firestorm at the yahoo board, AB responding frequently.. many accusations..
from AB..
It's has nothing to do with new shares being issued or bad news on
> the suit(s). Oil is lower of course but I suspect as Dion was telling
> John Young on a daily basis all about the lack of impressive
> organization and or effort on my part that he experienced during his
> brief tenure as COO some people bailed in fear as the word spread
> down the grapevine. In other words, with-out permission William
> blabbed internal information, strategy, time phrames and efforts to
> JY and others and so on and so on. There's no other reason the stock
> dropped in half since his appointment. It's not just because the
> prefereds weren't cancelled yet, first of all William asked to have
> them transfered to him and not be cancelled and I recently maped out
> a realistic plan( 5 page letter) to have them transfered or cancelled
> and for my role to change as proposed. It was just going to take some
> time and patience on everyone's part. It took me 4 months to take
> control of this company in 2003 and in 5-6 weeks as a part-timer,
> from another state and with a 1 week vacation he took in the middle
> of it he can't expect to have accomplished a complete smooth take-
> over of the company. There is so much to know about the suits for a
> new leader, so much to know about the company, the role players, etc.
> I'll give William the benefit of the doubt some because we aren't
> very organized yet in a few areas, book keepers and accountants are
> truly in the middle of completing things we have asked to get done,
> his employment agreement has been a nightmare with 1/2 dozen drafts
> to date, we had a Major effort just wrap up in putting to bed the
> issue about Marty's compensation and role, the entire company
> network's phone numbers were thrown at him, etc, etc but I think he
> should have handled it differently. There was no-one he wasn't
> allowed to call that I have been working with as Chairman , to
> question them at length, etc. He saw a lot of internal paperwork. We
> are publicaly traded and there is compliance to be followed. He
> wanted to sell his shares to possibly help the company have money for
> certain things but wasn't keen on getting the shares issued back to
> him later in restricted form as insiders have to have. He wasn't keen
> on keeping that proposed personal loan on the books as a loan. He
> didn't seem pleased that a 504 was out of the question as he had been
> given the role of funding the company and hadn't gotten a great
> response from investors about buying restricted stock, instead of
> free trading. He was given full power to open a new company bank
> account in his city and put all new funding money there to use at his
> discretion. The 175g's anticipated from the Panola sale was also to
> be wired there when available.
> Pandora's box has now been opened but the company is still moving
> forward with Panola activity, Concorde activity, other projects with
> Marty, both suits, some possible O&G acquisitions, funding, the
> audit, etc.
>
> We'll see where we stand now but it got a lot more complicated
> because of obvious reasons. Until I figure out a plan for stability
> of this company I remain in charge.
>
> That's my take on why the stock is lower.
>
News 
Market Data 
Discover 
AI
