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July 22, 2015

RIP CTP: the delisting

Update July 22, 2015: CTP has been officially delisted from the NYSE

While CTPartners' web site is still surprisingly live, an SEC filing on July 22, 2015 confirms what we already knew: CTP has been removed from listing and registration:
"the Common Stock [in CTP] is no longer suitable for continued listing and trading on the Exchange. NYSE Regulation reached its decision to initiate delisting proceedings … based on the disclosure made in the Company's June 22, 2015 press release regarding the anticipated winding down of its operations and the fact that certain contemplated asset sale transactions, if completed, are not expected to result in any recovery by the Company's shareholders." 
"1. Based on the Company's announcement mentioned above, on June 23, 2015, NYSE Regulation determined that the Common Stock of the Company should be suspended immediately from trading, and directed the preparation and filing with the SEC of this application for the removal of the Common Stock from listing and registration on the Exchange. The Company was notified by phone and by letter on June 23, 2015." 
"2. Pursuant to the above authorization, a press release was immediately issued and an announcement was made on the 'ticker' of the Exchange on June 23, 2015, of the suspension of trading in the Common Stock. Similar information was included on the Exchange's website." 
"3. The Company had a right to appeal to the Committee for Review of the Board of Directors of NYSE Regulation the determination to delist its Common Stock, provided that it filed a written request for such a review with the Secretary of the Exchange within seven business days of receiving notice of delisting determination. The Company did not file such request within the specified time period."
CTPartners had announced it has received a notice of default from its lenders. As of June 26, 2015, the total outstanding principal amount owing under its main facility was $14,737,352.06. In addition, as of June 26, 2015, the outstanding principal balance of CTPartners' Second-Lien Notes was $6,250,000, accrued and unpaid interest is $151,562.50, and costs and expenses are approximately $139,360. 
"As a result of the continued deterioration of the Company’s business and financial condition and its inability to secure funding to repay the accelerated debt obligations described above or to continue its operations, the Company will cease doing business as June 30, 2015 and wind down its remaining operations. The Company is aware, as disclosed above, that the Bank intends to sell to DHR certain of the Company’s assets the Bank obtains on its exercise of rights under liens granted pursuant to the Credit Facility. These transactions will not satisfy all of the Company’s obligations to its lenders and other creditors or result in any payment to the Company’s shareholders. Although the Company intends to wind down its remaining operations in an orderly manner, it may be required cease operations entirely or seek bankruptcy protection."
So, DHR International acquired only some of CTPartners' assets. Of course, in typical DHR fashion lied about it on their website with a headline, "DHR International agrees to terms of acquisition of CTPartners". DHR did not acquire CTPartners but bought "certain" of CTPartners' assets and not from the company but its lenders. DHR only hired some CTPartners staff, who needed to wait for a call from DHR! Like buzzards, DHR picked through the rotting flesh of CTPartners. It was a clever strategy: as foreshadowed to us in emails and comments from DHR insiders, DHR International never intended to buy CTPartners. Rather they saw an opportunity to make a larger competitor crumble. DHR International are cunning. 

DHR played CTPartners, its shareholders and employees. Their acquisition play was the oldest trick in the book. They timed it right and claimed they were going to buy CTPartners as a whole but this was never their plan. DHR International got CTPartners to open their books so that they knew who are the right clients and candidate are they can pick off. It is much cheaper than buying a business with its liabilities.

We feel for the loyal CTPartners consultants and employees who are unemployed from July 1. Although it might not feel like this at first, the best outcome for these people was not receiving a call from DHR. The losers were the ones who do get a call from DHR. They had a decision to make - the smart ones declined the DHR offer particularly as DHR are renowned for not paying what they are contractually obliged to pay.

We also feel for the clients and candidates who got left in the lurch. DHR International have a track record on not completing assignments and are unlikely to care about CT clients who have already paid fees.

