smartestone: the 10K
I agree that a 70K profit is better than a 6M loss. Keep in mind that the 70K profit was basically a paper profit and is actually a cash loss. They realized this paper profit by selling off the retail division, cramming down a note on their own ex-director, cramming down a note on their own ex-franchisee and selling another asset of the company, some technology. This basically paper profit of over $1,000,000 gave them a bottom line profit of 70K. They basically lost about $1,000,000 in real money. This is still better than a $6M loss.
I still think the possible forclosure by their bank overshadows any good that can be found in the report. Also note the ceo gave himself a raise to 225K a year, gave bonuses to the directors, a bike to the chairman. I've seen a lot of ceo's give bonuses and raises before filing BK. The CEO is actually the old attorney. Everyone ahead of him quit so he was promoted to the CEO position through attrition. He used to practice bankruptcy law. It will come in handy now.
See, we can all have a nice little discussion without getting vulgar and abusive. I'm not a basher. I'm just not a hypester. I'm objective.
I saw your posts on admin bobs board. :-D
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