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Engineering, procurement, construction & management of crude oil refineries.

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Message: June 29

smoke and mirrors

posted on Jun 17, 2008 12:37AM

Well my friends, take another look at MF's email. He states that the accountants had been paid by retainer some months ago. Well, that's nice to know.

What MF doesn't say is that he hasn't provided the accountants with the information they needed so they could prepare the financials. This is a significant omission of fact; or could one say a seriously misleading statement.

It bothers me a lot that the president of the company has shown us shareholders repeatedly that he is incapable of complying with the regulators - and that there are those of you on this forum genuflect repeatedly because he says he will comply..... eventually.

Remember that the share price also reflects the opinion of the market as to the capabilities of management. MF had said throughout history that he is building a company, not a market play. And thus far, the market has shown ZERO confidence in MF's management abilities.

And I say, Mr. MF, until you prove that you can comply with the regulators on a timely basis, you are just working with smoke and mirrors and you are not building a company nor are you building a market play. In my opinion, you are treating the coffers of WWF as a personal piggy bank and this is to the detriment of those who have invested in this company in good faith. You owe it to the shareholders to comply with the regulators on a timely basis AND to build shareholder value. Step up to the plate Mr MF. You have two strikes against you and the fastball is rapidly approaching the plate. Prove to your shareholders that you can play the game according to the rules. You have seconds to prove that you can meet future deadlines on a timely basis. The accountants are not to blame at all.The blame rests totally on the shoulders of management.

MF - build a team. NOW. You have been running WWF as a one man show. That no longer works.

Good luck to us all.



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