Tom hasn't received any "proceeds" from SWVC other than a $250k loan.
ezxccsc received the following response from Investor Relations on June 3, 2008:
Mr. XXXXXXXXXX,
Seaway Capital, Inc. acquired the public company, GSCR, for the assumption of debt of around $1.8 million, but WiseBuys received cash of $1.5 million in return. (It was this cash that allowed it to acquire Hackett's.) The net "cost" of the fully the reporting public company, GSCR, was $1.8mm less $1.5mm or about $300k, which is about $400k below market for such fully reporting public companies. If you are not aware, the going rate for such companies was about $700-$800k at the time of the transaction. Management has no idea where a figure of $24 million is coming from. Perhaps you can elaborate on this calculation.
The CEO receives a salary of $125k per year, plus the opportunity of bonuses. Mr. Scozzafava's salary reported in the 2007 10K was the sum of $10k in cash and a repayment of a loan of $250k, which was booked as "salary." Furthermore, the $250,000 repayment by WiseBuys of the personal loans of Mr. Scozzafava was transacted by WiseBuys in JANUARY of 2007 .... around ten months prior to WiseBuys being merged into the public company, Seaway Valley Capital Corporation. This loan would have been repaid regardless of whether or not WiseBuys ended up going public. There is no way this repayment by WiseBuys of loans from Mr. Scozzafava could be construed as "Seaway shareholder money" since it was repaid ten months before there were any "shareholders".
Mr. Scozzafava has personally invested into Seaway and WiseBuys over $3 million of his money and his family has contributed an additional $1 million of their money. Other than the above mentioned $250k, neither he nor his family have, to date, received any of those proceeds back.
None.
Sincerely,
Seaway Valley Capital Corporation
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