"Firstly, we don't know what the big infatuation with Garr is and why he has become the whipping boy here?"
Because in the company filings, Garr Winters is solely in charge of the issuance of GLCC shares. IMO, that is something akin to putting Gary Busey in charge of my liquor cabinet.
Garr Winters signed the filings that created the Class B Preferreds, that allowed insiders to do a RS on the EFGO shareholders, but he conveniently forgot to tell the shareholders that he created them. He also signed the filings that created 3B shares that were immediately diluted in 4Q07, and, once again, the shareholders weren't informed. In a nutshell, he oversaw the issuance of approximately 14B shares in less than a year, which has to be something of a record. With that kind of track record, why would any shareholder here want him in charge of 2.5B GLCC shares?
"In the CHNW - EFGO era Cash Now was in the payday loan business. If you don't know what that is just Google it and see what recent legislation changes did to that industry. Simply put the laws that came into effect killed that business."
It's interesting that you bring that up now. This time last year, we were told how vibrant the cash advance business was. Very recently, we were told that MONA had a force of over 400 CashNow dealers. So, which is it? Also, I remember that Garr spent $565K in a single weekend for a software upgrade on a DOA business. Why?
If you want to compare to cash advance businesses, why did you leave out CSH, which closed today @ $40.35. Ditto AEA ($8.63), EZPW ($12.06), and FCFS (15.01). So, please explain how the industry is "dead", when these companies are sporting significant stock prices?
"Check 21 works great but the US banks wont release the funds for 30 days so whats the point?"
Again, funny you bring that up now. Myself and others were saying that months ago, and getting our collective heads bitten off. BUT--that didn't stop Garr from spending $898K on it, hmmmm?
The rest of your email has nothing to do with GLCC, except that the "formula" of working the phones, emails, townhalls, etc., is not working. The pps shows it. Perhaps if your crew concentrated on making coherent and rock solid filings, with an emphasis on financial disclosure, the stock price might do a bit better.
Right now, you need to find the fins for GOODLIFE for at least the past year and POST THEM TO PINKSHEETS.COM. Not TLGP or MONA. Shareholders want to know the financial health of the company they are investing in, and they want more than a puffy PR that talks about "guidance". Let's see the fins. Where are they?
Also, the GoodLife website is showing 518mm shares OS, while Pinksheets is showing 168mm. Which is it, and do you possibly think that an investor might have reservations about investing in a stock that has a published spread of some 350mm shares. I would bet a dollar that Heritage has a still different OS. Savvy investors do look at such things, Michael, don't you know?
BTW, when is the stock going to be free-trading without having to go through a broker's desk?
P.S. None of this is directed at Reed. You have my thanks for posting this email in its' entirity, Reed.
AI
