AZ here it is
XXXXXXXX,
Seaway Capital, Inc. acquired the public company, GSCR, for the
assumption of debt of around $1.8 million, but WiseBuys received cash
of
$1.5 million in return. (It was this cash that allowed it to acquire
Hackett's.) The net "cost" of the fully the reporting public company,
GSCR, was $1.8mm less $1.5mm or about $300k, which is about $400k below
market for such fully reporting public companies. If you are not
aware,
the going rate for such companies was about $700-$800k at the time of
the transaction. Management has no idea where a figure of $24 million
is coming from. Perhaps you can elaborate on this calculation.
The CEO receives a salary of $125k per year, plus the opportunity of
bonuses. Mr. Scozzafava's salary reported in the 2007 10K was the sum
of $10k in cash and a repayment of a loan of $250k, which was booked as
"salary." Furthermore, the $250,000 repayment by WiseBuys of the
personal loans of Mr. Scozzafava was transacted by WiseBuys in JANUARY
of 2007 .... around ten months prior to WiseBuys being merged into the
public company, Seaway Valley Capital Corporation. This loan would
have
been repaid regardless of whether or not WiseBuys ended up going
public. There is no way this repayment by WiseBuys of loans from Mr.
Scozzafava could be construed as "Seaway shareholder money" since it
was
repaid ten months before there were any "shareholders".
Mr. Scozzafava has personally invested into Seaway and WiseBuys over
$3
million of his money and his family has contributed an additional $1
million of their money. Other than the above mentioned $250k, neither
he nor his family have, to date, received any of those proceeds back.
None.
Sincerely,
Seaway Valley Capital Corporation
xxxxxxxx wrote:
> Does anyone actually work in the IR dept?
>
> Tom said heavy dilution would subside yet you continue to dilute?
>
> Prior to buying the shell Tom was very upfront and communicated with
> shareholder now that he has paid of kevins prior debt Tom has become
a
> recluse why?
>
> How much money is Tom going to allow YA to make almost seems like he
> may be getting kickbacks on their profits when coverting.
>
> What did we get for the overdebt shell we paid over 24 million for
and
> none of the money came out of Tom's pocket?
>
> If you continue to ignore my questions I will make a point to bump
> into you when you least expect it and you will answer my questions
> then as I am down over 70K because of Toms inept ability to run a
> company as he said he would and turn a profit yet he allowed his
> friend KK, his friends wife and his family to make millions at our
> expense.
