The CEOs MO has ALWAYS been the same. Borrow assets (make agreements to "purchase" something and build it out), milk out as much money as he can with the intent to invest the bare minimum to "keep the lights on" and then once the market starts to dry up, flush the whole thing down the toilet, default on payments, use stock to pay as much as he can, then filter the money to some other venture, hmmmmmm, maybe offshore??? (tongue in cheek about the offshore part).
As part of his buying scheme, he borrows millions with the "intent" to pay it back with cash, but has gotten wise starting with his FTS Group (another failed venture) days to pay back the VCs with stock and of course leaving the retail holder, well, holding the proverbial bag.
The CEO will never build anything of true value because he is ONLY concerned with himself and does not care about making something that may grow into a much bigger venture. He does not have the true business skills other than a skill of a snake oil salesman.
It is too bad. I liken the internet to the auto industry. Yep, there are only really a few key players in auto now compared to what when the industry really started to ramp up in the early 1900. We will see a similar shakeout of the internet as it matures over the coming decades as we did with the auto industry (there have been a total of about 1700 auto players of different sizes and styles that have come and gone and some still remaining) but the online world is so young and ripe with opportunity, but this gabronie will never have the skills to figure it out and make true lasting company that can make a difference.
Just anther sad case of greed. Don't get me wrong, as GG said, greed is good... But, this dope is no GG and doesn't have the sense to get out of his own way. He just stays in other people's way and picks their pockets as they try to pass.
All if this of course...
JMVHO
