On January 21st, 2015 Yoghita Patel of the Wall Street Journal penned an article that she claimed was going to be one thing, but turned out to be something completely different.
Essentially the article became a fluff piece for none other than Carmine “Tom” Biscardi and profiled his new company, Bigfoot Project Investments, Inc. It did cover some criticisms of Biscardi but I believe it’s a fluff piece because it left out the evidence and discoveries.
Tom Biscardi on Bigfoot Black Friday – Teeth comparison perhaps. (Credit: Reuters)
I was personally involved in speaking at length with Yoghita, at her request. Forwarded documents. Apparently her editors must have been afraid to tell you what she found out and what I am about to here.
See the gist of the WSJ article, was covering Biscardi’s new company (however old schtick to us that have watched his hijinks over the decades) and his SEC filing to have a public offering for his new company.
To this effort, I applaud Biscardi, because it now lifts a big veil of secrecy behind his efforts finances.
I was first contacted by William Allen Barnes about getting in contact with Yoghita in late 2013. He claimed she was doing a piece on Biscardi, but was also going to offer an alternative to Biscardi, in the Falcon Project and how his fund raising efforts differed from that of Biscardi.
He explained to Yoghita if anyone knew some insight to Biscardi it would be me.
We spoke and corresponded for almost a year on the article, and it appeared a lot of time was being spent on it.
Biscardi – Nilsen Connection
In late 2007 through 2009, Real Estate mogul, David Nilsen after initially contributing $50,000 as an investment into Searching For Bigfoot, became the company’s CFO.
David Nilsen and the now very defunct Cedar Properties (Source: Squatchdetective.com)
Nilsen later was indicted in late 2009, and subsequently jailed in 2012 with an 8 year sentence for a Ponzi Scheme involving his Real Estate investment company.
Nilsen’s indictment charges. (Source: Squatchdetective.com)
A question I pondered in my freshman book, “50 Large,” how much of Cedar’s monies, if any, got shuffled over to SFBI?
After much time going over Biscardi’s Georgia fiasco, with Yoghita, we came to the meat of the matter. I described my concerns since Nilsen was the CFO of SFBI at the time.
Since Biscardi was the CEO and majority shareholder at SFBI it would have been impossible for him to have not known about the monies, and given the fact that long time Biscardi cling on, Dennis Kazabouski was still involved as a controller in SFBI.
Coincidentally, the new company, Kazabouski just was assigned as temporary controller due to the immediate resignation of Sara Reynolds, filed with the SEC in March 2015.
Bigfoot Project Investments Inc.
Dear Board of Directors and Officers:
It is with regret that I tender my resignation from Bigfoot Project Investments Ins board of directors and CFO/Secretary/Treasurer, effective immediately.
I am grateful for having had the opportunity to serve on the board of this fine organization from the beginning and I offer my best wishes for its continued success.
In April of 2014 I received a call from Yoghita and she seemed quite pleased that my intuition was correct. She claimed she had contacted the Cedar Funding Bankruptcy Trustee, and discovered there were payments to SFBI shortly before Cedar’s demise in the amount of around $250K. (Maybe my next book should be “250 Large!”)
Will the next book be “250 Large?”
This also goes in tandem with Biscardi and Nilsen starting a short lived foreign corporation called New Limited Concept, Inc. in June 2010, after Nilsen’s indictment. Foreign corporation?
On anther note: Bigfoot Project Investments Inc. And their worth is…
Over at the Hall of Shame, and in “50 Large“, we’ve featured the 2008 SFBI Business plan which lists itself as and Entertainment company. Likewise, Bigfoot Project Investments, Inc. lists itself as a Movie Distribution company.
In January 2013, SFBI no longer became an independent company, but “bought out” by the new company for $924K by issuing a promissory note and issuing over 4 million shares of the new company’s stock, valued at $0.10 a share.
As part of the asset transfer agreement Bigfoot Project Investments, Inc. received the following assets:
Footprint cast of Bigfoot – 73 original casts
Photographs of Dead Creature from Strickler, Arkansas 1994 Dear Creature Incident
Various Media Artifacts – Video TV News Media – 52 news stories
Contract to sell Dinosaur fossil – most recent estimate by Paleontologist $1.2 million dollars
Rubber suit from 2008 hoax
Various DNA samples – Hair, and nails
License to use 6 dinosaur displays
Exclusive rights to the Bigfoot Website
Exclusive rights to the Bigfoot Live Radio Show
Exclusive rights to the Bigfoot Live Radio Show Website
360 hours of raw footage from expeditions for movie development
Various DVD Movies and Documentary film projects
Exclusive rights to all current contracts negotiated under Searching For Bigfoot, Inc.
The above list is a complete list of the fixed assets for Bigfoot Project Investments, Inc.
It was apparently obvious that they were using the template from the SFBI business plan, and not so descriptive, as we all now the descriptions in the original plan were inflated and filled with misrepresentations. Of course it looked good when trying to show potential investors especially when you valuate your materials at over … $17 Million Dollars.
The 2008 SFBI Business plan asset list.
What I do find a bit “odd” is that none of their equipment, i.e. night vision gear, Thermal Imager, Talon Net system (which never worked), parabolic mics, camping equipment. All of which is NOT listed on their asset list either then or now.
According to SFBI former veep, Robert “Javabob” Schmalzbach, they never disturbed the skeleton, only removing a small sample. Why is it on their inventory sheet now?
The contract to sell a dinosaur fossil? That contract is now over seven years old if it hasn’t been rescinded yet. The original agreement stated that Biscardi had to sell the fossil for no less than $5 million.
After collecting over $700,000 under the guise of SFBI, through 2008, gone now is the goal of establishing museums. I am unsure of the amounts collected for Museums through 2013 when they became a non-independent entity.
Also on the list of assets, is the Rubber Suit from the 2008 Georgia Hoax. Wow, there’s an asset. Remember the one that Joshua P. Warren tried to sell on EBay for investor Bill Lett? Lett states Warren contacted him, but we all know who gave him Bill’s phone number. After all Biscardi had been on as a guest on Warren’s radio show a few times. The connection was quite clear.
In 2008 you claim 17 mil in assets.
In 2013 you pay $924K for SFBI.
Two years later this is what the new company claims its assets are:
Less than $8000 and only $2300 is in cash.
Their liabilities are inflated due to the buyout of the SFBI investors which they’re still on the hook for:
Of course Angel Investor money keeps dribbling in making the amount of deficit even greater:
Obviously, Stagecoach, Nevada 2005 and Georgia 2008 took a huge hit to him. Morgan Matthews movie, “Shooting Bigfoot,” certainly didn’t endear Biscardi to anyone except maybe to the people who make Snapple.
Source: Shooting Bigfoot
The company’s two year cash flow has been,
Kudos and salutations! The number’s don’t lie.
Till Next Time!!!