Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
You mean that guy Michael Sands? He choked to death on a free meat sample at a supermarket. Supposedly had all those military and government connections. Yeah, the good reverend's just a tad pumpy.
Sands
LOL. You crack me up. Yes I did say that but it's nothing you're not going to get anyway with this crew in place. Might as well have someone do it who can then make you money, grant you rights offerings and stock distributions to help compensate for your past losses. This industry would also allow me to do an MLP where I can distribute 90% of the net income out as distributable cash flow. Lots of ideas out there for generating returns. Too bad no one in this company's management knows anything.
They still don't have D&O insurance? It's been over five years since they were dropped. Who in their right mind would even consider being a board member without D&O coverage? No wonder why we got what we got.
LOL. Nah. I couldn't work with those morons.
I'd take the job for free. I wouldn't even take shares or options until I brought the company its first quarter of net income in the black. I have two businesses I can plug right into this company, one's in Colorado and one's in Washington.
It's because the stupid thing went missing in the swamps of Louisiana.
That's some general! They've gotten a lot of good mileage off him. He's like the dummy I use to drive in the carpool lane. I was talking more about sludge that has formed on the C level. Curious what that $335k is doing now. Put to work on behalf of the shareholders? I think not.
I don't know about that. Failed is failed, doesn't quite matter how. I'm just curious to see how this next group is going to resurrect the company with a mid-90s business model.
you don't resign from an atm machine.
I do know a lot about the process. I've participated in them before. It's fun. For the small amount of this company I still own and the work involved to get the necessary votes, it's just not worth my time and money. Plus, I can get better shells cheaper.
All I'd do to you is what they're going to eventually do anyway, reverse split the bejeezus out of the stock then issue a ton of new shares will holding existing shareholders to just 1% of new share capital.
I saw a few of the old business plans or tearsheets when they were trying to raise money for the tire business. The guy wanted to buy some kind of tire dump in Texas for $1 million. I guess that would have given him a good supply to get started but $1 million when you can get them for free? Sounded fishy. No clue what they have in mind now, but can't help but think it's also fishy.
They are also looking to make their money back, like any other lender. I don't know what they still own but you need 50.01% of the votes on your side. Every vote counts.
Yeah I saw that. A friend of mine who was unfortunately involved in the predecessor company showed me what the new owners do, a 1990s looking bulletin board for classified ads in Iowa or someplace. We were thinking of putting a bid in for the shell ourselves but I guess this forward-thinking company beat us to it. No harm, except for the people who got screwed in the reverse split and who trusted the former management. Will be interesting to see what this company plans to do. I don't think the world is too nostalgic yet about "vintage" 1995 websites.
It's textbook T_berg economics. Entering into death sprial financings while promoting spiral development after scoffing at any legitimate forms of fundraising (they had plenty of offers even post-Huff) because of no enriching side deals.
Of course, he didn't do it alone, there was a little help from friends Tommy, Johnny, Helmie, Joey, et al, and the ignorance of a clueless board of directors. Think about who the people were that came out of this making money and who aren't owed huge amounts today, that's who any financing ultimately benefited.
Your ownership should be in that range but more importantly will be your ability to get the votes from the majority. You should see what La Jolla has left, go to them with the idea, they might be interested in a shell that could acquiesce to their wishes and pick up the expenses for the proxy fight. If they install a new business into the shell, it's a better deal for them to make more back than the half cent a share they're getting now.
This is good reading on the subject,
[url]www.wsgr.com/publications/PDFSearch/dewied1110.pdf
[/url][tag]insert-text-here[/tag]
The biggest reason Glenn should go is because he wants to. He's circulated his resume all over the place. Of course, it's blown up with false claims about his "accomplishments" at WSGI but the fact that it's out there as a pathetic tool to help him find a new job is reason enough.
People can make their Top 10 lists all day about why he should stay, but once he crossed over into the job candidate zone, a few years ago at this point, that was reason enough to boot his butt out of there. His heart and head's not into it. Never was.
IF Terdberg's truly gone, at least the comapany has one less horrible decision maker. One down, like what- 6 to go? They all need to be gone.
You should totally do a proxy fight. Amass more shares or align yourself with someone who owns enough to bring your aggregate shareholding up in the 3-5% range, come up with a slate of new management appointees and directors, and send proxies to the shareholders to vote.
staggered terms, or maybe the others just resigned. worthless anyway, all of them. i didnt vote for jackson.
Do you know how indebted this company is? It's practically insolvent. GTC isn't ramping up, btw. I appreciate your optimism but there are too many negatives, both publicly disclosed and otherwise, that make a buyback look like a pathetic attempt to demonstrate some kind of false confidence. The only mop-up this crew is contemplating is a nice big reverse split, probably a 1,500:1. Of course, they'll call it a consolidation.
Usually a premise in a stock repurchase plan is that the company thinks its shares are undervalued. Estrella, Johnson, Sawyers et al know they've diluted any value way out of the company by now IMO. Even they wouldn't be so stupid as to think a buyback would do any good IMO. Oh wait, we're talking about them. LOL. BTW, that $335,000 is probably already in their pockets IMO.