CTPartners' CEO David Nocifora sent an email to all staff on June 23:
As you are aware, the exclusivity period for DHR International to perform its due diligence on CTPartners expired last week. The parties have agreed in principle to buy certain assets of CTP from CTP’s lenders and are circulating a term sheet. We understand that DHR and the lenders are working to enter into a definitive agreement and close the transaction as soon as possible, targeting July 1st

DHR has been or will shortly be in contact with the employees of CTPartners that they plan to employ.  We appreciate the support of everyone throughout this process.  DHR will be a great home for the hundreds of CTPartners employees joining the organization around the world.

Unfortunately, for many of the CTPartners employees, including myself, our last day of employment with CTP will be June 30, 2015Base salaries and benefits will be paid through this date. 
While it is difficult and disappointing, I am very thankful for the opportunity that I have had to work with and get to know so many of you and hope that, like me, you will confidently look forward to the future beyond CTPartners.

Bill Keneally will be in touch with a limited number of corporate employees to continue their employment for a limited period of time during the transition.  Please direct any questions to Bill Keneally either by email or phone at extension {number deleted}.

Over the next few days we will be notifying each location of their status and sending out follow-up communications to answer questions about Clients, searches and process going forward.

Thank you.
What was Nocifora's incentive to say "DHR will be a great home for the hundreds of CTPartners employees joining the organization around the world"? Did he really believe this?

There was plenty that Nocifora did not say. While he said that "salaries and benefits will be paid through" June 30, what happened to commissions, etc? Presumably these were not paid. 

DHR released its own press release:
DHR International to acquire selected assets of CTPartners CHICAGO (JUNE 22, 2015) – DHR International is pleased to announce that it has agreed in principle on non-binding terms outlining the acquisition of selected assets of CTPartners Executive Search Inc. (NYSEMKT: CTP) in a transaction with CTPartners’ lenders, who have the right to acquire the assets pursuant to the underlying debt documents. The transaction is estimated to add 17 offices and 250 employees worldwide to DHR International. 
“We’re very excited about welcoming CTPartners employees and clients to DHR. This process has been performed with extensive diligence and more than 200 phone calls between employees of both firms,” said Geoffrey Hoffmann, CEO of DHR International. “The value system and culture of DHR aligns well with those of CTPartners employees, which is always a critical component to a successful integration. Through our diligence, it became abundantly clear that the combined organization will be better able to serve clients in the unique culture that has propelled the success of both companies for so many years: client service, collaboration, an entrepreneurial and team based approach with a global reach. The addition of CTPartners’ employees will further strengthen our ability to serve our clients on a global scale with the client centric focus that has been the foundation of DHR’s success. I want to thank the employees of DHR and CTPartners for their support, time and hard work in making this acquisition a reality.” 
For more than 25 years DHR International has been a leading, privately held provider of executive search solutions with 53 wholly-owned offices spanning the globe. DHR’s renowned consultants specialize in all industries and functions in order to provide unparalleled senior-level executive search, management assessment and succession planning services tailored to the unique qualities and specifications of our select client base. For more information on DHR International, visit www.dhrinternational.com.
It was a confusing press release as it implies that DHR were acquiring offices and employees, but that is contrary to the CT press release and email. We also note that Geoff Hoffmann believed "The value system and culture of DHR aligns well with those of CTPartners employees". In other words: any CTPartners consultants who join DHR lack any values other than unadulterated greed even if it means cheating clients and employees.

We also note the press release makes the specific claim that DHR currently has "53 wholly-owned offices". Yet DHR's website had for some time shown only 49 offices, including 7 that are fake. DHR quite comfortably lied about this, just as they will lie to prospective hires from CTPartners as to how they will treat them. Forewarned is forearmed. 

So, which CTPartners employees are stupid enough to join? The best performing CTPartners consultants fled to avoid working for DHR InternationalWe expect the long, long list of ex-DHR consultants to grow dramatically to include people who join DHR and then find out they have made a mistake. Female CTPartners employees in particular should make sure they are aware of DHR's approach to diversity.

