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I'm quite unhappy with the Revenge ceo.
Apparently you're ok with him. Go figure.
I've been an private investor in quite a variety of equity issues since 1963, and professionally completed a number of private placements, IPO's, secondary offerings and LBO's.
All in all, I've raised well in excess of a billion dollars, sat on the boards of five public companies, two of which featuring multi-billion dollar annual sales volumes and am quite happily retired on the Gulf of Mexico in Naples Florida, where I collect cars and golf quite a bit.
In my 40 plus years in the investment banking indiustry, I've never encountered anyone I feel to be quite as duplicitious and incompetent as the Revenge ceo.
I regard him as an ignorant, lying and total fool.
I maintain both my position and opinion in terms of his abject lack of any ceo status capability whatsoever.
I have most certainly paid for the right to criticize him and will continue to do so. Further, I will do all that is in my power to insure that any financial injury he inflicts upon me is properly, legally and ethically returned to him.
Thats' kind of how I react to being screwed.
Obviously, anyone else however, may govern themselves accordingly and base their actions and behavior on whatever they feel comfortable with, because all of us have our own levels of personal pride and thresholds of personal humiliation.
remember.... Karma is a bitch......
Good Afternoon RVGD board.....!!
By now, everyone's noticed that the material online about the car has by and large been derived from the hand-outs and web available PR material from the Company, and that's nice.
I respectfully call your attention to the striking new Audi Sportback, AutoWeek's "Best of Show" at the 2009 Detroit show.
The reason that I'm addressing this is that the current RVGD shareholder base has precisely the same chance of making money from this car as they quite probably will have with all their Revenge stock. (Clue.... think a very round number!)
What value to us is the intro of the GTM-R car, good or bad opinions of it notwithstanding, if our shareholdings are likely to be diminished soon into virtual non-existence?
The reality of the situation is that the R/S effects us on an enormously more impactive basis that the intro of the car ever could, as has been absolutely proven with the current post-intro PPS.
I simply can't believe that some people on this board have been seduced yet again and had their attention diverted from the "grand theft common stock" that the clown ceo is about to perpetuate with his R/S.
So keep your eyes on the cool Audi, because it matters to our investments just about exactly as much as the GTM does if the R/S comes to pass in it's currently configured, signed and documented format (1-1000 reverse split with the remainder of the 2.5 billion share A/S unchanged).
And if one poster on this board makes the comment that the ceo said he was going to do something different, just remember what else that self same two-faced business moron has said heretofore. We have no thousand Revenge GTO’s in the marketplace, no visible nuance of an $80 million contract, no new manufacturing facility that we thought we already paid for, no transparent financials that were so sincerely promised and no weekly production schedules that were so “proudly” announced.
The only thing that should matter to the current shareholders is and has been their respective PPSs, it’s just that simple.
While some of us are apparently cowed, timid & meek enough to quietly accept the fate of their investment while they extol seeing the Company’s name in print, others aren’t, and they will do everything in their power to guarantee that the financial outcome for the ludicrous quasi-criminal (in their opinion) ceo will be precisely the same as theirs.
Karma is a bitch……….. and it is an absolute reality
Have a lovely weekend all......!
So Spot, is it a good thing that Revenge doesn't have a responsible vendor base or a bad thing... please advise?
Call me crazy, but how many times does a company have to make the same kind of fundamental operating mistakes before they gain consumer confidence....?
When will things "get good"...?
Penn, you're right on the money....!
As we read through the FFR GTM comments, we learn that some ducting components for the vents didn't get to Revenge in time, so they were simply painted over "for the show'. Apparently the dash is a reworked Solstice unit. Most concerning, however were the numerous comments regarding the loss of structural body integrity resultant from the cutting down of the center support unit to make the interior more spacious.
A very highly knowledgeable friend (and lifelong auto industry writer / editor) who checked the GTM-R out at the show made comments calling it "rough", "a bit slapped together", "painted white because the color white is the best one to cover fiberglass flaws", "by no stretch of the imagination an oem quality production model", "why couldn't they hide loose dangling wiring for the show" and most hurtful, "not even the best GTM he's seen, that the past two SEMA show FFR versions were both better as far as he was concerned".
This by and large coincides with your comments as well.
My personal opinion is that the car was a disappointment, particularly after the seemingly incessant delays and never ending comments about how "elated" and "excited" everyone at Revenge was.
