Here's another sweet little deal Margrit cut for herself back in 2009 from the last 10Q MRIB ever submitted. When she reinstated herself as CEO she was still owed $250K in severance. But she wasn't gone for good and was only gone for eight or nine months so the severance which was WAY more than her previous annual salary should have been pro rated. But it wasn't. She went on the payroll in July at $250K plus with salary, perks and stock and then, get this, made a deal with herself on the $250K balance on severance for 1.125 million shares. You know what the LOW average price for MRIB was at the time on a 180 day basis? $1.40 folks. Margrit traded in her unearned $250K non-cash contribution for as much as $1.6 million or more in MRIB stock and as I read the severance agreement it was a modification therein making making the shares immediately vested and free trading legend removed with a simple attorney opinion as to the terms of the severance package not her return to the company and subsequent new employment agreement. I doubt that's kosher or even legal but that's what happened and then MRIB went totally dark for the next three years... But still trading... All the way down to zero.
Must be nice to cut deals with yourself using other people's money. And from the looks of it, a lot of money. This stock selling thing makes selling vodka look like a total exercise in futility. Just keep up the appearance of a REAL company and a REAL product at minimal operational expense, issue some hype PR and do stock deals with yourself. Easy peasy. No corporate governance or internal controls, no auditing and a board action that requires no notice to shareholders. Sweet deal.