There's at least five consultants at DHR International who used to work at CTPartners: James DiFilippoDavid MaddenAmy OrlichNicole Phillips and Kenneth Xu. There's at least three at CTPartners who used to work at DHR International: Ryan Chatley, Jamie Cassedy and Kevin McKeon. Will they rejoin DHR or leave like those former DHR consultants who left CT after DHR announced their takeover bid e.g. Michael DeSimone and John Spencer.


This has been a tough four months for those at CTPartners. This all started back on February 6, 2015 with DHR International making a takeover bid for the public CTPartners on. Although owned by one individual, David Hoffmann, DHR International could have afforded the millions of dollars to buy CTPartners. Instead it killed a competitor by making a non-genuine takeover bid - it is the oldest trick in the book and the leadership of CTPartners fell for it. Most of them have gone.

54 comments:

  1. Thanks so much for this website. I am a CTPartners employee and it is good to know what we're in for if and when DHR International acquire us. Yikes!

    ReplyDelete
    Replies
    1. As I update my resume looking forward to the next chapter in my career, I can take solace in the fact that the CTPartners I joined was as one time a great company and I will not be sullying my CV with the proverbial shit stain that is DHR International. Tootles.

      Delete
    2. Stop picking on me and DHR or I will get ask dad buy the internet and shut it down.

      Delete
  2. Interesting I hear Kate Quinn DHR International and Kevin Dugan at the New York Post are friendly maybe she has some good prospective on DHR and CTP ?

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    1. A source in the executive search industry told me that the complainant in the discrimination claim against CTPartners is a senior consultant who moved from CTPartners to DHR International. The source told me that DHR International released the "story" to the press in order to cause the CTP share price to crash.

      So, does anybody know if the complainant has actually filed the lawsuit?

      Delete
    2. No lawsuit!
      I hear from a friend that there's no lawsuit ...Papers love to sell a story !
      Is that legal ????!!! Crash share price then try buy the firm. We are a private headhunting firm better that way, stay under the radar, clients also prefer that too, articles would never been written about our 22 person firm ...

      Delete
    3. Here's the original official statement from CTPartners on this EEOC complaint.

      NEW YORK--(BUSINESS WIRE)--Dec. 8, 2014-- CTPartners (NYSE MKT:CTP) is aware that a complaint by a former employee has been submitted to the Equal Employment Opportunity Commission (EEOC).

      CTPartners takes all allegations of discrimination very seriously. As soon as the firm was informed of concerns by an employee earlier this year, the chief operating officer undertook a comprehensive investigation, along with external counsel. Based on that investigation, the Company believes that the claim does not have merit.

      CTPartners is fundamentally committed to a diverse workforce, and promotes an inclusive and positive working environment. CTPartners is proud that more than one-third of the firm’s partners are women, and that 10 of the 17 end-of-year senior-level promotions were earned by female executives.

      -Ends-

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    4. Actually it seems Amy Orlich didn’t join DHR straight from CTP. She did a brief stint at Odgers Berndtson from June last that she fails to mention on her LinkedIn page (which implies she went straight from CTP to DHR). She only joined DHR in mid Nov 2014, shortly before the EEOC allegations against CTP went public and “a copy was obtained” by the Post.

      http://bit.ly/1dqk6xM

      June 9 2104.
      Odgers Berndtson, one of the world's top executive search and organizational leadership firms, today announced that Amy Orlich joined the firm as a Partner to lead its CIO/CTO and Financial Technology practices in New York, effective immediately.


      So what happened there then? And why hide it?

      Wonder if she’ll last at DHR any longer than her buddy Kate did?

      Delete
    5. Friend of mine said Amy Orlich was a disaster at Odgers and acted mental and paranoid. They couldn't get rid of her and her troublemaking fast enough!

