In a press release, Renuen Corporation (RENU) announced that they had ceased operations for their Energy Solutions Business or whatever they are calling it today. The article can be found at:
According to Jeff Nemes (CEO) and Alexander Kim (Chief Legal Officer), the cause of the failure of the business was an online smear campaign against the company orchestrated by persons including yours truly. While I would love to take credit for taking down another fraudster, sadly that is not the case here.
You see Nemes, Kim, and their cohorts are simply using the delusional “smear campaign” as an excuse to hide the failure of Renuen because of their own mismanagement (terminating the dealer program which is the only money making program they ever had) and looting of company assets. Shareholders of Renuen need to request an SEC investigation and audit of Renuen assets because I believe a whole lot of cash went out the back door and into the pockets of the officers, directors and silent partners of Renuen which caused its failure. Perhaps the IRS should also be notified.
All Renuen shareholders should review Renuen’s September 2014 10-Q, in which Renuen stated that it had sold 13% “of its future receivables to an unrelated third party allowing the company to continue operations” on September 11, 2014. The same 10-Q also stated that on September 29, 2014, Renuen had sold “6.53% of its future receivables to an unrelated third party allowing the company to continue operations.” According to their own publicly filed documents, Renuen was insolvent beginning in September of 2014, just 6 weeks after terminating its dealer program. Enough Said.