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Re: es1 post# 140140

Saturday, 06/07/2014 1:25:52 PM

Saturday, June 07, 2014 1:25:52 PM

Post# of 165854
I'm not sure I agree about the full management change, and I'll tell you why.

Let me tell you a story:

Once upon a time in my earlier life, I dated someone with the last name Weston. I do believe they are the 2nd richest family in Canada (at least in the top ten), multi-multi-billionaires and such, owning multiple grocery store chains over about 4 generations.

It's a big family after 4 generations, lots of cousins and offshoots and marriages and such. There are indeed a lot of Weston's out there!

This girl was not poor, lived in a very nice house, her parents both millionaires in their own rights. She had a trust fund, an inherited stock portfolio and the like (preferred stock I believe - non-voting). She went to "family" functions, shook the right hands, took the right photos, went to the right schools and had the right ties.

However, she did not / had not the access to any of the "Weston Fortune", and could not secure a car loan, a home loan, trips outside the country, and her "sweet family hook-up job" paid about 20 grand gross a year. She knew all the right people (and trust me, she discreetly and LESS THAN discreetly asked for cash from lots of Weston's) and still couldn't cobble together used-car money. She had to ask mommy and daddy for everything, because sometimes knowing the right people isn't enough, and her last name might look good on business cards or at parties, but it didn't help when it came time to talk assets, collateral and down payments at the bank!

Her trust fund was not accessible by her until the age of 35, and her stock was held in the funds name and was thus unsaleable as well.

On paper, she was a well to do person from a family of prestigious billionaires, but in reality she was just another 19 year old chick with mommy and daddy's Mercedes Benz.

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Lets compare this story to Mr. Keevil. Seems like I could substitute his name in the above parable and draw the same conclusions. He doesn't have to be the black sheep of he family to have no inside access to cash and connections; the girl above certainly wasn't an outcast. Families don't work that way; especially wealthy business families - The Westons and the Keevils and the like.

Also, we aren't talking about financing a mansion, or a fleet of Ferrari's even - this is a MOTHER TRUCKING MINE SON! Hundreds of millions in the end.... for now....10 or 15 million at least to get us to the next phase!!

Having a sweet last name only gets you so far, it takes more than that, and whilst people may get excited if they see a big name, it does not guarantee success and more importantly does not guarantee access to easy cheap capital from familial sources.

To paraphrase Chevy Chase, "People who rely on their last names are like potatoes - the best parts of them are already in the ground".

To sum up, go watch the Academy Award winning movie Fargo, because sometimes knowing the right people doesn't mean they will help you with cash! - Let's just hope Mr. Keevil doesn't own a wood chipper, because I haven't heard from Merle in awhile! wink

GO SRSR!!!!