Frank Wilson was CEO, Board Member, Majority shareholder and the public face of the company which was first TFS, then QIN.
Under his "leadership" major omissions were made and major untruths were told
The most famous one is "All wood from harvest 16/17 has been forward sold"
Mr Wilson also famously neglected to mention that the company had lost its contract in China- which was announced to the market as a monthly shipment amount. I do believe around twelve months passed with shareholders in the dark about the contract "cancellation" (if there ever was a contract, since only one shipment was sold to China.) This situation was uncovered by Glaucus.
FW left the company in disgrace. To me , it is shocking how short people's memories are. They are looking to him as the white knight to save their investment- he was the leader of the company at the time of their troubles.
I would like to word this post much more strongly, but recently received my first one week ban from Hotcopper for criticizing Frank Wilson, so I am trying to stay within the rules of the forum, whilst expressing very strong displeasure at his omissions and half truths.
QIN was my biggest shareholding. I was extremely lucky to sell at $1 just before the craziness happened- but only because I needed cash for my main business. Others, including my girlfriend were not so lucky.
As my holding grew and grew, I would continually analyse the company to make sure I had faith. The main thing underpinning my faith was the monthly sales contract to China, which I believed thoroughly "derisked" the company. This contract did not exist. FW knew that, and there is a good chance he never told the board. Their "incompetence" may simply be a result of having been kept uninformed by the CEO- Mr. Frank Wilson.
At this stage, all anybody can do is hope. My girlfriend owns a small parcel of shares in the company, bought against my advice during the collapse, so if anything, I wish for a positive resolution for shareholders.
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