Yes, Tide, you need to read the following from the filing Riley linked to......sure doesn't sound like Mr. Raabe turned anything around to me.....This is classic Riley G. (i.e. hope that nobody really reads thoroughly what he links you to)
>>In March 1995, as a result of
shareholder dissatisfaction with management, Messrs. Renaldo, James Keefe, Greg
Tamborello and Lorne Durkett, constituting all the directors of the Company,
resigned all their positions with the Company. Messrs. Tom Raabe, Micah Eldred,
Bruce Daigle and Jon Reuben were thereafter elected to serve as directors. Tom
Raabe became President and CEO and Dan Sullivan continued to serve as chief
financial officer. This new management group was faced with the task of
resolving the Company's debt crisis while defending numerous creditor and
stockholder lawsuits brought against the Company and former management. The
Company's financial condition and results of operations continued to worsen. The
Company was also saddled with economically unviable long term leases and
contracts and a new lawsuit brought by the former CEO, James Renaldo. The new
management tried to continue to operate TMC and Consumer Products, but was
unable to stem operating losses or reduce the Company's debt to Provident Bank,
which had grown to $6-7 million throughout fiscal 1995. By the end
of fiscal 1995, QPI Consumer Products Corporation was in bankruptcy and TMC
Company was winding down and liquidating its assets.
In October 1995, Messrs. Daigle and Eldred resigned from the board of directors
and Mr. Sullivan resigned as an officer and employee. In November 1995, the
Company hired a turnaround consultant, Bruce Weaver to attempt to reorganize the
Company's operations around its remaining profitable operating asset,
Multipress. In February 1996, Mr. Weaver became a director and replaced Mr.
Raabe as President and CEO. Since the end of fiscal year 1995, the Company has
closed down all subsidiaries' operations except Multipress, liquidated
its subsidiaries' other assets, repaid substantial debt and settled numerous
other material obligations. While the Company is still saddled with serious
financial problems, virtually all of which were inherited from the Company's
previous management, the Company is in a stronger position to survive than at
any time since the end of fiscal 1994.<< |
