Is Swiftech going down for the count?

[Lothar5150]

Swiftech lost money for the first 3 quarters of 2005 and they have not posted financial statements for the 4th quarter within 45 days of the end of the quarter as per SEC regulations. No public company will delay posting good news.... particularly one which need stock sales in order to remain solvent.

Given what we have seen with the Storm and other products since Bill departed Swiftech I thing may not be going to well.

I wonder how bad the news is…

[BillA]

wanna buy some stock ?

jk, not legal just yet

[bigben2k]

If Swiftech shuts down, what are the odds that Gabe comes back under another entity? I wonder...

[Etacovda]

sore that they've discontinued all your products, lothar? (just noticed now, cool sleeves are 'smart coils', lol)

smells like a personal beef, how... petty.

[Lothar5150]

Originally Posted by bigben2k

If Swiftech shuts down, what are the odds that Gabe comes back under another entity? I wonder...

I think the odds are against it. First all of Swiftech's vendors will know the new entity is owned by Gabe and they will likely refuse to do business with the "new entity" if Swiftech goes belly up with debt to his vendors. Further I think Gabe would have difficulty securing a line of credit to restart or investor financing. Obviously if he can't get financing for his current venture he is unlikely to get funding to restart. Personally I think if the 4th quarter earnings are as bad as the last three quarters then 2006 will mark the end of Swiftech as a player.

[Lothar5150]

Originally Posted by Etacovda

sore that they've discontinued all your products, lothar? (just noticed now, cool sleeves are 'smart coils', lol)

smells like a personal beef, how... petty.

This is not petty at all Swiftech has a very real solvency issue. Concern over a publicly traded company not posting earnings is a very real concern especially for some in this forum who own stock in Swiftech.

While Swiftech did break their legally binding contract with us it had no effect on the sale and distribution of the product. Further, other Swiftech vendors likely have faired a lot worse.

[BillA]

no Brenden, its about ethics and integrity
since you asked . . . .
all products have a life cycle, not really so long in the WCing arena

Gabe 're-sourced' Coolsleeves with a Chinese made product at the same time he had an exclusive distribution agreement with CoolingWorks
(he sent Coolsleeves samples to China to be copied, not even a dwg)
you may choose to consider this "petty", to me and others it is the action of a whore

do I too have a "petty" "personal beef" because Gabe still owes me over $50,000 in personal wages going back 2 years ?
did I not deliver the products which kept Swiftech alive during that period ?
so why should I not be paid ?

when I quit Gabe promised to continue to pay my salary "no matter what" until I was repaid, his words
after fits and spurts he now pays me 1/4 of my salary
do you consider his lie to be just good business ?
personal ? yes
petty ? have you been stiffed for $50,000 ?

Gabe is a lying whore
Erick respected the exclusive he granted Gabe

do you have the balls to apologize ?

[BillA]

http://forums.procooling.com/vbb/sho...87&postcount=9

hey Brenden, got a memory problem ?

still waiting on your apology

[BillA]

Originally Posted by Lothar5150

I think the odds are against it. First all of Swiftech's vendors will know the new entity is owned by Gabe and they will likely refuse to do business with the "new entity" if Swiftech goes belly up with debt to his vendors. Further I think Gabe would have difficulty securing a line of credit to restart or investor financing. Obviously if he can't get financing for his current venture he is unlikely to get funding to restart. Personally I think if the 4th quarter earnings are as bad as the last three quarters then 2006 will mark the end of Swiftech as a player.

I am here to say clearly that with my 1,600,000 shares of Swiftech stock,
Gabe will NOT raise money selling paper while he owes me unpaid wages

(yes guys, I am pissed off at being lied to)

[Etacovda]

gee bill, you're good at jumping the gun (and its Brendon, by the way)
did i mention you? no... i was talking specifically to lothar, there was NOTHING that implied i was talking about you.

Do i get an apology for you completely misreading what i said?

[BillA]

sorry for the name error Brendon, (I do not have Swiftech e-mails - forgot the spelling)

you took a cheap shot at Erick (correct spelling BTW)
I provided the info to correct your cheap shot (read posts #7 and 8 with care)

the apology you 'owe' is to Erick
cease carping on me
can you apologise to Erick ?

this is a defining moment for you on procooling, long pants or short ?

