Everyone, whether they've admitted it or not, has

Everyone, whether they've admitted it or not, has had suspicion that Steve has been operating in standard pinkie CEO fashion. There is a huge divide between what he wants you to believe compared with what is actually happening in the financials and in the real world.

But suspicion certainly turns to full-on guilt when I consider this condemning fact...

Like a pinkie CEO, the bait and switch has already been executed. While Steve talked about and eventually retired the 1.4 billion shares he held, he timed it with the handing out of even more toxic debt to the Canouses. Conveniently, the TA was gagged at the same time.

So let me get this straight... you are cash strapped, but rather than raise capital by using some of the 1.4 billion shares you already hold, you instead use their retirement as a positive fundamental while unrestricted toxic shares, shares which were conveniently omitted from the prior quarterly, are being dumped on shareholders? It appears that partnership with NECA was little more than Steve jumping into bed with toxic lenders which, at this point, he is obviously working lockstep with. This is classic insider enrichment.

Steve is getting paid. His toxic lenders are getting paid. Shareholders are being told to chase their tail while their pockets are being emptied through obfuscation.

It just doesn't get more typical, dirty pinkie CEO than this. Falsified books, a gagged TA, ridiculously favorable terms for toxic lenders you partnered with, empty tweets and finger pointing at bashers, and a dangling carrot that is always just a "hold on til next week" and a "soon" away.

I was going to say, "Short of him closing a massive deal in the next couple weeks..," but that's just more dangling carrot talk. Reality is, I don't see a scenario at this point in which this recovers. Technically, it may have a little bounce, but I don't see any long term viability. Why?

Because he still has no cash. He just did a Reg 1-A for 450 million at .0024, but no one is going to pay that when the share price is less than half that on the open market. What does that mean? Well, more toxic debt. For all we know, he could be taking on more toxic debt right now that won't show until the next report. As the price falls, more shares will need to come to market to satisfy said debt. Then the A/S increases. More people bail. The price falls and more shares need to come to market to satisfy debt. That's the toxic spiral.

In the end, Steve and his note holders win. We lose.

There's really no way to get around the fact that this business and Steve's salary are 95% the result of the sale of shares, not a successful business.