We have a stock trading below a penny that's destined to have four figures to the right of a decimal point pretty soon. Does one person really matter at this point? We need to get rid of the whole lot of these stupid people and if the shell's clean, merge another business into it. All the crap this extended group of know-it-all take-it-all snakes did to the shareholders just needs to end. So, this is what, like the fourth big military guy we've gotten. Remember that embarassment David Christian, a Terdberg pick, and the do-nothing general we just can't seem to get rid of, another Terdberg pick. It's systemic, it's a revolving door of takers. Just Glenn alone leaving won't make a difference, but alas, there's nowhere for him to go. That resume's been sitting online for 4 years and no takers.
Well, I guess even he couldn't keep it up all these years. It's quite trying.
Here's another French expression... Indy doit garder sa putain de bouche fermée donc il ne va pas en prison.
If he signed an NDA, that's it, he can't say anything. He has to shut up and there's none of this BS about walking a line of transparency vs. confidentiality. That's what people who commit crimes say. There's been enough crime in this company, why is this management team supporting more?
The shill wasn't involved with the company at that point. The placements I'm referring to were like 3-4 years ago, it was the Terdmeister's buddies at Basis who were acting as the placing agents so however sleazy, at least they were going to comply with registration rules. The company could have enacted a direct stock purchase program or just executed the placement themselves, but that would have denied a few someones a little extra sumtin sumtin.
The shill I'm talking about started popping up about 2 years ago. If you were in a meeting in northern Virginia, you likely met the person to whom I'm referring.
Hey, anyone know whatever happened to Mide? He used to be such an authority on this company. Did he not charm Glenn and friends?
Huge announcement today. Did wonders for the stock.
My post was deleted because apparently telling the truth violates TOS. I was approached, also in a way that violated no rules. I opted not to participate because I had already been underwhelmed by the new management and didnt feel it was a good buy, not because I felt anything fishy was going on. But, there should have been a filing made to FINRA of the PPM after it was used. You could probably contact FINRA to see if one was logged. I hope this stays up at least long enough for you to see this.
The company already did #1 in 2011. Several of you might have even bought. Private placements aren't illegal. I think it was 11 cents a share at the time with warrants of 21 cents, which they proclaimed to be some huge bargain. I was approached but didnt participate, and in true WSGI/SNSR style, they screwed the person who brought in the private placement investors.
It's true. Vern's deader than this stock, though not by much. Tim's out though, for those who were asking.
I dont know what you wished for. The only thing I ever wished for this company was honest people running it.
The management team is not clueless about how many shares they can issue. They know exactly how many shares they can issue and they're issuing them. This is about the same thing it's been about all along with all management teams for this company. Just make sure in these latest issuances, there's no language about anti-dilution clauses, it won't be long before there's a massively diluting event IMO and all the existing shareholders will be crammed into a teeny tiny percentage of a new share capital configuration.
With him gone, maybe now the company has a chance.
I enjoyed the letter. Get ready for a tremendous reverse split.
who said I didn't?
you're right, i don't, and if you do you're an insider and shouldn't be posting here. I hope something "paradigm shifting" or whatever unimaginative phrase you're going to use to describe what happens next does in fact happen.
I had responded a few weeks ago but I guess my response wasn't what the moderator wanted to hear. If the new management settled with the wronged parties, that's great, let's see what this company can do. I'm not aware that they had. The proposed new business model of this company sucks though. This isn't 1994.
Did you see the checks? Show me copies of the checks or wire transfers into the company that paid for the shares and then you can truly say the shares were bought. Are you sure maybe some value just wasn't assigned to the shares in the filing? Thanks for the Wiki-English lesson. Enjoy your bamboozlement.
What's not true?
From what I understand they're entangled in a lawsuit, maybe more than one. I don't know what kind of resources they have to both defend themselves and run a business.
ROFLMAO that you think "acquire" means buy, especially with respect to this company. Re-read every filing and you might realize the only ones paying for anything around here are the non-insider shareholders. What do you think the reverse split's going to be? 500:1, 1000:1, more?
So are these shares.
Good luck to anyone who thinks this is a buy opportunity. Super fun mega reverse split coming.
I know of at least one big one unless they settle, and aside from that someone I know who had a contracted relationship with the old DEAC contacted the new management and he was pleasantly surprised they responded as quickly as they did to cooperate in getting the situation resolved. Except if you're Craigslist, I think online classifieds like this are a 1995 thing so the 20 year old business model doesn't sound like something that's going to attract investors but if the management is open to accepting responsibility for the liabilities they acquired, at least that shows some character.
When your cost basis in any stock is $0.00 (because you keep awarding yourself new shares), of course you're going to be happy about your average price point. Even subpenny is gravy. It's just a matter of finding a way of dumping it all before the market realizes the company churning out the stock has NOTHING. No contracts- lost the remaining six ones they said they had, nothing new, no talent or connections in management, despite half the people on a particular message board being company insiders who still think if they pump hard enough they can sucker in more buying. Gotta love the right reverend Dr. H though, he truly is clueless about the trouble he's causing for himself and management. You go Dr. H!!