Chuck Edey Crashes and Burns

In a case eerily similar to the Onco Petroleum collapse, investors have lost more than $20 million they poured into Echo Energy Inc., a London-based oil and gas exploration firm that drilled near Port Burwell.

Chuck Edey, who followed Conn as president at Echo and backs Fuda, had a simple answer when asked why Echo failed: “There wasn’t the gas there that people thought there was.”  Edey said he’s relying on the courts to sort out the Echo collapse.

“I’d like to believe that after the receiver’s done, the Fuda faction and the Conn faction will sit in court and determine who is accountable for what happened,” he said.  In the meantime, Edey, who is also president of Leader Resources, a wind power company, is managing Echo for court-appointed receiver KPMG.

Read entire article here: London Free Press

5 thoughts on “Chuck Edey Crashes and Burns

  1. ‘Buyer beware’ indeed!

    The “quick buck” mantra is really coming back to bite people.

  2. Misleading and slanderous … is this what Wind Concerns is becoming?

    It was not Chuck Edey who created the situation Echo is in, nor was he promoter. The drama began before he was involved and does not involve him. He saw the potential in the project and from what is printed here does not involve him. The potential acquisition of the natural gas project in the Port Burwell area fits well with his interest in Ontario-made green, clean energy that benefits rural communities like Port Burwell.

    Too bad, some people don’t read deep enough to understand the truth of the situation.

  3. Jodi:

    I can guarantee beyond doubt that there is nothing slanderous on this site.

    But tell us what statements you believe to be incorrect and what is the source?

  4. Perhaps Jodie Jerome missed the line that explained that this was an article published in the London Free Press. If she feels there is something slanderous, perhaps she should take it up with the authors of this piece. Just out of curiosity, Jodi, as you come from Kincardine, do you have a connection to Mr. Edey?

  5. I stand by my guarantee…
    http://en.wikipedia.org/wiki/Defamation

    “Defamation—also called calumny, vilification, *** slander (for transitory statements) *** [i.e speech***] ***, and libel (for written, broadcast, or otherwise published words)—is the communication of a statement that makes a claim, expressly stated or implied to be factual, that may give an individual, business, product, group, government, or nation a negative image. It is usually a requirement that this claim be false and that the publication is communicated to someone other than the person defamed (the claimant).[1]”

    People are always confusing the definitions. Note the difference in slander and libel with slander denoted by stars and a minor clarification by me in square brackets…

    I read the article looking for something that could be considered libel. I thought the author had been careful to avoid controversial statements.

    Feel free to read the entire wikipedia article then the Free Press article.
    ****************

    “And like Onco, Echo crashed and burned amid strife among directors, claims of bad management and finger-pointing.

    Also like Onco, many Echo investors are upset. They hold a total of 60 million shares and few are willing to reveal their identities, embarrassed at the sums they lost. ”
    ********************

    There are statements like the above about perceived bad management — but actionable? If that is actionable everybody in the country will be in court on a continuous basis…

    ??????

    Will we see some of the same about Wind Turbines as contracts are stalled or canceled? Maybe…

Comments are closed.