If this vehicle got them that happy, then they're in a lot of trouble downstream as far as I'm concerned. This unveiling has done nothing to change my opinion that the Revenge ceo is an outright business fool that's trying to hype his way out of a very tenuous position.
I do not share the "dancing unicorns, sea-shells and bright balloons" level of optimism held by many of the posters here at all.
Logical and successful people learn to base their actions and projections regarding future results on past performance and credibility, and on those counts, we all know the reality of the ceo and the Company, whether we care to acknowledge it publicly or not.
I think that the car is ok.... unfortunately, Revenge needed "great" to have a real chance.
Now it's time for all of us to focus on the R/S tragedy in waiting and push the reset button on our personal BS filters.
Going way back, I seemed to recall that the ceo has the only voting shares. I did a brief Google and retrieved the following, which mentions "additional voting preferred shares" so that he may maintain control. The number of shares under discussion would not have given him numeric control, which leads me to consider that they may be a special voting class. This also mentions the $80 million dollar contract, earnings projections and a non bumpy highway and screaming to the finish line.
I'll say this for him, he sure called it about the screaming, didn't he.....!!!
***********************************************
DECATUR, IN, Feb 06 (MARKET WIRE) --
Revenge Designs, Inc. (PINKSHEETS: RVGD), a specialty car designer and production assembler, announced today that it will begin receiving Honda Ridgelines on February 12th, 2008 for conversions. Pictures of the new Honda Ridgelines will be available shortly thereafter.
Peter Collorafi, Revenge Designs President and CEO, stated , stated, "This is a major development for us and will allow us to begin generating steady revenues. Combined with our recently announced $80M contract, the Company is now in a very
strong position and enjoying great growth."
The Company recently approved the conversion of one of its promissory notes. The total number of shares to be outstanding after conversion of all promissory notes and preferred will be approximately 977M shares. Currently there are 578,281,035 shares outstanding and 45,794,064 shares restricted. The Company
also issued additional voting preferred to Mr. Collorafi to maintain majority control of the Company. To accommodate the increase the Company recently raised its authorized shares to 1.5B.
Peter Collorafi, Revenge Designs President and CEO, further stated, "The conversions of the promissory notes will be the last step in movingforwar dafter our merger. Our earnings predication from our last press release included the conversion of all the outstanding notes and preferred. With the addition
of the Honda Ridgeline to our product line we anticipate to beat our previous earnings estimates. It has been a bumpy ride but soon we will be on the highway screaming to the finish line."
Maybe it's the RVGD crew paying for lunch at the show and / or tipping in stock!
I kind of thought that too, the lights can cause an awful lot of photographic distortion.
I wonder if we got enought of them if we could "photographically distort" the R/S away, too....lol
Do the door and front fender panels seem out of alignment or is that just the pic?
Perhaps I should run through this again. I (we, or least some of us) did see the new car, thus excluding ourselves from the greater group that didn't.
"The public" as a whole hasn't.
I believe that "the public" as a whole will think that it's a cool car, just as they thought that many of the others noted were.
It looks "cool", "boy racer zoomy" and has basic nice lines.
After waiting a year, I thought it would be better executed. Further, I thought that it would look more sophisticated. It is certainly attention grabbing, just as the current GTM cars are.
While it is a nice looking car, I don't like the cliche tail, understand the closed vent configurations or like the wheels (and yes I know that wheels can easily be changed). The wheels the way they are will negatively impact performance, so I'll assume that they were chosen for their "auto show bling" factor.
My opinion is that it still has too much of a kit car look.
That is, was and has been my opinion.
Being as that no significant body of "the public" has seen it as of yet, the question really can't be truthfully answered by anyone yet.
Let me say this; in my opinion, "the public" will view it with an absolute "gee whiz" factor, for the obvious reasons due to its lines and projected performance. "The public" also had a "gee whiz" factor about the new Thunderbirds, the Cadillac Allantes, the Chrysler Crossfire, the Plymouth Prowler, the Chevy SSR, soon the Viper (2011), the Acura NSX and lots more. "The public" ooohs and aaahs about these "gee whiz" cool cars, but they either can't or didn't buy them, and that's why they have ended up where they are.
Unfortunately, "the public" isn't going to be the body of folks buying a car like this, which is going to require a fat bankroll and some actual esoteric car savvy.
