Bruce--good job. Now lets examine the "facts" you were told.
You said that you were told:
"The company was a wreck when he took over. It had consumed 22 million dollars of capitol that all came from share holders. He said they didn't even have proper documentation for the process. He has fired half the employees, they are down to 18. Basically, he said that he had to start from scratch. The 22 million was gone, bled down. The linen was very dirty indeed."
If the old management took $22 million of shareholders money and there is poor documentation, it smells like theft or fraud or malfeasance to me. I think we should enlist the new management's assistance in suing the old management, or at least their cooperation in helping us to determine if there is a basis for a lawsuit.
It is hard to imagine how this dog of a company could have spent $22 million legitimately.
I am not happy about not responding if I was cheated by the old management. I am not suggesting (yet) that a lawsuit be started against SALV itself, but the prior managers and directors look to me as if they owe us, big time, and should not be let off of the hook.
More to the point, who appointed or elected Ken McGlauphlin? Where is his power base, and where did he come from? Is it not a fact that he was put in there by the insiders and private placement holders, and that he is doing their bidding? If so, why should he by trusted by us ordinary, common stock shareholders? His answers to you do not make me feel very sanguine about the future of SALV, nor does he seem to have any plan to turn this company around. All he said, it seems is that the old guys were trash, and we should sit by quietly while he repairs the damage they caused.
But I ask again, who is he, and where did he come from? |
