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| Jun 21, 2006 10:28 pm |
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Philip Capolongo - Equitex Venture Group |
| harold morris
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1. My relationship to Equitex is that I am a consultant and bring transactions to them. Successfully I might add.
2. I do not respond to a 5 month old meesage here because this is proibably the last site I go to. It is of that little importance to me and way too low on the totem pole.
3. Whatever response, legally or otherwise, to these things is private information.
4. For what it is worth, Equitex has all at once occupied several of the offices in the space they are located. I would classify none of them as a "closet". They have spent several years there, I would not call that a small period of time.
5. Mr. Quinn always had the option of calling Mr. Capolongo at any time. He never has. The option is still open. Mr. Quinn was a salesman for Deluxe Check Printers with a degree in Phys Ed, I guess that qualifies him as an investment banker. Mr. Quinn has never done any business with Equitex at any time.
6. Dale Kurshner was repaid the $7,500 due diligence fee he paid. He owns a small regional Private Equity magazine and the deal was unable to be done because the company did not fit the criteria of Equitex. He has no cause for any action.
7. Martin Arellano was also repaid almost all of his due diligence fee, there is a small amount remaining. He owns a company that makes a specialized beverage machine. It also did not fit the criteria. Period.
It is hard to fund start ups, you all know that. I have placed a number of them through EVG and if they hit the criteria marks, they got money. I have also spent a large number of years rasing capital for companies, it is never guaranteed and it is always a crap shoot. I suspect most of these companies are acting this way because they did not get the funding for their deal. I suspect Mr. Capolongo has become a veritable punching bag for companies that no one else would fund and that he tried to do something for. I have advised him to steer away from these things in the future, these type of companies are a no-win situation.
I have also seen companies pay a much larger amount of fees, front and back end, get back no effort and either not get the money or get terms so unreasonable that the deal was impossible. Anyone try those reverse mergers? Or the small IPO's in the 80's? I wish my only loss was $7,500 in those days, it was much much more.
Mr. Marcus, call Mr. Capolongo if you wish to just receive the settlement value of $7,500. Which is what your case is all about.
I will continue to bring deals to EVG. You all should take up tennis.
Harold Morris Private Reply to harold morris (new win) |
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