Oakland, CA – June 27, 2006 – LAWFUEL – Law News Network – It was approximately five years ago that Founder of the Worldwide Tree Group (contact [email protected]), Neil Rothstein, was watching a “fascinating” show on the Discovery Channel about space travel. The show was featuring a new safe, affordable launch system for transportation of six passengers between earth and low earth orbits. Jim Benson of SpaceDev, Inc. was building this system. Mr. Rothstein learned that this was a public company in Poway, California. Mr. Rothstein relayed his comments as follows:
“Mr. Benson was an entrepreneur who put his entire life behind this project. He was staking his livelihood on a new product that could very well be our future. By the end of the program, I believed that this company had great potential. Why? It is the future.
After that show I called Mr. Benson, the then Chief Executive Officer (now the Founder and Chief Technology Officer). Not only did he accept my call, but he also answered all of my questions thoroughly. I immediately believed him to be a man of his word. President Bush is a big fan of entrepreneurialism. Benson and his long-time dream, SpaceDev, Inc. is what I believe the President speaks of when he uses this word to describe the future of innovation and creation in the American economy. When I told Jim that he was a rarity—a CEO who speaks to his shareholders, he was surprised. He just assumed that many did take calls and believes it is proper.
I did buy shares of stock in SpaceDev and I still hold those shares today (it trades as NASD: SPDV.OB). Why? With the ongoing concern of corporate governance and the new backdating of options issue, I would rather invest in integrity than in deceit. I would rather invest in a company with a humble and friendly officer than purchase shares in a company that utilizes it as his or her own private bank. Recently, SpaceDev merged with a company called Starsys. I was quite concerned about the merger. However, after another call, Jim Benson answered all of my questions to my satisfaction. When I had told Mr. Benson about my new entity, Truth in Corporate Justice LLC, he told me that his neighbor had recently written a book that looked at the law from a scientific viewpoint. I received it from him via UPS the next day. Need I say more? I do not endorse this company or its viability, but I can tell America that there are honest, decent people who run public companies.”
SpaceDev is one of six finalists for the NASA Commercial Orbital Transportation Services Demonstration on May 16, 2006. Then, on June 5, 2006, SpaceDev announced that its subsidiary, Starsys, Inc., a leading developer and manufacturer of engineered mechanical systems in the aerospace industry, had achieved SAE AS9100 certification by the International Aerospace Quality Group (IAQG). SAE AS9100 certification is a globally recognized aerospace-sector standard that defines the quality-system requirements for suppliers of the aerospace industry. The aerospace industry established the IAQG to promote cost reductions and improve quality and safety. The organization is comprised of aerospace companies in the Americas, Asia/Pacific and Europe.
Jim Benson is the vice-chairman and private sector representative on NASA’s national space grant review panel, a member of the American Society of Civil Engineers Subcommittee on Near Earth Object Impact Prevention and Mitigation. Mr. Benson is the Founder, Chairman, Chief Technology Officer and holds a Bachelor of Science degree in geology from the University of Missouri, the Mr. Benson is also a director, a position he has held since October of 1997. Mr. Benson not only has 30 years of hands on high-tech entrepreneurial and management experience at SpaceDev, but he was also the founder and president of Compusearch Software and Image Fast, both of McLean, Virginia.
The question that begs is: How do you buy this company’s stock? When Mr. Rothstein went to purchase SpaceDev, he was told by his stock broker at a large brokerage house that they would not sell that equity to him. Of course you can buy such stock on the internet. However, most institutional investors and shareholders go through the larger brokerage house which, in many instances, also underwrite and consult. He was told that they “care too much” about their clients to make such a purchase for them and that they did not sell the “small cap” stocks. After further inquiry, he was told that they did sell such stocks if they were financial institutions. In the opinion of Truth in Corporate Justice LLC, not only did the brokerage house refuse to sell-such stocks, inferred it was not a good stock. Therefore, how can companies such as SpaceDev compete against the likes of larger, well-known companies? We hear time and again that it is the lawyers to blame. Mr. Rothstein attempted to purchase this stock through a large brokerage house and even offer a letter of absolving them of any liability, they would not sell it. Crowell, Weedon & Co., after signing a waiver of liability form, permitted me to purchase it through them.
We believe in our motto: “Power to Empower.”
The larger brokerage house would not sell over-the-counter non-financial sector stocks. As a general rule, we at Truth in Corporate Justice LLC believe this to be unfair to any small public company and that their power to grow is impeded by this restriction.
Mr. Rothstein is Founder and Chief Managing Officer (“CMO”) of Worldwide Tree ™ Group. The group consists of Truth in Corporate Justice LLC ™ (TCJ), and its subsidiaries, the Global Governance Center LLC, and Class in Action—our law center. Additionally, the Group contains Worldwide Tree Multimedia LLC ™. Contact Truth in Corporate Justice LLC at (310)459-2560 or (800)610-4998 or Neil Rothstein directly at (619)251-0887. TCJ is a limited liability company that will scrutinize, support, and endorse those law firms that adhere to TCJ’s ethical and competency standards in order to maintain the integrity of the legal system in the United States. TCJ seeks to empower anyone facing legal problems with education, access, guidance, networking, representation, and more. It avails its resources, access and knowledge to both plaintiffs and defendants and uses its power to empower those who have been injured by corporate greed or by corporations and their directors and officers who might be falsely accused of wrongdoing. Its gateway to the world, the unique Worldwide Tree ™ Multimedia LLC ™ will enrich, entertain and educate you in many ways. The Global Governance Center LLC is your foundation to help empower those most in need. It houses the Foundations, Endowment & Scholarship Project which receives not less than ten percent of all profits from the Worldwide Tree ™ Group.
Foundations and endowments are encouraged to contact us for more information. Services and more are dedicated for free to those entities.
Neil Rothstein does use Crowell Weedon & Company and he does own stock in SpaceDev, Inc. as stated above. In this capacity, he, as an investor, is expressing an opinion and conveying knowledge so the world at large can see the various issues herein and better understand the new global market.List your legal jobs on the LawFuel Network