[Etacovda]

"all products have a life cycle, not really so long in the WCing arena" - im well aware of product life cycles.

Your posts were (as usual) cryptic. If you wish people to read your posts and respond in the appropriate manner, perhaps you should be a bit more clear on your english... your emails + postings are always extremely vague, you were not clear in any capacity that you wanted me to apologise to Lothar.

Gabe 're-sourced' Coolsleeves with a Chinese made product at the same time he had an exclusive distribution agreement with CoolingWorks
(he sent Coolsleeves samples to China to be copied, not even a dwg)
you may choose to consider this "petty", to me and others it is the action of a whore

And how does that make it any LESS personal? It makes it way MORE personal, and fair enough...

regarding post 8, i was lead to believe that you designed that and it was outsourced to Taiwan? so how does that have anything to do with Lothar? I have emails still about that units release, and I dont recall any coolingworks affiliation, could well be that i wasnt told about it.

"this is a defining moment for you on procooling, long pants or short ?"

Defining moment? this seems to suggest that i really care what people think about me on this site... 99% of people on here dont know who I am... and 0% of people would notice if i left. Theres only a few who i talk to regularly on this site, and most of them have stopped reading anyway.

Im sure Lothar can speak for himself if he wants an apology, why do you feel the need to ask for him? Shit, we've all insulted people here etc, and yet im expected to make an apology? how many people have you ripped the shit out of here, eh? must be hundreds over different forums by now.
Hell, if I'm being scathing, you can be damn sure it'll be more than one line.

Honestly now, who has stock in swiftech here? probably just you, right? then why cant he just email you about it?

You should have just left it at what Lothar said, he just answered what i said and i accepted it. You took it personally, not him - unless he went to you to 'fight' for him, which i doubt.

[jaydee]

Odd they are releasing new products such as the Apogee, the GPU block, and now the re-designed Storm if they are in to much trouble.

http://www.swiftnets.com/products/storm-r2.asp

[Lothar5150]

Originally Posted by jaydee

Odd they are releasing new products such as the Apogee, the GPU block, and now the re-designed Storm if they are in to much trouble.

http://www.swiftnets.com/products/storm-r2.asp

You know Ford still produced a new line of vehicles last year and I expect they will produce a new line this year.

Again no publicly traded company will postpone good news about earnings and certainly will not report earnings late in violation of SEC regulations.

Etacovda- Bill is right Gabe is the dirt bag who went back on his word. I honored our agreement even when resellers refused to buy from Swiftech and offered to buy direct from me. Even when our business relation ship was strained I keep my word. The only reason why CoolingWorks has not lined up with others to sue Swiftech for breach of contract is because the cost of legal fees is higher than the annual revenue from the product. As for the apology…I don’t need one but given Gabe’s blatant violation of our contract I think lambasting him publicly is far compensation. He can always try and sue for liable but I haven’t said any thing that is not backed by fact. Karma is a bitch

[Etacovda]

fair enough, i respect that - but perhaps making your position + intentions clear would stop people thinking it was a petty bilk

[Long Haired Git]

Unsure of USA law but in Australia wages are #1 in queue of creditors.
I know because as a contractor I am not wages employee but unsecured creditor hence very low priority.
So, ensure any wages claim is in writing now with evidence, as it will be an administrator/liquidator who pays the bills and not the company's current management.
In fact, in Australian law at least, the last several period of bills can be reversed via legal action if the company is favouring one creditor over another. If a company has not paid employee wages but has paid other creditors, perhaps the administrator will seek to correct "the wrong", although its typically done to recover maximum funds for the secured creditors who get preferencial treatment.

Note: Usual caveat re legal advice applies: I am not qualified and made all the above up. Go see a solicitor.

[jaydee]

Originally Posted by Lothar5150

You know Ford still produced a new line of vehicles last year and I expect they will produce a new line this year.

Again no publicly traded company will postpone good news about earnings and certainly will not report earnings late in violation of SEC regulations.

