Dear Jim,
>I'm a former Quadrax employee (VP/General Manager), and was
>fired by Palermo about 7 months ago (or "quit" as he claims,
>although he tried to hire me back a few days later, although
>I declined). If anyone's gonna start a class action suit,
>I'd sure like to assist in the prosecution. I'm obviously
>VERY biased against Palermo, etc., but think I can be
>objective with the facts.
>
>I started to question many things that Palermo was doing
>while there, which undoubtedly hastened my departure. Some
>of them included:
>
>(1) Employees 401K funds not being invested in pension
>accounts, but being used to pay bills instead.
>(2) Overhearing Palermo talking to stock brokers on the
>phone (on numerous occasions) with what I considered to be
>privileged and confidential information, which resulted
>stock moves.
>(3) Being pressured to offer $50,000 per year positions to
>"friends" of Palermo, some of them female; I did not cave
>in, which resulted in strained relations between myself, my
>managers, and Palermo.
>
>I currently hold 2,000 shares of stock in my own name (which
>I purchased at the market price of 7/8ths and still retain),
>had numerous option shares which were never "in the money",
>so I never profited from all the stock hyping. In addition,
>I only received a fraction of the six month termination
>agreement I was lured to Quadrax with in the first place
>from my former employer, Textron Specialty Materials; and
>was told to pound sand for the rest of it. I'm somewhere WAY
>down the list of unsecured creditors, and will probably
>never recover another dime, although I've retained an
>attorney in RI to see if I can.
>
>I could probably go on ad nauseum, but will probably save it
>for "my day in court", if it ever materializes. Sorry to
>ramble on, but it's time to "vent" and share some of the
>pain. I don't mind if you circulate (or even post) this
>memo. I expect if you do I'll probably get lots of
>responses, as well as some venom ..... so be it.
>
>Regards,
>
>Mike.
> |