This vehicle's demographic market is the same as that of the (now discontinued) Ford GT40, the new blown Vette, the Noble, the Mosler, the Ultima, the Barabus and maybe even the Shelby SSC Ultimate Aero. In short, this is more along the lines of a non-daily driver racing oriented "big fun" car, which is fine, but it is obviously a true niche car for a true niche market.
Who isn't going to buy the GTM is the inhabitants of a larger niche, that being guys with serious money who want their cars to be well established and more important to them, well recognized mega-prestige performance vehicles, such as the Ferraris, the Lambos. the Porsche GT's, the Aston Martins, the high end AMG Benz's (particularly the new black series) and the 600-700hp Dinan uber-Bimmers.
If the Company can get these GTM cars made effectively, get their marque recognized and sell some of them, then they can make some money. If they had some way to do all of these things without squeezing the life out of the current shareholder base through the R/S and subsequent dilution, then that would be even better.
I've never believed that the Revenge ceo didn't know his cars, but when it comes to how he's related so far to his shareholders, the people who made this Company possible, as far as I'm concerned, he's a devious piece of human waste.
So that’s what I think. I hope this answered your question!
Based on the earlier press releases, I'm assuming that there are no press packages or releases with substantial additional pics (interior, other details, etc) going to be made available until after the show ends.
Am I correct or does anyone have other information?
I will say this.... It's great that they got a car made, and what I assume to be a carbon fiber treatment on the roof is nice too, but in all honesty, I'm surprised at how it compares impact-wise to the GTM from Factory Five @ the SEMA show, which was a flat-out knockout.
Apparently now it's time to go back to more waiting to hear something objectively digestible from the Company, and we all know how that plays out, unfortunately.
Is anybody here truly thrilled about the car?
I for one am somewhat disappointed, because after all this time I was expecting something with more of a "Wow" than a "nice kit car" look about it.
The wheels in particular are not a good look IMO.
Consider me underwhelmed.
Not actually, but that's just me.... I know by now that running through facts here is pretty much useless, so why bother..... and, by the way
weeeee
Say what you will, but CaptainJim's facts are just that.... facts, and therefore just a bit tough to get around
As shareholders, we have been screwed to the max, and that's also a fact and anyone who disagrees should get out their calculators and go to work. (hint: multiply purchase price x shares and then multiply current PPS x shares and subtract..and yes, you will most assuredly have to subtract to ascertain your current "screwee" position)
Sadly, the R/S will mitigate the impact that any gain that the existing might had hoped for....
Ignorance must indeed be bliss...........
but karma is a bitch.... read and heed
weeeeee!
CaptainJim, please drop me a PM with an email address that you can be contacted at. I have something interesting to share with you personally..... Thanks!
Shadow, I wasn't referring to you at all, and apologize if my response came out that way.
My response was solely addressed to the arch-typical BS comments in the ceo's jive a$$ email
I hope that the definition from the SEC site presents a clearer understanding of precisely what the term "Insider Trading" means.
Again.... no critical commentary was directed at you at all.... we're in the same boat!!
Information derived from a publicly filed document which is accessible to anyone does not constitute "insider trading", that's just BS.
Trading on that public information isn't "insider trading" either and any comment to that effect is also BS.
Per the SEC, here's what defines "Insider Trading", which, you'll note, fully excludes public information, which the RVGD Nevada SOS filing data most assuredly was.
Insider Trading
"Insider trading" is a term that most investors have heard and usually associate with illegal conduct. But the term actually includes both legal and illegal conduct. The legal version is when corporate insiders—officers, directors, and employees—buy and sell stock in their own companies. When corporate insiders trade in their own securities, they must report their trades to the SEC. For more information about this type of insider trading and the reports insiders must file, please read "Forms 3, 4, 5" in our Fast Answers databank.
Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information.
Examples of insider trading cases that have been brought by the SEC are cases against:
Corporate officers, directors, and employees who traded the corporation's securities after learning of significant, confidential corporate developments;
Friends, business associates, family members, and other "tippees" of such officers, directors, and employees, who traded the securities after receiving such information;
Employees of law, banking, brokerage and printing firms who were given such information to provide services to the corporation whose securities they traded;
Government employees who learned of such information because of their employment by the government; and
Other persons who misappropriated, and took advantage of, confidential information from their employers.
