hmmm I have just done some research on mister James Mackay of...

hmmm I have just done some research on mister James Mackay of the Mackay Group, who are the proud owners of TPID limited...(does he also own Saddington - I thought so)

One can only hope a leopard can indeed change its spots.


Let me see, here is a brief summary:
- Gay Porn (not that there's anything....????)
- Gay reality show - allegedly didnt pay the contestants
-"He (Mackay) has the ability to enter agreements on behalf of a company and sell out assets of a company by entering agreements," said US investment banker Mike Ricks.

...in other words, sell out assets to related parties.


- Numerous business failures.
- Allegations of pump and dump of numerous listed companies.


I could go on, but its probably best you read the article for yourself:

http://www.theaustralian.news.com.au/story/0,20867,21087271-643,00.html

Of course this is only an entity to which ETC provides a service to. None of this is to suggest ETC is dodgy, but perhaps it is an indication of why the market is quite nervous about ETC's prospects.

I am quite comfortable holding for now, especially as ETC has Malaysian government support and endorsement.

But perhaps the SEC filings of Saddington should be discounted as it seems companies associated with Mr Mackay have a habit of over promising and under-delivering.

In other words, the prospective CHinese deals are nothing until we have cash in the bank as Saddington are always a risk of not paying up. For that reason, I reckon it would be difficult convincing the market of a higher PE for ETC.