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Microcap & Penny Stocks : QDRX
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To: strtrset who wrote (3568)7/24/1998 7:51:00 AM
From: Glenn Olsen  Read Replies (3) of 3977
 
The Palermo's have cost the shareholders so much that I am skeptical that whatever crumbs fall will have any positive benefit for those remaining. Good reviews seem too well timed to be more than an attempt to blunt any shareholder action against a management that bled the company into bankruptcy through a continuous series of terrible decisions while accepting compensation far out of line with the performance of the individuals or company. How many different directions did they go and squander their few resources across too broad a range? Where was the strategic plan that matched assets to expectations? Where was the target niche in the sporting goods world that they focussed on? Where was the sound execution of any plan? Tennis-losses for licensing, advertising etc. Hockey-couldn't execute a simple purchase of the machine without losing a lawsuit. Golf-buy a low end manufacturer(sell it back), target "shafts" and build a plant across the country but don't have a distribution agreement or back up plan in place. By the time Palermo even began executing the golf "strategy" he had exhausted all conventional financing and was stuck using reg s/d to just meet operating expenses. With the debt assumed and dilution of shareholder value Quadrax was reduced to being a very expensive lottery ticket. If they got a huge contract from Taylormade maybe they could survive. They didn't and the shareholders lost.

Palermo hasn't disappeared which is something and he has a capacity for self-preservation which is noteworthy. Concern for the shareholders?? I must have missed it in March 97 denial of any reason for the then uptick in stock price while the reg d was wiping out the last real equity in the company.

Glenn
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