So, where is the beef? I quote the post by DeadMan as supposedly stated by SEVU management:
""Together SeaView officials have invested more than $1 million of their money, own more than 24 percent of the company and didn't receive salaries in 2001", Bernardich said.""
"Bernardich followed in the footsteps of controversial SeaView founder Rich McBride who stepped down as CEO in February of 2001 and died in October of the same year."
I think the second paragraph says it all. Can anyone, ...anyone, show me where this supposed one million dollars in cash showed up on our financial statements? Reality is, these are the same games Rich played.
Hello, hello.
Stock IS compensation. Don't you all see.... How does someone own 24% of a company if they are not receiving a salary? I urge anyone to show me where George had anywhere close to a million dollars BEFORE he came to SEVU. Could it be this $1 million is stock issued to management which they claim has been invested in the company? Don't you all see the doublespeak here? Haven't we been here before?
Hello, hello.
Is there anyone out there who was with me as an owner when all this happened before? Is there anyone who remembers Rich telling us George was one of his good friends? Could it be Rich trained our esteemed CEO into the same tactics he used?
Hello, hello.
I don't know if this is a fact or not, but I think it may have gone on. Once Rich and George issued themselves all this stock, some of which may have been restricted stock, might they have shorted SEVU stock in order to lock in profits? If this happened, it would produce a double negative effect on the stock price. Not only would it have provided more supply on the selling side, but it is management CLEARLY stealing from the company.
And last but not least, even after death Rich is still stealing from the shareholders. And I quote:
"A patent assignment agreement was executed December 12, 2002, terminating the license agreement with the McBride estate, and assigning ownership and rights of all of the patents and pending patents to the Company. As consideration, the estate received 100,000 shares of restricted SeaView common stock and forgiveness of their entire cash debt owed the Company."
Remember, Rich McBride worked FOR SEVU. I have always questioned WHY the patents were in his name. Why are we paying...and paying... and paying for what has been developed at OUR company. And, of course, what is the collateral AGAIN,...... OUR EQUITY!!!! This management has absoutely no respect for stockholders!!! And how much was that forgiven debt anyway? Could it have been an amount similar to the total Rich told us was a gift to the company for the purchase of the "Springs" interest? Ya know, I haven't seen anything about that "Springs" interest since the restatement of earnings. Anyone have any input to that thought? Anyone home???
Hello, hello.
Enough for this post... can you figure it out yet?
Mad as hell
MadHat
AI
