So who would pay $3 million for 4 non-performing branches? That seems pretty odd. Shareholders will try and make any argument to defend Schadel no matter how illogical the argument is - but you can't have it both ways.
As far as not paying the payroll taxes - a staffing company is a very simple business model - the problem is that Schadel had millionaire tastes on a beer budget - he didn't have the discipline to control his spending and used money allocated for payroll taxes for something other than paying the corporate taxes.
Agree in a way, but the lack of transparency and too many mis steps on the pockets of investors while spending frivolously warrants the CEOs departure, which can't happen. In regards to irs, that's most likely not the case, they are understaffed and backed up as it is and these things don't happen overnight. Just like sec investigations which often lag years behind the actual offenses, unfortunately.
So let me get this straight Ryan sold 4 branches to himself becaause thhey were not performing? Wait let me try that again Labor smart sold labor smart their own underperforming branches. Thaan can't be right lets see oh wait labor smart sold 4 underperforming branches. Wait how do we know they were underperforming did the financials come out NOPE! So labor smart might have sold there 4 best revenue branches because when Ryan files bankrupcy he will just move over to TSGL. Of course investors lose all there money but they can always invest in Ryans new venture.LOL
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