      Delete
    6. Everyone at CTPartners knows that [name deleted] was the one who filed the EEOC complaint. Nothing could be proven so there was no lawsuit and it's unknown by my source whether she was paid off. They were told it was being settled, but no final word on that internally.

      Delete
    7. [Name deleted] and [name deleted] both joined DHR from CTP. I bet dollars to donuts that they colluded with DHR and New York Post on the EEOC claims in order to bring CTP down. Ironically word on the street is that [name deleted] was fired from DHR. They probably didn't need her any more

      Delete
  3. Interesting reading, I'll stay clear of them for sure. I don't think they are reflective of the broader search industry though...

    ReplyDelete
    Replies
    1. I am not sure that they (or CT Partners) give the search industry a good name.

      Delete
  4. Yep: DHR International will own CTPartners within a month!

    ReplyDelete
  5. I have worked at a number of companies and have personally never seen such a complete lack of ethics and rampant illegal behavior as I did while at DHR. It is so ironic and scary that one "ethically challenged" (to put it kindly) company is attempting to take over another "ethically challenged" company. It's just wrong that DHR not only gets away again and again with such behaviors, but profits enormously from it.

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  6. Per http://www.huntscanlon.com/Pages/Body/HumanCapital.aspx?topicid=13412, the exclusivity agreement ended today without any updates (20 days from May 20). Makes one wonder if anyone else will jump into the mix.

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  7. For some more thoughtful comment on the ethical challenges of the Hoffmann's see this insightful press article from down under: http://www.smh.com.au/business/comment-and-analysis/dhr-international-leaves-bill-with-australian-government-20150529-ghc9cz.html

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    Replies
    1. It is a great article, although, this blog has covered it before (http://unofficial-dhr-international.blogspot.com2015/05/dhr-international-australia-racy.html).

      It shows that DHR will walk over loyal employees and taxpayers in order to line their own pockets. Woe betide any CTPartners employee who thinks they make a go of it at DHR.

      Delete
  8. As an employee of CTPartners, I can tell you that DHR have been dishonest from the start.

    We had a firm wide call with Geoff Hoffman at the start who was sunshine and positivity. He assured CTPartners employees that DHR were excited about the partnership and knew the two firms were a 'great fit'.

    We've had no communication since then. After Monday's press release, CTP employees are only slowy realising that DHR are not acquiring CTPartners as a whole, not even specific CTP offices. They are cherry picking the individual consultants - and leaving the rest of the staff with nothing. Leaving DHR off the hook for payment of notice period or redundancy.

    I'd like to reiterate that CTPartners employees have been told nothing - only that 30th June is 'probably' their last day. No communication on next steps. No notice period, no redundancy, just a final payslip. Whether or not this is legal in countries outside of the US is surely questionable. I can only hope that staff are seeking legal counsel and or reaching out to the press.

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    Replies
    1. Did you and your fellow CTPartners employees believe Geoff Hoffmann? Hadn't you read this blog?

      Is anybody planning to join DHR?

      Delete
    2. Since when has serfdom been a feature of the 2015 workplace? So people are nothing but chattals (assets) who can be bought and sold - same for the clients. Do DHR care about anybody other than themselves?

      Delete
  9. Good slant on this mess on seekingalpha (http://bit.ly/1dg4ZH9) This guy’s nailed it in the comments:

    “This is the strangest and slimiest deal making I've ever seen. An employee leaves CTP for DHR, files a discrimination lawsuit and then it gets planted in the NY Post. Why would the Post dig into court documents without reason into a company so small and inconsequential?

    Then DHR buys 5% of the stock and makes a $7 bid. Then DHR sells some stock for "liquidity" reasons?”

    And this.

    “Alternatively they could pull in just a few people, kill CTP and avoid acquiring CTP and its debt.
    Watch house of lies 2nd and 3rd season, I could swear this is a real life re-enactment. They even called it with a sexual harassment suit.”

