Update - CMKM Diamonds, Inc. - Lights, Camera, No Action
Investigative Reports
February 22 2007
stockpatrol.com
CMKM Diamonds, Inc. has faded from the news, and its shares no longer trade in the public market, but the Company’s fans and foes still are seeking satisfaction – or at least resolution of the Company’s long-unfulfilled promises.
On the fan front, the clamor has become familiar; CMKM’s legion of believers cling to dreams of the Company’s resurrection. And they continue to wait – seemingly in vain - for the Company to distribute shares of Entourage Mining Ltd. (OTCBB: ETGMF).
On the flip side, one CMKM investor, evidently frustrated by the Company’s failed promises and limited disclosure, filed a federal lawsuit charging the Company and Casavant with a long litany of offenses, including fraud, mismanagement and racketeering.
Meanwhile, a tiny over-the-counter movie company has temporarily shelved plans to film a biography of CMKM’s controversial leader, Urban Casavant. Fuego Entertainment, Inc. (OTCBB: FUGO) has been promising to film Casavant’s story since at least mid-2005. Back then, Fuego said that its projects included “One Million Millionaires,” a documentary on the life of “a controversial individual, Mr. Urban Casavant and his dream of making 1 million millionaires.” Fuego claimed that the movie would “cover his life from being a low-income earning prison guard to multimillion-dollar businessman.”
CMKM shareholders seem unlikely to join that vaunted millionaires’ club. The Company has hardly been the path to millions – at least not for public investors. If the movie ever is released, the filmmaker may have to change the title. “Urban Cowboy” has been used, but maybe “Silent Urban” would do in its stead. After all, Casavant repeatedly invoked the 5th Amendment and refused to answer questions under oath during the SEC proceedings against CMKM. Will he be more talkative for the Fuego cameras?
The Casavant biography appeared to be an odd choice for Fuego, which was formed to develop crossover entertainment from Latin to mainstream U.S. markets. On the other hand, the Casavant biopic is in line with Fuego’s other planned projects - documentaries on stock fraud and Ecuadorian gold mines and a reality-based television program focusing on the activities of professional stock traders. So far, however, none of these films seem to have made their way to the screen – small or large.
In any event, Fuego’s Casavant project has been placed on the backburner – so it will not be vying for an Oscar anytime soon. In its Form 10-K for the year ended May 31, 2006, Fuego reported that “One Million Millionaires” has not been finished “because the company is waiting for the outcome of an ongoing investigation of the individual whose life this documentary life is based on.” Since “[t]here have also been several legal complaints filed against this person,” – presumably Casavant – Fuego would “wait and see the outcome of this pending legal matter in order to include it in the film project.”
Fuego may also be waiting until it has sufficient funds to proceed. As of November 30, 2006, Fuego had no cash.
The litigation involving Casavant and CMKM is not likely to end soon. One of the lawsuits that Fuego may be following was filed earlier this month by a CMKM shareholder in federal court in Nevada – CMKM’s corporate home. The Complaint cites the Company’s prolonged failure to file required public documents, a series of allegedly dubious financial transactions, and the unexplained disappearance of millions of dollars that purportedly were in the CMKM coffers.
Was that money making millionaires – as Urban Casavant dreamed? Who might they be?
For that answer, observers may have to wait for the movie.
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