More interesting stuff from the BDE filing:
The AuctionChannel has 14 employees
"The Auction Channel currently operates on two Dutch barges on
the River Thames in London, England that are docked to a private pier.
Both boats are leased. One boat is a permanent office and the other
boat consists of an office and a private residence. The rental
agreements provide for aggregate monthly lease payments for both boats
of approximately $2,800. In the case of the office boat, the lease
is terminable upon one month's notice by either party and, in the case
of the boat with office space and a private residence, the lease is
terminable upon three month's notice by either party."
Here today, gone tomorrow.
In the year ended 12/31/98 BDE's total revenues were $431,000, a
$2,050,000 decrease from the previous year. Net losses
increased from $2.4 million to $9.4 million. I wonder how many
shareholders read as far as page 42 where one learns that during that
stellar year the top five officers of the company were paid a total of
$848,000 cash, or two times total revenue, plus options (repriced, of
course, to account for the tanking of the stock price).
CEO 225,000
Pres. 225,000
CFO 165,000
V.P., Prod. 126,000
V.P., Tech. 107,000
I can't wait for the earnings report that is supposed to come out next
week. Let's see if it pops above 5. |
