Dodging a bullet

I’ve been watching the online conversations taking place about the action taken by SEC against Laidlaw a few days ago. I believe that there are some important lessons to be learned from that action and from the reaction of shareholders and other supporters of Laidlaw. First we need to be careful not to assume that Laidlaw or Mr. Bartoszek will be found guilty of doing anything wrong or criminal. Having said that, there’s no question in my mind that, Laidlaw and its managers are not nice folks and, maybe not the most honest people on the planet. You just have to look at the history of the company or speak to people who have worked with the company to come to that conclusion. There’s a history of law suits following the company and multiple charges by individuals and companies that claim to have been wronged by Laidlaw and its CEO. What I find really interesting is the anger of the shareholders and supporters who are upset not at Mr. Bartoszek and Laidlaw for not being candid with them, but at the SEC who temporarily pulled the plug on Laidlaw stock trading. We need to consider that the SEC is acting to protect investors and potential investors from what might be improper behavior by the company and these investors are angry at the SEC? This is a bit like somebody being angry at the police for disrupting the actions of bank robbers or somebody driving drunk. I think we need to take a moment and ask why these people are being so irrational. Well, as is often the case, it’s about money. The action by the SEC will have a negative impact on the value of their investments and their anger is also an emotional knee jerk reaction to their feeling of being duped in believing that they were on the road to becoming millionaires. Like parents who blame the teacher for the poor behavior of their child in school, they blame the teacher for their own failure in raising that child. So these “followers” (as they are cult like) that I’ve described as “clones” or being drunk on Laidlaw “Kool Aid” are mindlessly upset at those who are forcing them to look at the reality of their decision to invest in Laidlaw and their blind trust in the company and its CEO. In a way Berlin is lucky to apparently have dodged the bullet on this one.(Although we’ve spent well over $100K) It’s my opinion that if Paul Grenier had been mayor when Laidlaw first came to town, the City would have immediately jumped in bed with Mr. Bartoszek and who knows to what extent the City would have become involved and vested in the project. In contrast, the Bertrand Administration hired a lawyer to represent the City, a more professional manner to conduct business with a then unknown company. Let’s also remember that Mr. Grenier was upset at Mayor Bertrand and Council for “wasting money” on the lawyer. Another factor to consider was the relentless research by Jon Edward who kept brining up issue after issue about the company and its history in New York and elsewhere. Jon did a remarkable job investigating and later challenging some key issues. Again I must ask, how much would the City have swallowed (hook line and sinker?) of the Laidlaw bait? Luckily as it turns out the project is now in more legitimate hands with Cate Street and Berlin is less exposed to exploitation. When it comes to making smart decisions about the credibility of companies, Paul Grenier has a very bad record. A few years ago when Mr. Grenier claimed to be the “watchdog of the City budget” a scam artist came to Berlin and for months the City wasted hundreds of taxpayer dollars housing and feeding the man that was going to start a business mining our ledges and making stoneware. In his haste to be viewed as a hero and being in control all while playing to the next election, Mr. Grenier often comes to conclusions that are erroneous and costly, both financially and in human terms.

Comments

[Chet]

I forgot to turn my computer off last night and it went into sleep mode. The last website I was on, around supper time, was the Laidlaw Blog. When I went to use the computer this morning it was locked up. I shut it off and turned it back on and found the problem. Overnight the access to the Laidlaw Blog seems to have become restricted to those who are "invited". You have to log on via your google log in and then you get a message that only those invited are welcome. I can only think of one reason for this to be the case - something to hide maybe.

I just went to the IHUB website and a few of the IHUBers have started to notice. I wonder what their reaction is going to be.

[Rocky]

This isn't over by a long shot my friend!

[John Levasseur]

Is the punishment worthy of the crime? I personally think the ones that are being punished are the inosent shareholders. They will be out 4.5 million dollars and some, like yourself think this is funny. Nothing funny about it. The 5 areas of question do not involve money but more communications and nothing intentional. Now I know why I don't read your blog because it is so biased.

[Rocky]

John, if you don't read my blog then you must have some magical powers to determine that it's biased. I freely admit that I have a disdain for people or organizations that are dishonest but come off as holier than thou and do their best to weasel out of their responsibilities by suing. I don't believe for one minute that this event is funny and I have a lot of sympathy for some of the shareholders who in some instances were talked into investing their hard earned money into the company. By the way, I've stated that view on several posts. I have no sympathy for those who have been pumping the stock in various ways and knew the risks and the history of the company.

