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Amen. It's not "investing" down here, It's gambling. Nothing more than that. The "poor man" who has delusions of striking it rich are what feeds the hysteria.
"The courts have consistently held that intentional conduct by a corporate officer will result in personal liability (see Frances T. v. Village Green Owners Association).
Similarly, if a corporate officer “authorizes, directs or in some meaningful sense actively participates in the wrongful conduct,” personal liability will attach even though the actions were taken by the corporation. In this situation, there is joint liability. Personal liability also enters the equation when a corporate officer engages in fraud.
In deciding liability, courts will consider if an officer’s participation in the improper conduct resulted from direct action or by knowingly consenting to or approving the unlawful acts. This explains the flurry of lawsuits by shareholders, third parties and the government against corporate officers involved in the Wall Street and banking fiascos leading to the financial meltdown over the last several years.
The long-standing explanation officers have relied upon to shield themselves from personal liability is that they acted on behalf of a corporation in performance of their duties. In its ruling in Granoll v. Yackle, the court declared that this excuse will not allow the officer to “escape the consequences of his individual wrongdoing.”
How does the oft-mentioned “business judgment rule” fare as a protective weapon? Not very well lately. A recent appellate ruling determined that California’s “business judgment rule” does not insulate corporate officers from liability."
http://www.greenbergglusker.com/news/articles/When-Corporate-Officers-Are-Personally-Liable-
Yep. Especially when it comes to dealing with the IRS. The company diverted over a million Dollars in payroll taxes to pay operating expenses. The IRS can and will go after individuals who are Directors or Officers who had knowledge of the practice and did not stop it.
In general, Officers and Directors can be held personally liable for any illegal activity of the company (share price manipulation, executive compensation issues, etc). Check it out for yourself.
False. He USED to have a very good Board. A friend of mine was on it. They all quit because they didn't want to be held personally responsible for Ryan's actions.
It's not about "mistakes", it's about character. The character (or lack thereof) of Ryan Is precisely why this company is where it is. It's about character and competency. He has neither. His pride kept him from Doing the honorable thing, step aside and let someone who knows what they're doing, and save the ship. But the ship is lost. I told y'all this a long time ago.
Cheers.
Hi guys, it's been a while. Just thought I'd drop by to say hello. Golly, the situation with Ryan and LTNC looks a lot like I predicted over a year ago when I told you all what a terrible businessperson and downright rotten human being he was, and that the company was going under. Except that I'm actually surprised (but really shouldn't be) that he didn't just file Ch.11 (or 7) a long time ago. That pride thing I mentioned way back then I guess.
Good luck to you all.
I told y'all a long time ago that Ryan was fronting money for his "associates" to trade the stock and drive up the price and then sell. You wonder where all the flippers came from? It's obvious to anyone with a brain and common knowledge among those who were close to the company. People talk. The end is near.
Well I see nothing has changed around here. More branches liquidated (I called it, remember?) through a sister shell company (and won't disclose which ones?) to get more nasty financing he couldn't get for himself. Claims That as "revenue". And STILL no financials since the 3rd quarter of last year. It's almost JUNE! What a joke.
Google. It.
It's been posted and quoted numerous times and is easy to find. Google it yourself.
Overall construction spending in Q1 2016 in the southeast increased by over 25% from Q1 2015. Just as a point of reference. I'd provide a link, but it's from a subscription service I get.
Doesn't make it not illegal.
That's not a financial report, that's a press release.
And again, like last year, nobody has a problem with the CEO buying shares personally before releasing material information? The classic definition of an insider trading violation. He knew what the revenue numbers were and bought millions of shares BEFORE that information was made public. That's illegal folks.
Believe me, I am intimately familiar with Labor Ready. Labor SMART (LTNC) is a completely different company and the two have no relationship whatsoever. They are competitors.
I'm not sure what your point is, but why do you keep bringing up Labor READY here on the Labor SMART message board?
No, wrong company. LTNC is a copycat of Labor Ready and was not founded until like 2011.
NOOOOOO!! Labor Ready is a brand of True Blue Inc (TBI).
I know another privately held staffing firm that is already above $200 million in revenue that is on an acquisition binge and targeting the same profile of company. The difference between that firm and TSGL is that they have about $300-400 Million in CASH to do it with.