Because insider trading undermines investor confidence in the fairness and integrity of the securities markets, the SEC has treated the detection and prosecution of insider trading violations as one of its enforcement priorities.
The SEC adopted new Rules 10b5-1 and 10b5-2 to resolve two insider trading issues where the courts have disagreed. Rule 10b5-1 provides that a person trades on the basis of material nonpublic information if a trader is "aware" of the material nonpublic information when making the purchase or sale. The rule also sets forth several affirmative defenses or exceptions to liability. The rule permits persons to trade in certain specified circumstances where it is clear that the information they are aware of is not a factor in the decision to trade, such as pursuant to a pre-existing plan, contract, or instruction that was made in good faith.
Rule 10b5-2 clarifies how the misappropriation theory applies to certain non-business relationships. This rule provides that a person receiving confidential information under circumstances specified in the rule would owe a duty of trust or confidence and thus could be liable under the misappropriation theory.
For more information about insider trading, please read Insider Trading—A U.S. Perspective, a speech by staff of the SEC.
http://www.sec.gov/answers/insider.htm
Wow, what a nice and truly sincere letter..!
Please promise to let us know how the ceo replies.
There just couldn't be a nicer (and more to the point in a positive way) piece of communication, and I'll bet that his response will give us an insight into what the future holds for the RVGD longs.
I'm sure that all of us have deep feelings about the current situation, and I for one will be checking back in to see what his final decision is about the proportionate reverse action on the A/S as he indicated in his last email when he confirmed the R/S numbers that CaptainJim got from the Nevada SOS' office.
If ever the ceo had the opportunity to live up to his request for positive shareholder communications, then this is it....!
Great job, Dog..... and all the best wishes for an appropriate response of substance, you sure deserve one!
The Revenge ceo has blatantly screwed every current shareholder
There is no more to discuss regarding this fact
Anybody smell the coffee NOW...?
Karma is a bitch.....
Just watch....
CaptainJim, those of us on this board who still have a spine and some experience in the market understand precisely what is going on. You have been a voice of reason and logic.
I'm done imploring the posters of this forum to wake up and smell the coffee.
I fully anticipate a 1000 / 1 reverse split
I too will do whatever I can to aid and assist in nailing the proper parties to the cross as this unfolds.
Karma tells us that the severity of the R/S will determine the future path of the Company......
Scorched earth as a strategic policy when all is about to be lost at least carries with it the pleasure in knowing that the lying moron who made it all happen will be in much worse shape..
because karma is a bitch............
I don't suppose any company files for a split NOT to do one....!
100% Spot On.......!!
There are no statutes regarding whether or not the Company may or may not discuss any plans about anything of this nature at this stage, including a split. When they finally do it, then it must be disclosed to the public The “it’s not legal” comment, of course is just more typical RVGD BS. If they weren’t going to do something encompassed in the filing of the paperwork, then why did they file? Common sense raises it’s ugly head again, and as usual, the response from Revenge is crap, crap and more crap.
The laws surrounding dissemination of information revolve wholly around what information is available to the public and, of course if anyone with prior or inside knowledge of the plans of the Company acted on that inside, non-informative or non-publicized information to their benefit. As we all know, somebody did.
This is the primary basis of any true legal pursuit that shareholders and / or the SEC and the State of Indiana may truly have valid actionable issue with, as the coincidence of the massive sales and the non-descriptive split information is patently obvious.
The often referred to RVGD "spin" fiascos regarding the "$80 Million contract that wasn't", the "new manufacturing facility that wasn't", the "promised transparency" that wasn't and the "weekly announced production figures" that weren't will, of and unto themselves not be individually actionable due to their inherent vagueness, but, 100% absolutely can be taken into consideration by the appropriate governing judicial or administrative body in terms of the aggregate and continued level of "corporate good faith" in which the Company has dealt with its shareholders as well as the public. This continued and ongoing body of action does not paint a pretty picture of the Company in anyone's eyes.
The fact remains that the shareholders of the Company and this board in particular have become so distrustful of the Company that they have now begun a level of enhanced diligence, and the result is that we now know that Revenge has indeed filed notice with the State of Nevada. Emily is undoubtedly repeating what she has been told from the ceo / arch-vaguery practitioner deluxe (at least in that part of Decatur Indiana).
