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Post No: 343632 January 17, 2010, 06:07PM
Guest wrote:

WHY DID STEPHAN V. BENEDIKTSON AND NATHAN TRYNIN ABRUPTLY LEAVE DALECO RESOURCES CORP OR DALECO RESOURCES CORPORATION (DALECO RESOURCES CORP SHOWN IN THE SEC ELECTRONIC HEADER OF SEC FILINGS AND DALECO RESOURCES CORPORATION SHOWN IN THE BODY(TEXT) OF THE SAME SEC DOCUMENT) IN AUGUST OF 2007???

BELOW COPIED FROM DALECO RESOURCES CORP OR DALECO RESOURCES CORPORATION FIRST "EVER" 10-K REPORT (ALL REPORTS IN THE PAST WERE 10-KSB):

b. In August 2005, the Company entered into employment contracts with Stephan V. Benediktson as Chief Executive Officer of the Company and Nathan Trynin as Executive Vice President. Under the terms of their employment agreements neither party is entitled to a salary unless and until the Company raises a minimum of $1,000,000, exclusive of debt. Once the $1,000,000 or more is raised, Mr. Benediktson's salary will be $10,000 per month and Mr. Trynin's salary will be $5,000 per month. Each of Mr. Benediktson and Mr. Trynin were given the right to acquire stock of the Company at the average of the bid and ask closing price for the five trading days prior to the effective dates of their contracts. Each party exercised that right. The employment contracts also contain bonus provisions tied to the performance of the Company's stock. Mr. Benediktson and
**Mr. Trynin entered into notes with the Company totaling $576,000 to cover their purchase of the stock offered by their Employment Agreements (see Note 8). The notes are for five years and earn interest at the prime rate of interest charged from time to time by the PNC Bank, Philadelphia, Pennsylvania. The Company holds the stock as collateral for the notes. The stock will not be released to either Mr. Benediktson or Mr. Trynin unless and until their notes are satisfied in full in accordance with their terms. Interest receivable on these notes totaled $150,814 and $131,387 at September 30, 2009 and 2008, respectively.

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