Another prediction.... the CFO pumped up the stock price last week in order to fulfill some of his final obligations before he leaves uWink. This is a transition that would take several months to do, would be very private, and there is no other logical explanation. The timing is also perfect.
He has presided as the chief financial executive over a rollout of 2 restaurants that has been badly handled and has presided over a situation where investors money has been squandered. Of that 9M or whatever they received from that offering, only 2M has been put to use in a way that benefits shareholders, namely the investment in the restaurants. Beyond that, what has it accomplished? (that is directly beneficial to shareholders..) SG&A & salaries is not beneficial to shareholders. There has been alack of business planning and basic cost controls.
This is embarrassing for him and not something he wants to be a part of. He may or may not be able to control it, that is up to Nolan. He will be the fall guy if something has to happen.
He just finished releasing annual financials after quarterly financials... he is at a point where it would be good timing to leave. Someone in his position and making his number would take several months to transition. Also, he is going to make whatever final arrangements need to be made. He won't stick around for more than 1 more qtr, as the company simply cannot survive in it's present form longer than that. Judging from his resume, he has better things to do.
Lastly, he makes a big number which is not being utilized. For that operation they need an accountant, perhaps an accounting clerk would do. 3 restaurants? give me a break...
Also soon to go in a cost cutback is the franchising guy. He may be able to sell/market but it is not his strength. He is being wasted and also is making a big number. And guess what will be left.. nothing but members of Nolan's immediate family! Ever worked for a company run by family? think "circus"...
There will be a financial reckoning before the end of this year at uWink. The current CFO will not release financials like that again.
I am thinking of writing a book about this company...
it will be called :
"Implosion of a uRestsoftrantware"
The publishers did not like that name, so I have proposed:
"uWait until U are screwed"
better yet..
"U screwed up - a family thing".