    ReplyDelete
  10. David Nocifora has sent an email to all staff to say that DHR are buying CTPartners current contracts and receivables, and instructing us that only those who are joining DHR should continue work on assignments.

    There's no way I will join DHR. My clients will not be happy about me not executing on searches. I feel I owe it to my clients to deliver. I don't care about CT anymore or DHR. What do I do?

    ReplyDelete
    Replies
    1. Take a step back and look beyond the assignments you are currently working on. Imagine that you are sitting down for coffee with one of these clients - what would they think about all of this? Most will probably respect you for making a decision based on your values. It's a crazy situation. People will surely understand.

      Delete
    2. Clients ultimately can decide themselves who they want to work with. DHR cannot force the clients to work with them, they can just cancel their contracts I would have thought... Clearly any outstanding retainer revenue or placement fees will be paid to DHR

      Delete
    3. So DHR is buying the contacts, receivables, and employees for essentially nothing? The free market system is working better than ever..

      Delete
    4. I'm not even sure if they are in fact buying contracts and receivables. This would likely entangle them too much in a pending CTP bankruptcy.

      Delete
    5. If that is the case, then DHR is essentially poaching employees? If the employees follow, then clients are likely to follow. What stops DHR from backing out of buying the debt; the terms were "non-binding."

      Does anyone from CTP know if the heads at CTP did anything to try to save the company (restructure debt, hire more employees, search for other buyers, etc.)? Hell, the CFO came from turnaround and bankruptcy experience.

      Delete
    6. They are indeed poaching employees. There would be no need to buy assets when you can just go directly to the employees who are out of a job and offer them a new one at DHR. This was likely their plan all along. They totally outplayed CTP leadership, the board, probably will screw the banks too.
      Any CTP employee who goes to DHR deserves them (DHR) and should probably have their head examined.

      Delete
    7. You've got a problem. I understand you want to do the right thing for your clients and your own reputation.

      However if you do continue to work with these clients, DHR will sue you for interfering with "their" clients. It is what is called "intentional interference with contractual relations". See https://www.law.cornell.edu/wex/intentional_interference_with_contractual_relations

      So, DHR buy these contracts for next to nothing. They may make some money from clients but they will make more money from suing or just threatening to sue CTPartners consultants who try to do the right thing by their clients. It is a great scam!

      What should you do? It wouldn't hurt if your clients happen to see this blog and so they know what DHR International are all about. They might then refuse to have their contracts handed over.

      Delete
    8. DHR thinks they were magically get all of this new business (~$75M) because of these new people and offices in E. Europe and elsewhere...no way...DHR has done themselves a severe disservice by playing nasty with this acquisition, treating their own employees horribly and helping to destroy CTP which was once a good firm....word is now getting around in the client universe about them.

      I would not be surprised if clients didn't start blackballing DHR from work because of their unscrupulous and highly unethical behavior.

      Delete
    9. So the $100 million dollar questions:

      1) Is what DHR is doing (and done already) legal? If so, what can be done next?
      2) Is there anything CTP can do?
      3) Is there any hope for CTP or should we assume the worst?

      Delete
    10. Also, can anyone explain to me why CTP shares are still halted after a week? This is HIGHLY uncommon.

      A fishy stench is pungent here...

      Delete
  11. Thanks for building this site...at first I thought you were just some angry slighted individual trying to be a pest in DHRs side....Now having seen how DHR operates first hand I am aghast with incredulity.

    DHR International as an organization has demonstrated themselves to be about as sleazy an entity as you could imagine in modern day professional services. I am actually surprised that any clients would do business with them given their secretive an nepotistic structure, inexperienced and arrogant CEO/senior leaders, track record of aggressive litigation and complete lack of things that are actually important to the client.

    ReplyDelete
  12. what is utterly ridiculous is the advice CTP CEO David N gave to the employees during all of his lethargic pep talk messages and internal calls...." if we all just - STICK TOGETHER - we will get through this."

