Green Cures and Botanical Distribution Inc (GRCU)

[bullrider10]

Unfortunately, three years after fed ex began, thanks largely to rapidly rising fuel costs, Federal Express was on the verge of bankruptcy, losing over $1 million a month, with no one willing to give them any additional loans nor any investors interested in contributing capital.

At its low point, all the company had was $5000 to its name, which wasn’t enough to continue operating as their planes needed fuel and that wouldn’t cover it. Smith made a final pitch to General Dynamics for more funding, but was refused, leaving FedEx more or less dead on the ground when they’d not be able to fuel their planes the following Monday.

Not to be dissuaded, instead of taking a flight home to Memphis, Smith took the $5000 and flew to Las Vegas and played Black Jack that weekened with the remaining company funds. By Monday, to the shock of other higher ups in the company, FedEx had $32,000 in its bank account, which was just enough to cover the fuel for their planes and to continue operating a few days more. When asked what he’d been thinking taking a chance like that with company funds, he stated: “What difference does it make? Without the funds for the fuel companies, we couldn’t have flown anyway.”