Etacovda- Bill is right Gabe is the dirt bag who went back on his word. I honored our agreement even when resellers refused to buy from Swiftech and offered to buy direct from me. Even when our business relation ship was strained I keep my word. The only reason why CoolingWorks has not lined up with others to sue Swiftech for breach of contract is because the cost of legal fees is higher than the annual revenue from the product. As for the apology…I don’t need one but given Gabe’s blatant violation of our contract I think lambasting him publicly is far compensation. He can always try and sue for liable but I haven’t said any thing that is not backed by fact. Karma is a bitch

You cannot compare Ford and Swiftech. That is laughable in fact.


But I am getting out of this petty discussion anyway. You and bill should show some professionalism and be better than Swiftech instead of taking out your grief with them here.

[Lothar5150]

Originally Posted by jaydee

You cannot compare Ford and Swiftech. That is laughable in fact.


But I am getting out of this petty discussion anyway. You and bill should show some professionalism and be better than Swiftech instead of taking out your grief with them here.

True Swiftech is hardly Ford but you understand the analogy.

I think it's unprofessional to not honor written and/or oral agreements and fail to comply with SEC regulations. My pointing out these failings is not unprofessional.

[BillA]

jd
I have 'known' you for several years
right now I'm drinking rum and coke and watching young people who really do care
tomorrow I will tell you, and know-it-all Brendon, why the 2 of you should transit to the H where you can both be experts

later sport

[jaydee]

Point and case. Thanks.

[Etacovda]

Originally Posted by BillA

jd
I have 'known' you for several years
right now I'm drinking rum and coke and watching young people who really do care
tomorrow I will tell you, and know-it-all Brendon, why the 2 of you should transit to the H where you can both be experts

later sport

Dont bother bill
you've just made it painfully clear why i dont enjoy my visits to this site any more

Have fun

I'm out.

[Joe]

Cummon guys... I realize that people got screwed, feelings are hurt... but why does it need to be brought up over and over again, and just turn into personal jabs back and forth... cant you see how this is clearly counter productive in any sense? Hurting swiftech (which I believe is the sole and only goal), hurting ProCooling (because really do we need more senseless conflict?), and hurting respect for all those involved.

How about we act like adults? Its an idea I have been tossing around and I think it has merit...

[ProHandyman]

Originally Posted by Joe

Cummon guys... I realize that people got screwed, feelings are hurt... but why does it need to be brought up over and over again, and just turn into personal jabs back and forth... cant you see how this is clearly counter productive in any sense? Hurting swiftech (which I believe is the sole and only goal), hurting ProCooling (because really do we need more senseless conflict?), and hurting respect for all those involved.

How about we act like adults? Its an idea I have been tossing around and I think it has merit...

I have been visiting this site for some 8 months now... and have seen personal attacks, mid-evil jousting, and open trade design discussions ripped off.

My Point? Everyone can enjoy a moment of "terse", but the continuance has slowly driven many a knowledgeable member away. I see what Joe sees from an outsiders point of view, and am seeing the slow death of a once respected website/forum. I was hoping that some of the changes would bring a bit of positiveness back... hopefully it will.

Puns are needed, the occasional "I told you so" compelling, and "your totally wrong" with the proof to back it up are great! I've enjoyed my time here so far, but the dwindling of major contibuters is a bit disconcerning.

OK, the disabled liberal renaissance man steps off his crumbling soap-box...

[Joe]

Quite simply, I agree... and if this continues... I am going to need to either start enforcing the rules I placed on the forum a few months ago, or taking a heavy hand on moderating.

While bill seems to see and know that his constant personal attacks (and spiteful barbs that are only meant to encourage others to resort to personal attacks)are harmful to the site he seems to forget all too often or just not care that it is also the bane of this site and will do nothing but hurt it further. For someone who is as acclaimed in the cooling community... I find it hard to understand that at times it's almost like a personal mission to be as self destructive as possible, and take everyone and anything down with him.

Im tired.

[jaydee]

Originally Posted by Joe

Cummon guys... I realize that people got screwed, feelings are hurt... but why does it need to be brought up over and over again, and just turn into personal jabs back and forth... cant you see how this is clearly counter productive in any sense? Hurting swiftech (which I believe is the sole and only goal), hurting ProCooling (because really do we need more senseless conflict?), and hurting respect for all those involved.

How about we act like adults? Its an idea I have been tossing around and I think it has merit...

^ is exactly what I was trying to get across. My attempt seems to have failed however.