Basically Roland ran a Nigerian email type scam - 'you pay me X and then Ill pay you a larger amount.' (the fine print would make the conditions too hard for a penny dreadful to meet and hey presto Roland walks away with $96m).
Then PDY passed this off as a 'secured deal'.
Its no different to me claiming I have $10.5 million US based on a Nigerian email.
'Hey all I have to is pay 100 bucks to Western Union and I get a guaranteed 10.5 mill'.
That is the level of garbage we are dealing with here. The fact the Directors are trying to pretend it is business as usual today with their announcement would be laughable if so many people didn't get screwed in the process.
If these three Directors don't see time in prison for this - then our entire corporate regulations need to be re-written from a scratch.
PDY Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