[Antonio Andolini]

Let's not forget the other player, originally in the background,spending lots of money because they know what's best for us.
http://www.unionleader.com/article/20110612/NEWS06/706129977

[warren,]

Well, "All's Well that End's Well" Rocky. I'm Pleased that You Now Support This Biomass Plant. Apparently it's True what They Say; "Success has Many Fathers...."
Tony is On to Something, Let's Stop the Northern Pass...OR Bury It!?! How about We Make a Better Project Out of The Northern Pass Proposal by Forcing them to Bury It along I-93?

Then We Can Shake Hands on Main St. in All Sincerity! Eh, Ami?

[Chet]

People on IHUB still read your Blog Rocky.

Post 1 by CTTC

Laidlaws one time Legal Counsel was

Cohen & Czarnik, LLP (Stephen Czarnik)
140 Broadway
36th Floor
New York, NY 10005

He was indicted in 2010 for running pump and dump schemes.

http://www.sec.gov/litigation/litreleases/2010/lr21401.htm

Anybody know what came of this?

Post 2 by CTTC

Here's another

Awhile back the guy to call for information on the LLEG website was Dwight Flatt. I wonder if its the one and the same with the following:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=52603881

Post 3 by CTTC

People like myself who have been on this board for awhile will recognize the alias mentioned in the post below and and his connection to the big runup of the PPS in 2008

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31297454

Notice the name "Dwight"

[Chet]

This stuff was good reading this morning. So MBBLLEG is a guy named Chad Curtis out of Florida and his sidekick Dwight Flatt are involved in LLEG. Good old Jon was right again. At the time the LLEG stock was being run up in 2008 by MBBLLEG, Dwight Flatt was answering questions for MBB on LLEG's website. Oh tangled webs we weave.

BigBucksFL is out of Florida too - wonder if his name is Chad too.

[Chet]

Now I see the post showing the identity of MBBLLEG has been pulled. Sounds like its sensitive info.

[Antonio Andolini]

It seems like there has been more chatter than ever on that board since trading in LLEG was suspended. The penny-stock puppets are at it around the clock. They (some, at least)finally are seeing what many of us were concerned about for years with that "promoter."

[Rocky]

Back when Czarnik got nailed by the SEC I wrote a post on the subject (check the archives) in which I quoted a saying my parents told me as a kid; "Tell me who your friends are and I'll tell you who you are". That being said, what does that also tell us about Charlie Bass? You're right Chet, the I-HUB crowd do read b&c. On the day the SEC came down on Laidlaw, byte&chew had almost 700 hits from people that I think were looking for an explanation. Laidlaw is just the tip of the iceberg of a cesspool we call Wall Street and that's where Mr. Bartoszek is from. These are also the folks that have hijacked our government by buying our politicians with either cash or by stroking their ego.(Sound familiar)That's life in a corporate democracy.

[Chet]

I'd found your old post yesterday when I googled Czarnik. I agree with you about Bass. He got $100,000 from Barty just for lending his name. Great work if you can get it. I things keep up in politics the way its going we'll be back in the 1800's with the "Robber Barons" runing the country. come to think of it we maybe there already.

[Chet]

I wish I knew how to contact Sunspotter or CTTC. I just got a bunch of info from a stock broker friend. Someone should ask BigBucksFl if he knows who Chad Curtis or Dwight Flatt are. Maybe the right people will read this. LOL

[Rocky]

Chet, you could always join I-HUB or you could post it here, either way it will get to the right party sooner or later.

[Chet]

I posted the Czarnick stuff of yours on another stock blog at 8:00pm yesterday and it popped up on IHUB a few hours later. All the IHUBers must be spending their days searching other boards.

[Chet]

I was registered on IHUB - I am one of the banished (7). I was a bad boy.......

[warren,]

Man Alive! It Sure is Good to Look Out my Front Window Every Morning, as I drink Coffee and watch the Work Progressing on Berlin Station. A coat of Paint now, on the lower half of the buiding is in order...I'm sure even Tom McCue has to agree!

[Rocky]

Lipstick on the pig!

[Antonio Andolini]

Fresh paint will be small consolation when the NOISE from operating Berlin Station gets around. Sure, that Frecker character said it would be no louder than existing levels, but he won't be living nearby.
You should try picking up the phone and calling Councilor McCue to ask him. Doesn't he live right near the site?

[warren,]

Yes He does Tony, He has a Prime View, and should be Evalued accordingly. I'm sure He would not mind paying a little more in Property Tax's for His View, now it is being improved. I personally heard him moaning in a Council Work Session about having to Behold the Old Notre Dame School from one window and the Recovery Boiler from another... Well, Bless His Soul, Both Properties are getting a Makeover. I look forward to seeing a Smiling Mr.McCue next time we meet. And maybe collecting on that Cup of Coffee...Hopefully before next Armistice Day!
Rocky! You sound like you would rather see a re enactment of the railroad carriage at Compiegne in 1940 ...then do a little dance! Ma foi Tant Pis !
Lol!