    I hope no one believed this steam pile of crap mantra.

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    Replies
    1. Their was far worse advice offered, namely from CFO Bill Keneally. He is the one who looked employees in the face and told them the best way to get through this was to just put your head down and work through it. What did that get us? 7 days notice that we would no longer have a job. Not getting paid for any outstanding bonus or vacation. Thanks for nothing!

      Delete
    2. Everyone at CTP knows he is a complete POS.

      Delete
  13. They are about to do to Caldwell Partners what they just got done doing to CTPartners. If you are at Caldwell or CT, please read this site carefully. I wish I did before joining the company. The CEO will convince you, if you are a Partner level hire, that he is in the process of consolidating the market and poising the company to take on Heidrick and Spencer Stuart. This company is not fit to carry those two organizations' trash. Unfortunately, the acquired consultants will be forced to work for commission only. if you are an Admin or an Associate, prepare yourself for a huge payout. They only pay those folks between $50,000 and $70,000, no matter what market you are in. This company is a sweatshop, pure and simple. if you are a partner who generates more than $2M in revenue, they will fire you, keep your money, and sue you if you legally challenge them for your wages. They are the business version of the Chicago Mafia, pure and simple.

    ReplyDelete
  14. Firstly, thank you for creating this site and providing a much needed conduit for the truth.

    It is a sad indictment of corporate governance and regulations that DHR is able to get away with what many people would consider (at best) borderline-illegal behavior. I wonder if DHR’s clients share their (lack of) values? I doubt it.

    It will be interesting to see if the recruitment industry (including media) is just going to stand by and watch DHR’s actions from the sidelines or whether are there people who care enough about the reputation of the industry to step forward now and actively engage in the debate that is unfolding on this blog?

    ReplyDelete
  15. If you would like to file a complaint with the SEC, file below. Also, if you are inside CTPartners or DHR and have information, there are monetary rewards for whistle-blowers.

    https://denebleo.sec.gov/TCRExternal/questionaire.xhtml

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  16. already in process

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  17. I hope the truth gets out and an SEC investigation is launched. What he New York Post and DHR did to CTPartners could happen to any firm in the industry. Did the Hedge Fund owned by the Hoffmans also profit too ? Can we find out who traded CTPartners shares and did any of that money fund buying the bones of CTP ?!!

    ReplyDelete
    Replies
    1. Very, very, very odd. If you look at the charts of CTPartners's shares there was a lot of early day trading that would die down mid-day. Then blocks of 100-200 shares would trade mid-to-late day that would ALMOST ALWAYS trade the share downs (very typical in hedge fund market manipulation). Also, the short interest a week after the acquisition discussions started grew significantly (article below). Then, a week before the talks broke down, the short interest almost disappeared. This almost seems like someone shorted the shares down to almost nothing, then once they knew CTPartners was going under they covered their position. Do not forget that no disclosure is required if someone owns less than 5% of a company, and DHR owned at most 4.4% of CTPartners shares from the last 13-D filing in March...

      http://www.lulegacy.com/2015/06/25/short-interest-in-ctpartners-executive-search-decreases-by-68-6-ctp/523365/

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  18. Let's find out. What I love about this site is 'identifying the truth' this whole sega smells. You put out negative press using your employees and the New York Post, a sister company shorts he shares, the company then going into an exclusive period of negotiations and their offer happens to be too low not to satisfy the lenders so the firm goes into bankruptcy and you pick off the employees and assets... Classic dirty dealings ... Come on the New York Post write the true story !!! Your independent right ??

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  19. http://investor.ctnet.com/phoenix.zhtml?c=238883&p=irol-govconduct

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  20. Does anyone have news on the trading halt? Possible bankruptcy typically does not lead to a stock being halted from trading for over a week.

    Is someone intentionally keeping the stock halted?

