Vestiage, Inc. (VEST)

[JimsZ]

Mr. Scozzafava countered Thursday that Hacketts officials misled him about the chain's profitability.

"By the time we bought this, they were losing money hand over fist," Mr. Scozzafava said. "There is no question in my mind they knew they were losing money."

I think Scozzafava has Hackett's mixed up with his POS WiseBuys he pawned off on us...

here's link if anyone needs it

http://www.watertowndailytimes.com/article/20090807/NEWS05/308079963

Mr. Scozzafava said he paid the plaintiffs $1.5 million when the sale closed in 2007 and he has no intention of paying out more. Apparently TS isn't the Financial WHIZ KID everyone once thought he was....


Before the sale, Mr. Scozzafava said, he reviewed financial information that indicated the company had made a $200,000 profit in 2006. By the end of 2007, he said, the company showed a $600,000 loss.

"They were telling our management that things were going well," Mr. Scozzafava said. "That was all before Hacketts took over the WiseBuys stores so that wasn't the problem."

"After it was re-audited by us, we learned they only made $7,000 profit in 2006. The difference was significant," he said.

By the end of 2008, the company's losses ballooned to $4.5 million, Mr. Scozzafava said. Hacketts has closed stores in Watertown, Canton and Pulaski in recent months. Oops, maybe TOM SCOZZAFAVA IS A FINANCIAL GENIUS, after all... didn't he run this all through 2008?

Mr. Scozzafava said he plans to file a countersuit