Some forget when talking about Dean fleecing shareholders and running the company into the ground, that this is personal for him and his family. They have a trust that helps finance operations and he admits to making mistakes but to say the PR's are fabricated fluff is pure bs. I asked the question during the CC regarding him buying more stock and here was answer:
"The answer is yes but I would like to elaborate just a little bit, there seems to be a misconception that I am independently wealthy on a personal basis because of the financing that the Angus Capital Partners, which is a trust that my parent set up back 20 years ago that is a generation skipping trust the beneficiaries are two sons. I am not a beneficiary whatsoever on the trust neither am I benefiting in any way off of it. So that is providing financing to the Company under the Angus line of credit which currently stands as a $12 million line of credit with a balance I believe, Greg, of somewhere in 4.3 million spending at June 30th correct.
Now personally I am at arm’s length with that. I of course am familiar with it being the CEO, but I have no signatory authority. I have no control over that. And my two sons who are in their 40s along with a tax accounting firm are the controllers of that line of credit and because of my CEO position I do keep quite a bit of an arm’s length position with it. So I just earn a salary like everyone else here and yes I do plan to buy more stock but it’ll be coming out of my salary and not from any benefits I’ve received from that trust, because I never will receive any.
You will have to understand a little more about the trust but it is something that benefits this company greatly because it provides a back stop to our financing and that kind of leads into another question here that the stockholder asked. And that was, okay if you got this line of credit why don’t you just go out and pay off these convertible debentures. Well first of all if the line of credit could have been utilized to pay the debentures off it would have a long time ago. It is by its very nature and its provisions it is there as a back stop to the company for operational purposes it is not possible to use it to pay off other debt but begun making a pool upon that for operational purposes and thus on a regular basis the line of credit I think probably contributes to several hundred thousand dollars a quarter, I don’t know the exact numbers. But it is in that range and strictly for operational purposes.
So I wish we could pull upon it to pay existing debt but that was not the way it was originally structured in its fundamental terms. And I will be buying more stock on a personal basis because I do believe in the company. I do think that it is a good buy at this price certainly it is and I made a statement in a press release earlier this year that I thought the stock was greatly undervalued. I still believe it is greatly undervalued. I believe in that press release when I stated at the time was that I thought it should have been trading at least $1 a share at my own opinion of the amount it was undervalued. I haven’t changed that opinion, the convertible debentures are laying heavily upon that and my guarantee a dollar a share of course not. I am just giving you a personal opinion based on the fundamentals of the company and I believe anyone looking at in an objectionable totally independent way would come to a similar conclusion, you’d have to look at the assets, you would have to look at the customers we have the business, the nature of the customers we’re talking customers that have balance sheets in the billions of dollars each. We’re not dealing with a lot of smaller customers. Our oil and gas customers are household names out there in the oil and gas industry.
You’d have to look at all the fleet of trailers and trucks we have and our expert technicians out in the field who service those rigs. The Company is in a very advantageous position in terms of the enforcement, number one to have acquired the terrestrial networks over the last 10 years that are now located in very specific oil and gas producing territories; number two, to have variable to develop the technology to go deliver to those drilling rigs. We’ve invested several million dollars in what’s called our mobile broadband trailer fleet. We have 132 of those trailer mounted erectable 50 foot towers. They are the key to our delivery, our competition has nothing like that our competition is still using VSAT very small aperture satellite terminals to deliver bandwidth which is more expensive and a lot slower than what we’re providing on our terrestrial networks.