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  21. Today is Tuesday, 7/7 a week after CTPartners shut down and ceased operations due to the acquisition by DHR who decided that the New York Hub office did not need to be taken care of. We spent the last 4 days before closing - working for our clients and for what? No one had answers for us, no one to take a moment and speak to us as human beings. To blame CTPartners for this is only half the truth. DHR came in assuming to be the "knight" in shinning armour but what a lie. We were all left out in the cold, with no compensation and no severance. The only thing we walked away with was an extension of our medical benefits until end of July. Even if the remaining consultants in New York office would have gone with DHR at least we would have had an opportunity to be working, however, we are now with no employment. The support staff would be the ones to suffer the most as they do not make the monthly salaries that consultants, partners, etc.. take in.

    What a sad existence for a well known firm that its leaders would have played with their own lives and the lives of their own employees - our relationships were long term. Now we have to go and proof to the outside world and to search agencies while we look for work that this was not our doing. What bothers me the most is that the people and consultants and partners that we worked with do not even reach out to us probably because they do not know what to say to us. Instead of providing a helping hand they hide in their new positions. Very disappointed in my colleagues, but more in what DHR did to provoke and cause the fast and furious downfall of our firm.

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    1. We feel for you. The way that you have been treated is inexcusable and unfortunately consistent with the way DHR treat people, even their own loyal employees. You will see on this web site too many examples of DHR firing people and not paying their compensation, severance or benefits.

      We hope this web site shines a light on the perpetrators of this mess. Hopefully, the site will also help your prospective employers see what happened and that support staff and consultants outside the leadership were collateral damage caught in the crossfire between the DHR and CTPartners combatants.

      Delete
    2. We received the following email from a reader:

      "I know someone who is happy to provide some free coaching and mentoring to help the CTP person from New York (who recently posted a comment) through this challenging time of transition. What's the best way to let this person know that help is available should they wish to take up the offer?

      Thank you for all that you do."

      It is a very kind offer. If the original poster of the comment emails us at unofficial.dhr(at)gmail.com then we can connect you to the person who sent us the coaching/mentoring offer.

      Delete
  22. Take a look at AWM's 13-G filing filed on July 9, 2015. The last paragraph:

    Attention: Intentional misstatements or omissions of fact constitute
    Federal criminal violations (See 18 U.S.C. 1001)

    http://investor.ctnet.com/phoenix.zhtml?c=238883&p=irol-sec#10216148

    ReplyDelete
    Replies
    1. Who are AWM? Any relationship with DHR? What is the misstatement or omission they have made? Why are they filing a zero stock interest document?

      Delete
    2. AWM was CTP's largest outside holder before CTP went under. The form was misread though. That paragraph relates to a disclosure which states intentional misstatements of form 13-G constitute Federal criminal violations.

      Delete
  23. Interesting post from someone on Yahoo Finance:

    "I called the NYSE. They told me the stock has been absolutely delisted by them on June 23. I asked them why the stock is not trading on the Over the Counter or pink sheets. The NYSE person told me he has no idea why and agreed he has NEVER seen this before and that the only likely answer is that CTP management has refused to do the transfer to the Over the counter Bulletin board. Which is criminal since CTP Investor relations DOESNT EVEN ANSWER THE PHONE!
    Keep in mind that all stocks no matter what the reason are eligible to trade on the Over the counter BB or Pink sheets after NYSE or NSDAQ delists. Right now CTP SHOULD be trading on the Over The counter Bulletin board since they have YET to file BANKRUPTCY.
    After a bankruptcy then it goes to pink sheets.
    Walter Energy WLT got delisted this week and THE NEXT DAY it trades on the Over the counter BB as WLTG. And Walter has been saying they will file bankruptcy for MONTHS.
    This is unprecedented to see a stock delisted and not trade on a alternate exchange. It has never happened UNTIL CTP!"

    ReplyDelete