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dwot (99.50)

Where are they now?

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September 04, 2010 – Comments (1)

I am looking at a part of the tech bubble crash, in particular Itemus Inc., and some of the people involved.

Itemus was formally Vengold, which was founded by Ian Telfer in 1993, the Ian Telfer that now runs Goldcorp.  I couldn't help but notice the 8 years of involvement with Vengold and Itemus are not mentioned on that Goldcorp reference.  It seems Vengold sold out its mining interests for $70 million to chase the technology bubble. It took over a lot of companies quickly and it seems due diligence was lacking on Shooting Gallery and someone missed that the company had a lot more debt then they realised and Itemus went bankrupt within about a year timeframe, in August of 2001.

Jim Tobin, formerly of Bell Canada has a two year hole in his cv.  This one even says a two year hiaitus.  He said he didn't sell a share and that it wiped him out professionally and financially.  He certainly could have done much better due diligence.

Mark Maybank gets me.  His bio mentions his position, but not the company or the disaster it was.  Maybank is at  Canaccord and Canaccord lost investors a bundle with the asset back commerical paper (ABCP).  He's an accountant with a "chartered business valuator" designation and so this would be his the second time involved at a high level in a company that has cost investors a bundle for lack of due diligence.  It isn't as if Canada has been a stranger to housing bubbles bursting.  I have seen 5 of them in my life, so this last one was the most obviously thing in the world to me.

1 Comments – Post Your Own

#1) On September 06, 2010 at 3:26 PM, OlimDives (< 20) wrote:

Hi dwot's. I have been reading several of your articles, and have enjoyed your posts. My name is Ben and am the recent founder of a new company that will target young adults and successful youth, providing everything from financial analysis and advise, stock lessons, interviews, and most importantly, what not to do with your money (like 100% in a savings account). We intend to set ourselves apart by not teach ing trading techniques, but rather investing for ones future retirement. We also will take the "dumb it down" approach that most high end companies (real money, morningstar, etc.) do not take. I have a network of contacts through family and friends that will enable a successful launch. I currently have a web site being designed by a group of professionals, and target a December launch. I am in search of 3-4 more staff writers to add to my business partner and I. I intend on having a large portion of the site designated to dividend stocks, including lessons and insight. Compensation of course would be provided as well. Of course, an "interview" like process would take place prior to any actual agreement. If you are interested in such a job please send me an email to bhubbard@olimdives.com. Hope to hear from you!

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