This is a follow up on my request to management.
1. The idea of a $1/yr salary until the debt has been paid and a full year of profits books have been presented to Alex.
2. Same with the recommendation of a large open market purchase by Alex and the Board.
3. There are no non-core assets identified at this time to sell to raise additional cash.
My comments apparently were taken as a "hostile" demand although, a bit of hostility is warranted given the destruction of value.
I have formally presented a new idea to management that would call for a restructuring of the company from an acquisition company to an operating company centered around the Turnbull assets. Basically, let Turnbull repo the shares of his company. Then merge United, USOG and Turnbull via a stock swap and keep Alex as a VP of development and growth, looking for ways to use cashflow by the operating companies to fund strategic acquisitions.
I think the sooner management realizes USOG as it stands is a dead model, the quicker they can move into a new structure based on real operations and strategy. To think you can pay off a promissory note as big as Turnbull's without using the cash proceeds from the operating business is crazy. The corporate acquisition parent has no revenue, no funds, in fact it seems more like a ponzi scheme than a company.
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