They didn't get the name "SCAMALOT" for nothing !!!!!!
To my knowledge the officers do not recieve huge slaaries, (DW pays himself 250K)however, I have been told by what I consider to be reliable sources, that certain officers are living completely at the expense of the company. My informant mentioned such items as expensive automobiles, upscale housing, first class travel, and even childrens education at private institutions was being paid for by Camelot. Again, I have no first hand knowledge of this, but I trust the people that provided the data.
This is even better than a fat salary, one doesn't have to pay any taxes...
The biggest scam is in the financials. There has been nothing but sleight of hand and BS going on with Camelot from the beginning. They have never yet really made a dime from the sales of goods or services. Nearly all of the income that they have claimed has been from stock deals that either eventually lost them big dollars, were never consumated, or were hugely inflated deals between shell companies owned by DW.
They have yet to deliver any product on time, and everything that they have produced has been of inferior quality as evidenced by the total lack of acceptance in the market.
Now the market cap is down from a one time $30+ Million to less than $3 Million. Looks like a bunch of folks have taken a huge hit, but of course not Camelot's (mis) management. They are still free to continue to run this company right into the ground.
BTW I noticed that DW has now changed the company's focus from software and telecommunications to R&D (forgetting the unprofitable internet access and software distribution activities I guess, though they are draining this operation big time). This is the first time to my knowledge that he has told stockholders this peice of information. But even at that, aren't R&D companies expected to show a profit.
Did anyone notice that the section of the 10-K that was posted above talked more about previous years than the last year's dismal performance. It is as though they went out of their way to confuse people and to divert attention from the fact that they have been sliding steadily down the tubes!
I really don't understand how these guys expect the public to believe the unadulterated crap that comes out of this company on such a regular basis. |
