Tremco and the SEC - Buyer Beware

Friends, this is the reality of Tremco.  

The SEC is suing Tremco, AND their Attorney.  The DOJ has already fined Tremco $61,000,000.00, and now the SEC has them for lying.  

That sounds like a lot of money right?  You may be interested to know the public facilities who got scammed, received NOTHING.  To put it in context, a brand new high school costs approximately $50,000,000.00.  

Unless you like to play "blindfolded, high stakes poker", I'd stay as far away from Tremco as humanly possible.  You administrators should do your homework, or be pulled down with them.  The WORSE decision you could possibly make is buying Tremco through a Purchasing Cooperative.

There is no such thing as "Pre-Compete" in roofing.  EACH project is wildly variant, and a "parts list" is worthless.  I challenge any roofing estimator to prove they can. 

I challenge Tremco to prove they can, and will stake $10,000.00 of my own money proving they can't.  Money goes to a school of my choice.  

NOTE:  Retired 2003, do not solicit nor accept compensation or personal advancement of any kind.

Not ONE person in this country can successfully argue Tremco's "Exclusive Vendor" status in public works.  All under the guise:  "We buy in bulk", "We Pre-Compete for you", "Our vast negotiating power.....blah, blah, blah.

IT IS A LIE that defrauds our schools (you pay for it).

I'm looking forward to the day when Tremco is finally debarred from the GSA.  Take Garland too, and we will have eliminated the "Predatory Sales Models" in roofing by 99%.  

https://probesreporter.com/news/analysis-rpm-international-finally-gets-around-disclosing-its-sec-probe 

"Analysis: RPM International Finally Gets Around to Disclosing its SEC Probe"

Submitted by Probes Reporter on Mon, 2014-08-04 08:00

RPM

"Last week RPM International (RPM) disclosed it is under investigation by the SEC.  This was not news to us.  We have been tracking undisclosed SEC investigative activity on the company dating back to Aug-2012.  We review the pertinent facts, our research history, and give our take on why a disclosure now could be more dangerous than investors may realize. 

Facts of Interest or Concern:

In an earnings press release last week(link is external), RPM International said in part,

“RPM was notified by the Securities and Exchange Commission on June 24, 2014, that it is the subject of a formal investigation pertaining to the timing of its disclosure and accrual of loss reserves with respect to the previously disclosed fiscal 2013 GSA and Department of Justice investigation into compliance issues relating to Tremco roofing division's GSA contracts.”

Though the company says it was notified on 24-Jun-2014, our research history suggests this SEC investigation has a long tail to it, dating back potentially as far as 2012. 

Since Aug-2012, the SEC has been blocking our access to records on RPM over concern their release could interfere with law enforcement proceedings.  We received the same denial in Jul-2013 and again in Jan-2014. As a matter of law, the SEC was acknowledging some sort of investigative activity.

In May-2014 we published a research note indicating the SEC had confirmed an active-and-ongoing investigation involving RPM.  At that time our research showed no signs of disclosure of SEC investigative activity for the prior two years.  

Our Take:

With the shares up 2.4% on the day of the earnings release (versus an S&P 500 that was essentially flat), it appears investors are ignoring the SEC aspect of earnings release.  We think that is misplaced.  Here’s why --

• Don’t get distracted by the company saying it was notified by the SEC on 24-Jun that it was subject of a formal investigation. That doesn’t mean it started then.  Again, the results of our works suggests RPM sat on this SEC investigation for at least the past two years, perhaps longer.  In our experience, it's bad when a company waits a long time to disclose an SEC probe.  It begs the critical question, “What changed to prompt the disclosure?”
   
• Public companies are generally not required to disclose the existence of SEC probes.  They are only required to disclose matters deemed material.  That management now disclosed means they likely now view it as material.  Why?  We say ignore the implications of this at your own peril.
   
• That the investigation is now formal could signal an escalation and/or that the company is not quite cooperating the way the SEC would like. 
   
• In formal SEC investigations, subpoenas are frequently involved.  Good questions to ask the company is were they subpoenaed, to whom they were sent, and what the subpoenas sought."   

Note:   New SEC investigative activity could theoretically begin or end after the date covered by this latest information which would not be reflected here.

---------------------------------------------------------

This is not "gossip" friends, but public record.  

Tremco Stock:  

http://www.secform4.com/insider-trading/110621-2.htm

Friends, I have in excess of 100,000 views here, and  humbled.   NONE of this benefits me in any way, other than the personal satisfaction that comes from exposing scams perpetrated upon schools, and taxpayers.  

You notice that Tremco isn't trying to steal any of Wal-Mart's money.  You won't either because they'd have to compete for it.  Tremco will NEVER compete.  Just ask them.  I dare you.

I am thankful for your interest, and time spent with me here.  I realize what a precious commodity time is, and my appreciation grows each day.

Reject negativity in all forms, and always remember to keep looking "UP".

Respect.

Robert R. "Ron" Solomon

Public Procurement Analyst

Director, Roof Consultant's Alliance

CCC 1325620

RobertRSolomon@aol.com

Tampa, Florida