Circa Pict. & Prod. Co. Intnl Inc. (fka CPPD)

[ltesprit]

Rich Brown has twice said to me 'You've gotta understand: these guys (QBID) went public at a very early stage. You're seeing all the growing pains you would never see in a mature start-up.'

That's simply not true. Plenty of companies have gone public before they had ANY revenues (eg, hundreds of biotechs, etc.) Furthermore, I've worked in private equity, and it is the EARLY investors who see the biggest upside: For growing successful ventures, every round of new financing puts a premium on previously issued shares.

With QBID, the complete opposite is true. Management has so thoroughly destroyed shareholder value that the earliest investors are completely wiped out. (They've lost 99.9% of their value in QBID shares. OOooff!!) And Management just awards itself more shares for a job poorly done. Which makes the shares drop further!

The insanity is inexcusable. If Olsen were forbidden to award himself shares at whim (which an independent board and common voting rights would certainly do) he'd smarten up about shareholder value and good corporate governance pretty damn quick.