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Modified EBITDA was a loss of 103k, not terrible considering the business environment. 4.49 million was impairment charge for carousels and that is misleading because they just rented one finally. Fourth qtr they earned 100 k which is surprising.
This is the first time they've ever had an independent board which also includes two of the largest shareholders. They have reduced executive compensation and overall SGA and redirected priorities which were unfocused under prior CEO who was a better engineer than CEO. I think they should do a bit better as long as oil prices hold up
He is now the former CEO but still paid as a consultant
From the 13 D filing it looks like Smith was the major buyer on 11/18
Nothing new there except he hasn't been dumping shares.
All BOD's grant shares to BOD members or pay cash...it's just a matter of how much and they gave away too much. New board is independent and new management compensation is in line with revenues. I think they have a shot at turning it around barring another collapse of oil prices.
Too bad this BOD wasn't formed years ago...245k and 325k executive base. salaries are in line with revenue. No more car allowance
so what are the value of the assets listed in the exhibit given to him in exchange for 300 k shares? Auditor had that AUV listed as fully impaired on balance sheet. He did take his truck with him and paid for that so there's no loan in the books. I think the best measure of Smith.s success is the 53 million accumulated deficit in shareholder equity over his tenure so that's more than 4 million/yr loss on avg.
Company is better off without Smith as ceo even after paying severance. He doesn't appear to be dumping his shares although there is another 5% owner as of today.
Ron and his wife are the largest shareholders and clearly don't have a self interest in bankrupting the company. Neither do Douglas or Goldman and they will restrain his bad business instincts. That said they're at a facility paying rent for a space that's at a fraction of capacity and have to grow revenue somehow and organic growth is too slow so a sale of the company is the way forward or it's back to treading water
These 2 are independent directors and have actually paid cash for their shares. I don't know specifics of court case but it's rare to take to a trial and court costs add up quickly
Well he hasn't bankrupted them in over 20 years despite some pretty bad moves. I think this board will restrain him and if they somehow find a buyer he will be replaced. I think everyone can agree that the only way forward is to find a buyer and they will push hard this year do so. Douglas and Goldman must see some hope or they would have bailed completely and it would be selling for a dime. Would be nice if they didn't lose law suits they're involved in.
I added shares for the first time in years in low 70's. I think with this board in place they will make a concerted effort to find a buyer. I think they will reign in Smith's worst spending instincts. If they could sell that roadhouse in Channelview for a profit maybe they can find a buyer looking for spare capacity in Houston.
They tried to get bigger with acquisitions and that failed so this in an attempt to get bigger by being eaten which is a better option. Stock price is moving accordingly.
They never got control of the board because Soupman management was going to fight it in court and the asset sale date was not going to be moved by the judge. So they put a bid in for the assets and won....now it's a private company. Not sure why people are still buying soupq...there's nothing left.
It was a 363 asset sale and Gallant was the high bidder
Gallant paid 2.05 million for the assets and assumed 4.7 million in Hillair Capitals debt...they are not debt free.
This looks right...a procedural detail
They paid.02 a share via stock options....approx .002 for shares added in the last month
You get control of the board with 51% and with that you control the company. If for instance the stalking horse bidder was the highest I think all the common shares would be wiped out but since w/c controls so many shares and the fund which owns the shares is a limited partnership it's probably not in there interest to wipe out common holders and they might be embroiled in costly litigation if they went this route.
Another hearing tomorrow...looks procedural in nature
The news is out and they're selling the news...if wc was not the high bidder common shares would be wiped out
So if there is mediation scheduled for December what happens between now and then? Did the court docs mentions anything specific?
any link?
What hearing.... whose attorney?
That's all you can do since all the bad news is priced in
Those numbers are inaccurate according to most recent 13D filing
SEC USE ONLY
4
SOURCE OF FUNDS (See Instructions)
AF, PF
5
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
N/A
[ ]
6
CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH 7
SOLE VOTING POWER
547,000
8
SHARED VOTING POWER
145,328,935
9
SOLE DISPOSITIVE POWER
547,000
10
SHARED DISPOSITIVE POWER
145,328,935
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
145,875,935 (1)
12
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
[ ]
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41.8%
per 13d
I thought wealth Colony had 41.8% of the common stock....where did you get that number? With the 31 million shares that have signed consent they can take over the board and get Karson out. This is the only way for common shareholders to avoid getting wiped out but it's not clear how the judge is going to rule. If WC can demonstrate a path forward with an arrangement with their secured creditors the judge can vacate the chapter 11 filing and the DIP financing which she is on record as to have questioned.
Karson's plan is to turn it around and sell it between 3 and 5 yrs...1.5 yrs down....this qtr will tell.
They're issuing a ton of shares and someone keeps selling
You can get it for 3 bucks a carton when it's on sale at Publix. Their cost is about $1.70/carton and then it goes to a distributor and a supermarket and both mark it up. They don't spend much on advertising.
8k out increasing authorized shares to 1 million but they indicated they were going to do this 6 mos ago.I think the total number of diluted shares is approaching 500 mil although common stock is at 259 mil.
Somebody sold 1000 shares for $13.20
Thanks for that.
What conference....is there a link?
Ok now it's closer to fourfold albeit unrealized....either the company buying back a lot of shares or something else? Maybe Aker will buy them out?
The guy who bought 1.4 million shares at .38 got a nice little annual return
The last filing on 12/19 says that summary judgement was granted for the plaintiff.it did not mention any specific damages relating to the 5 yrs of interest or attorney's fees.
Then you have to sign up with that database. It just said that summary judgement was granted to the plaintiff Deep Down Inc