Letter from chet about dumping sell off...found on yahoo mess
vern
2 days ago
My communication between Chet Billingsley
So initially sent their Contact Us link an email asking them to to ask their CEO to stop dumping stock and showing weakness in the company. I received the following response....
Dumb CEO here. I obviously need some help and your suggestions are appreciated. I apparently made a mistake and I am thinking out loud with you. For 20 years I have paid myself $104,000 per year (vs $250,000 to $450,000) for other public company CEO’s. I did not issue myself stock options nor shares. I didn’t sell any shares for the preceding 15 years or so before August 2016. I only rewarded myself by increasing the market cap of MNTR from $260,000 to $45,000,000 over a 17 year period. 100% of my family’s net worth was happily tied up in the business of MNTR which was my “bank” storing my families wealth. With two boys in out of state schools and significant medical issues in the family I just had to earn more than $1,300 net per week. So, I researched it and saw that under SEC safe harbor of a 10b5-1 plan I could sell about 5,000 shares each of three days per week out of my 5,000,000 shares. When I started this in August the share price was 30 cents. Now the share price is $2.07/sh. I felt if I was trickling in 15,000 shares per week into the market, that would not interfere with share price growth, which it did not for the 600% growth that following my start of leaking in shares on a level basis.
However, the SEC asks for notice within 48hrs in a Form 4 even if I sell 200 shares. So, you see 6 to 10 share Form 4 sale reports each month even though I am trickling in only a fraction of the ongoing share volume. This looks bad. But, in theory, selling small amounts spread over time is as gentle as possible on the share price. In theory I’m doing what is best, but in practice I do nothing but irritate the heck out of you. I’ll work on it. Thanks for the nudge.
Best in All Things,
Chet Billingsley, Chairman & CEO
? M E N T O R C A P I T A L , I N C. (MNTR)
Post Office Box 1709 ? Ramona, CA 92065
Dir: (760) 788 - 4700 ? Fax: (760) 788 - 2525
