<Nothing wrong with that as their wives and families
usually have suffered while the person worked his butt off to make a successful business
venture.> Not in this case, remember his wife and brother have also received shares of stock in this company...kinda a family affair..
...........................
this needs to be reread by investors,IMO
"
From: Zeev Hed
Sunday, Apr 4 1999 1:30AM ET
Reply # of 23725
Ellen, I summed up the insiders sales from Yahoo.
biz.yahoo.com
A company with annual sales of about a million does not pay its chief $360,000. A
company that manages to lose $12 MM on such sales on top of $18 MM in the prior
year does not pay its chief $360,000. A company that has its main division file
bankruptcy does not pay its chief $360,000. That this bankruptcy still exposes TSIG to
potential liabilities is just another sign of inept management. That it attempted an
acquisition of another inept company (CCI) just to cancel it few month later, tells me
that the management is playing around and getting paid for it. It is not like he inherited a
disaster, he was at the helm all this time and now he is being fed another $10 MM to
waste on top of the $30 some millions wasted so far. If that was not enough, he has
been selling shares as recently as early this year (as if his pay is not sufficient).
When people buy the converted shares all what is done is taking money from public
investors fooled by all the big hyped possibilities and putting it in his personal pocket.
Guess how much dilution he will wring on his public share holders in three years if in one
years he diluted them by more than 50% (from less than 30 MM shares to about 65
MM shares.
He sold 550,000 shares last year and Michael Gordon, I presume a relative close to the
"table" sold another 250,000 shares last year.
It seems to be the private "feeding grounds" for the Gordons.
Zeev |