As far as I'm concerned, the ceo of the Company is a common fool as well as a wholly inept, irresponsible, integrity free sad clown excuse for a president of a public company.
karma is a bitch.............and timing is everything
JCMoney...JCMoney, my main man.....
(first of all let me sincerely wish you the very best of holidays to you and yours.... it's been quite a ride!)
what has ceo's behavior in the past suggested?
I wonder if that makes the shirts more valuable, like those old upside down airplane stamps.... naaaaah, the expensive non-factual shirts are all part of the RVGD pattern, aren't they...!
I wonder if that makes the shirts more valuable, like those old upside down airplane stamps.... naaaaah, the expensive shirts are all part of the RVGD pattern, aren't they...!
Quick Quiz:
Given: ceo is the sole person who determines how many shares of stock can authorized for the Company. ceo has absolute power in terms of those shares. ceo has financed the Company so far pretty much solely by selling shares in one configuration or another. Added note…. ceo owns and can use a calculator
Question 1....Does ceo:
A. Reverse spilt the shares, thus making the existing unissued treasury shares exponentially more valuable
B. Forward split the shares to make those same shares less valuable in the open market
Question 2....Does ceo:
A. Have the Company buy up a bunch of the outstanding shares in the open market at a PPS cost ranging from $.0002 to $.0001
B. Simply authorize a bunch more shares and print them up for, let's say a couple of hundred bucks
Question 3....Does ceo:
A. Act in the interests of the common shareholders (plural)
B. Act in the interest of himself, ceo, the control shareholder (singular)
There are no "trick" questions on this quiz. It involves nothing more than simple logic and past experience.
Let us all know your answers, Ok...!!!
Pinnacle Digest, wow...(nah just kidding..lol!)
Anybody still think that there's not going to be a R/S...?
Longboat is maybe 90 minutes North of us... we have a Trulucks here and of course Everglades City just South of us where all the stone crab is trapped.... off the boat prices are pretty good (jumbo @ $9.95 a lb.).... this is a good place to live this weekend!
THERE IS NO HUGGING IN THE PINK SHEETS....!
it sure is nice here in beautiful Naples FL....... and we're enjoying every moment of the weekend.... top down, cocktails ready... bring on Saturday & Sunday,,....IT'S STONE CRAB SEASON, TOO...........!
100% Absolutely Right On CaptainJim...!!!
All he had to do was tell the truth
I don't believe he ever intended to scam, but that he was just a fool
Thank you Mr. Sykes, your input is sincerely appreciated
In retrospect, we all have 20/20 hindsight about the current troubled situation at Revenge.
While all of the subjective "would have" and "could have" variables are interesting to think about, experience tells me that until you've been there, you just don't know what you might have done in such a high stress situation, plain and simple.
Unfortunately, I believe that the ceo of Revenge chose to pursue a path that underlines not only his incredible ineptitude as a chief executive officer, but also displays his abject lack of personal character and integrity as he proceeded to continue the charade with vaguery after vaguery and delay after delay, all without any regard whatsoever for the people who made this Company possible in the first place.
I feel strongly and will re-state that both Revenge management and the shareholders were and are in exactly the same boat and if the ceo had made one single gesture of honest and explanatory good will toward his shareholder base, they would have rallied to him and done whatever was necessary to enhance the Company's chance of survival.
I deeply believe that the Revenge ceo has continually allowed his personal hubris and financial insecurity to triumph over what was right and fair, and in that series of acts, laid the foundation for the demise of those who gave him a chance, which to me makes him nothing but an over-proud, scared, lying coward who does not deserve to run a company, much the less one based on the confidence of others.
I'm sure he can design some things that are automotive related and perceptibly cutting edge
I'm sure he's extremely pleased about getting close to introducing his super car
But I sincerely feel that he most assuredly cannot manage a public company
And in my opinion he most certainly has no integrity or character
And I believe therein is spelled his eventual failure
All he had to do was tell the truth
What a pathetic fool he was
I'm done now.... adios
Easier Answer.....!
All the Company would have to do is dividend the current shareholders with a warrant that's not convertible for 24 or 36 months.
Peg the exercise price at a number that rewards the "loyal longs" and helps to maintain a shareholder base going forward, and then the Company also receives the cash infusion upon exercise of the warrants.
