Thanks for the prompt...… Just to add some clarity for those that haven't been here long or have forgotten. TC, or Terrence to some did NOT save IOU. He did however play an integral part through contacts within his profession. Truth is back when there was a lot less SOI us shareholders held majority vote and managed to get rid of the fraudulent BOD. So the fees accrued from that process and the costs to pay out the creditors to have the VA lifted was pretty much covered by a fighting fund followed by a CR.
As some will be aware the SH where split, some not having an issue chipping in funds, others critising and saying TC should cover it. Myself and others where prepared to lose our contribution to the fighting fund, but understood it was required or everything would be gone. So my Gratitude goes to the two guys behind the scenes that drove it, large SHers that stood up went above and beyond, what happened later is another story.
Further more, some will be wondering about this $1m statement. Again just to clarify, no one reached in their pocket or put their neck on the line out of generosity and good will, far from it. IOU was rebranded and listed as OVT, certain large SH sold out in turn plummeted the stock all the way down to .004. Of course more money was requires and a another CR completed. It was at that point TC, who had recently explained he need to sell his shares to cover a property transaction came up with the said $1m at .004. By the time Simon Keast was announced he owned 350m shares, within months of the SP going from .004 to 4.8c TC had offloaded 300m of those shares, to now sit under the 5% holding.
All of this can be proven factual in announcements and the share registry, aussie you would be aware of this as you mention you get it occasionally.
I'm might be a non holder now, but my 4 years of knowledge could help others not get trapped. As always everyone needs to do their own research, rather than listen to the rampers or those that oppose the rampers. Imagine if we had listened to
@gimmegimme back in the day, hard as it is to say he was a non holder trying to help a few out.
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