Except for the fact that LTNC also owns 58% of that $3 Million note from the Cayman Islands to "buy" those branches from themselves too. Sheer brilliance indeed.
Still no financials? Geez.... Ohh well, catch y'all later.
What Board? There is no Board of Directors. Only Ryan and his "advisors".
But alas, I gotta run. Headed to Augusta National early in the a.m. with a client! Have a great evening.
Very true, but when you say "no dilution" constantly and there is in fact a recent increase of 60 million shares, and over half a billion AS above the OS, well...
What about that 60 million increase in the OS recently (like in the last few weeks)? What was that?
Yeah, I'll be watching. We'll see. Glty.
I'm looking at it from the customer's perspective. You know, the guy who pays you? The app will never replace the local Branch, Manager and Account Rep. Never.
Well, you don't know me, but i guarantee you i know more about the staffing business than 99.9% of the people posting here. I'm not rehashing the debate over the app again, and i never said it wouldn't be an enhancement, but i stand by my statement. It's not a game changer.
You misunderstood what i said. TSGL secured a $3 million line of credit ( from whom we don't yet know) which they used to acquire the LTNC branches. From their own Twitter:
We have closed on a $3m Revolving Line & completed our 1st acquisition. #MoreToCome $TSGLhttps://t.co/H1mBorUBlN
— The Staffing Group (@thestaffgroup) April 7, 2016
Which they need desperately to payoff debt, sure. But how many branches? How much revenue? TSGL said they have completed their "first" acquisition, which implies to me there are more to come. True, it's not explicit that there will be more purchases of LTNC branches, but it sounds like a reasonable assumption.
The previous post said they got a $3 million revolving line of credit, and that was supposedly the answer to "where'd they get the money". So it's pretty obvious that's what they have done / are doing with TSGL. The big question is what will LTNC be left with when they're done.
I'm talking about a year ago before billions of shares were dilutedd. There's nothing distorted about that.
Honestly, Ryan (and shareholders) would have been much better off filing Chapter 11 Bankruptcy as soon as notes started going past their due date and let the Bankruptcy Trustee deal with restructuring the debt and coming up with a legal and binding way to pay it. Then Ryan could focus on the actual business. Instead, billions of shares were diluted at prices as close to zero as you can get. Doing so would have shown real leadership and business skill. I won't speculate as to why he chose the course he's taken.
I don't recall anybody saying that. Not me anyway.
What is funny is that Ryan and Kim are borrowing money to buy branches from themselves because they can't borrow any money through LTNC.
Wrong about what? People were just curious where they got the cash, since they had no assets. So they were able to find a lender to loan them some money.
Well it is most definitely true, and the reason is irrelevant. The fact remains that there is another mid level manager not there anymore to provide leadership to branches run by young inexperienced people. One of the problems in this company's history is the amount of staff turnover. This is just another example.
Speaks for itself.
Just heard that a guy who was a District Manager is no longer with the company. One of the longest term employees in tyre company.
If it were not on-going as of the last quarter, I would give the man credit for that. But that is clearly not the case. Let's see what that end of year Balance Sheet shows.
And yes, i have started a business from scratch and cut payroll checks every week, so I do know the struggles. I never stole my employees tax withholdings though. I went without a paycheck myself, but my people and the IRS got paid. It's a matter of character.
You mean the tune that steals employees tax withholdings and spends it on himself? Gotcha. Good businessman.
I suspect his buddies on the new "Advisory Board" made a private placement to TSGL and are in cahoots with Ryan to salvage what they can before the final nail gets driven into the coffin of LTNC. Transferring assets from one to the other to start over. They're smarter than to throw good money after bad on this side of the fence. Let's see those financials.
Ryan fires everybody and anybody who dares to question his actions and ideas. Or they quit because of his dictatorial and egotistical nature. That's why he has no Board of Directors or experienced exectuves, managers and salespeople anymore.
And the people who ran the two most successful branches in 2012 (Augusta Ga, and Nashville) are loooong gone. Augusta was one of the ones that got sold last year. Greenville SC was a pretty successful office too and he offloaded it at the same time.