The benefits work both ways and may serve put out the fire that will quite likely begin post reverse split when the shareholder actions start. Note: many people believe that raising "new money" for a company like Revenge during a well focused derivative action targeting the ceo becomes "somewhat more difficult"....actually maybe the term should be "just about freakin' impossible"....
Food for thought that the Company may do well to take into consideration, for a variety of reasons better explained at a more fortuitous time, but which first and foremost may include a close family member (let's say maybe by birth) of a shareholder who might be an attorney specializing in SEC related litigation....... interesting to say the least... but who knows what reality may emerge from the shareholder base....?
Hi Dog.....!
My July postings about doing a merger with a real company were based on a wholly different economic matrix that the equities market now "enjoys" (sarcasm intended).
Sadly, I believe that the window for RVGD has closed and that we are going to be the sacrificial lambs for the ceo's next "sharp stock move".....
Ok JCMoney, here yah go....!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=30757271
Hey JCMoney, just for fun, click on the July 16 link to messsage #88941 noted here.... very very doubtful, but maybe a possibility before all market credibility was lost....
There can't be an audited statement until the close of their fiscal year, whenever that may ne
With all due respect, I may not have all the answers by any means, but I have raised several billion dollars over the past forty years in an expansive variety of offering formats, and am not trying to be snotty to any shareholder on this board.
Please simply view things as they stand with an open mind and perhaps you will understand what I'm talking about, because it sure isn't a woofing session with anybody here that I have interest in. I'm a retired successful professional investment banker who made it in the world of corporate finance. Not many folks on this board are. The "ceo" isn't. I put money into this company because I'm a car goober and whether it yields any return or not is wholly incidental to my life going forward.
My comments are those of someone whose services the Company couldn't begin to afford and my opinion is that while the product may well be a potentially successful one, the methods in which they have chosen to conduct themselves is not one that portends success. This has become a circus, and the shareholders are positioned to be evaporated.
I suggest that you re-read my input, it's valid and proven to be viable except when there are no financials, no valid communication and few made representations fulfilled for reasons best know to "the ceo".
Given that the circumstances that "our ceo" found himself in were as Chad Sykes described, is "our ceo" really uneducated enough in the world of real business not to know that the very first place he should have gone with the problem was to his shareholders?
Think about it, who else is in the same boat he is if he's having a money crunch, US, that's who, and either ignorance, stupidity or hubris apparently kept him from doing not only the right moral and honorable thing, but from making the best business decision as well.
Had he simply done the "right thing" at the time he knew he was in trouble, then a variety of solutions would have been ready and timely options to help him through this situation and the challenges he's going to encounter as he makes what is appearing more and more to be a feeble effort to proceed into and through the operational, manufacturing and marketing stages of the exercise.
If, as I believe, he’s broke and clueless, then the only way to get out of this is to do what he knows, just like the ignorant yet stubborn financial “one trick pony” that he’s shown himself to be, and that’s sell more stock, period, end of story, and with that one trick, he’s going to wipe out the longs, plain and simple.
A three tranche (not the bond kind) offering consisting of three levels of participation: senior debt secured by the assets of the corporation and the receivables, mezzanine level debt convertible to equity and straight equity would provide a secured instrument with a sweet upside for the investors when and if things start to pop.
A simple issue of preferred stock with a high coupon that comes with a common stock convertible over an X year period at decreasing rates would have seen him through as well.
Lastly, if he has one ounce of integrity in his body, he should do a warrant dividend to the current shareholders in a degree of significance that contemplates and addresses the reverse split that IS coming.
But being honest with the shareholders would have been step 1, and he couldn’t do it, and in that failed responsibility, he shows us all precisely what kind of a person he is, and it’s not pretty.
All O/S would be affected by any split, restricted or not...
You don't normally really need 51% of a "real stock" to functionally control the underlying company, but in the "Alice in Wonderland" world of the pink sheets you might!
As I recall, doesn't the ceo control the only voting shares? If so, he can do what he likes. Here's an example: let's say that he had a "management" or some kind of "performance" contract that was supposed to pay him X number of dollars a year. He could elect to take his "bonus" or "earned pay" in $.0001 common stock based on a recent closing value and thus put a gazillion or so shares in his pocket while explaining that he did it to protect the cash position of the Company. My point is that there are numerous ways for the ceo to collect just about as much treasury stock for himself as he might want, without a qualm.
Nothing would surprise me here anymore....!