This is an incredibly well-written and well-researched article about Concrete Equities – I’m not sure how I missed it when it was published in September 2009 (maybe because I was in new dad mode), but it’s worth a read for anyone involved in this debacle. This paragraph is particularly apt:
“Recently returned CEO Dave Jones played the absent founder; current president Vincenzo De Palma, whom you might recognize from Concrete’s TV ads, drew from a background mostly spent selling lumber out of Prince George, B.C.; 20-something executive Vinnie Aurora’s qualifications included being the son of a colleague of Jones; and, along with experience as an investment industry veteran, office manager Dave Humeniuk bore the albatross of a lifetime ban from selling real estate in the province of Alberta. The result: a corporate environment poisoned by infighting and finger-pointing and which produced no significant financial reporting, a lapsed mortgage, allegations of impropriety and incompetence, no dividends since the start of this year despite purportedly cash-positive properties, and, because of it all, more than 2,000 investors raring for a fight.”
If ever there was a cautionary tale for investors, this is it!
If for whatever reason the link above isn’t working, a copy of the article can be found here.