ReDriven assured me in writing and committed to a 90 day or less delivery on a 10KW Wind Turbine and tower, in response to my concern regarding a maximum 120 day timeline allowed under my states grant program. Based upon that commitment, I then submitted the grant application, signed a Purchase Agreement with and authorized a wire transfer of $26,120 (50% deposit) to ReDrivens dealer. Subsequently, I was notified that I had been awarded an Illinois DCEO Wind Energy grant of $21,885. These preceding events all occurred from late December to early March.
After more than 2 years, 80 pages of a chronology documenting the lies and deception, the loss of the DCEO grant, $15,100 invoiced for dealer work, multiple ignored performance deadlines given to both ReDriven and the dealer at the advice of legal counsel, and the expenditure of several thousand dollars of legal fees, NO WIND TURBINE OR TOWER WAS EVER DELIVERED!
In mid-December of just prior to my attorney filing a prepared, and signed Lawsuit containing (5) five counts with regards to Breach of Contract, Fraud, and Consumer Fraud, to recover losses of approximately $60,000, punitive damages of $600,000, and all legal costs and fees, against both ReDriven and the dealer, ReDriven suddenly had a change of heart and their CFO/COO contacted my attorney asking for a few more days to put together a settlement offer. Given the all to frequent news reports of many Green Energy companies either in serious financial troubles, or going into BANKRUPTCY, I gave serious consideration as to all the possibilities which led me to ultimately agree to a negotiated LEGAL SETTLEMENT in the present vs. A LAWSUIT AWARD in the future. (Would I have been ahead to pursue a lengthy, and costly legal fight, even with the likelihood that I would prevail, ONLY to collect nothing, yet still have to pay ALL legal fees, if ReDriven were no longer in business?) After review, some negotiations, and minor changes the agreement was put into writing, with all parties having signed by the final days of December.
ReDriven agreed to refund the dealer their share of the deposit plus 4% interest from the 2/1/10 deposit date to the date of each of two installment, that the dealer would then refund to me. The installments were to be paid on Jan. 1, and Feb. 1, with the dealer remitting each to my attorney within 2 business days of receipt. The dealer also agreed to refund his profit share of my deposit, plus signing a general release to me for the work he performed, (for which I had refused payment because of incomplete performance on the turnkey installation as per our purchase agreement) in exchange for an equal credit from ReDriven, by Jan. 1.
With respect to the agreement, the dealers obligation was performed on time. However, ReDriven was apparently IN DEFAULT by not issuing any checks until January 18, at which time they issued and dated two consecutively numbered checks for Jan. 1, and Feb. 1. Upon receipt, the dealer just endorsed both and forwarded to my attorney as per the agreement. As the 2nd check was post-dated, I could not deposit it until Feb. 1, which I did and subsequently on Feb. 3, I was notified that the $11,846.81 check had been returned and not honored by ReDrivens bank for reasons of INSUFFICIENT FUNDS!
Having previously researched, and downloaded a PDF file dated May prepared and posted by ReDriven as a Slide Show presentation to entice potential investors, I was in awe. This presentation touts many achievements and projections, including having 180 dealers worldwide with projected sales of 17.3 million in and 31.5 million in 2012.
After both ReDriven and the dealer were again contacted by my attorney with regards to the imminent filing of the previously prepared lawsuit, if the INSUFFICIENT FUNDS from ReDrivens 2nd installment were not forthcoming, I did finally received a registered check, signed by and drawn on the dealers business bank account dated March 5. (Of course no additional interest was included for the month period they were in default beyond Feb. 1!)
A final thought in helping others put this into perspective... If 2011 sales projections were anywhere close to realistic, how is it that a relatively miniscule check that represents less than. 0007 of those annual sales could possibly BOUNCE? Is this a harbinger, or Red Flag as to a company with serious CASH FLOW and / or FINANCIAL problems?
Given my over (2) two year experience, and the reality of the RUBBER CHECK, I believe it would be prudent for any prospective investors to question the preceding projections. Likewise I would caution anyone, including dealers, contemplating entering into any business arrangement with ReDriven Power, Inc.
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