simply receive the same treatment when the time comes.
As from tomorrow, 25 March 2009, around noon, this blog will go public, and will be advertised at every nook and cranny that I can find, and that will hopefully attract the attention of other investors and/or potential investors.
The reason, why I have to wait 24 hours, is that I would like to get the Facebook support group of the ground, and that may take a while.The facebook group can be found at http://groups.google.com/group/myedwafin, biut needs activation and will also be advertised as wide as possible.
The friendly bantering Mr Stapleton and I had over the last months seems to have been a complete bluff, and behind the outgoing and friendly fascade there seems to be a vindictive, insincere, hard and greedy man. Bless him in any case.
Sunday, March 15, 2009
After writing this morning's blog, I never thought that I would be writing another one today. However, the messages that the universe sends us knows no time as we on the earthly plane experience it, and thus when a sign is send our way, we have no choice in its presentation. We left off the entry where I had sent Mr Stapleton a note thanking him for the photographs of the DMC vehicle and complimenting him on its progress. He seemed to have forwarded my email to some colleagues. Originally I didn't deem it necessary to publish a copy of my message on the blog, but here it is for the sake of completeness: 20090311 Email From MK Thanking for the Photos
Obviously, as this blog is updated, copies of each entry are sent to a number of people concerned, and Mr Stapleton therefore received a copy of my previous entry - the one with the positive outlook on all matters Edwafin.
Am I mistaken or is the picture getting smaller again?
Some hours after having blogged I received the following email from Mr Stapleton:
Mr Stapleton is a nice and very honorable man, and one has no reason to doubt his acuity in estimating the future and conveying his conviction in the essentially upbeat tone of the message. But, ... is there something else one notices from the email. Einstein used the concept of exponential increase when he defined energy as the product of mass and the speed of light to the power of two. Exponential increase means that something does not increase by a set quantity, but that the quantity by which it increases, itself growths by a factor of 2 (doubles) or more.
Now, Last year when the troubles and the void of money began, the time period predicted before we would receive our money was 15 days. Good - that didn't happen The next exponential increase was about 4/5 fold, and the void would be filled at the end of February (or earlier) - six weeks later.
No longer interested in the game called Edwafin, Mr Stapleton and I ultimately came to an agreement that I would receive my money at the end of May. The exponential increase was now doubled again at 8-12 weeks (depending where you start the calculation).
Something in Mr Stapleton's letter, gives me the vague feeling that we probably not be paid our interest for the next six months or so. Of course I might be completely wrong, and then a payment at the end of this month would come as a very pleasant surprise.
But have you also noticed that Mr Stapleton completely ignores our arrangement about the refund of my investment at the end of May. Of course this arrangement has been carefully recorded, and I doubt that this is a pure oversight on the side of Mr Stapleton.
However, there is no harm in timeous reminders - in fact I had nearly forgotten about it myself.
It has been some ten days since I last visited this blog, and the fact that it is because of good news, is a very positive sign that reality is catching up with positive attitudes.The day before yesterday an email from Mr Stapleton contained a good number of photographs of the DMC car that they manufacturing. It is clear why the vehicle would appeal to people who need a rugged, all terrain car. Also, the factory looks well organized and it is clear that it is a professionaly run operation. Below are two pictures of the vehicle complete and in the process of being build:
I appreciate this update from Edwafin, and the positive nature of the news.
Read here all about my investment with EDWAFIN, and the attempts to bring it all to a conclusion after it went pear shaped.
Originally Mr Stapleton, the CEO of Edwafin, had an agreement that this blog would not be published before 31 May 2009, and that it would be removed after I had received my money by that date.
Recent events (end of March 2009) have convinced me that there is total lack of sincerity on the side of Edwafin (and most probably Stapleton himself), as he had no problem in subjugating a retired lady to his whims and contrary to any prior written agreements. She is not the only one in this predicament, but is an example for us all.
There is also a group/forum http://groups.google.com/group/edwafinforum as well as on facebook at http://groups.to/edwafingroup, should you be interested in participating in the debate and possible collective legal action against Edwafin and its Management..
After years as a musician and academic, I have come to realize that one need not only have a single career. So I'm working on a second one, and it is all very exciting.
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