<<his wife's name is Lordis>>
I find myself a tad confused. According to the Nevada incorporation papers for Great White Marine, Alvis Colin Smith's wife's name is Margaret. So my (defensive) inclination, until there's objective evidence indicating otherwise, is to believe that TGSK's CEO filed for personal bankruptcy in November and then voluntarily withdrew the petition for Chapter 13 on 6/26/98. Actually, if I'm correct, my concern is less that he may have filed for personal bankruptcy, than that he may have used a company dividend declaration to pay his creditors. Should this be the case (regardless of any possible rationalization that he's the majority shareholder and the other holders did receive their $.10 per share), I'd have no confidence in a manager willing to subordinate the cash needs of a growing company for his personal purposes. It suggests a frame of mind susceptible to other things that too many BB stocks are notorious for. The problem with querying Mr. Smith about this is that both the truth and a cover-up fabrication lead to the same response, so substantive assurance would, as I see it, need to derive from an objective source. But why do I care? Well, if I'm really wrong about this, I wouldn't mind buying back in. (I really have no ax to grind.) And judging from the various e-mails I've received, there are others who'd look a lot less leerily at the company, and that couldn't but help the stock price. |
