IT'S A BEAUTIFUL DAY....The birds are chirping, the sun is rising and you guys are going to love this post. I had a great conversation with someone late Friday afternoon (can't get into details 'cause I want Arif to squirm a little longer...oh, and by the way, I hear Arif likes to squirm, more later). OUR VOICE HAS BEEN HEARD. For those who actually did file complaints, good job. It's only a matter of time, now. My personal opinion is that Arif will be forced to resign from Firamada due to some cowardly plea bargaining on his part and to be honest, I hope Sukey goes too. The company is better off without the both of them. Did Arif commit securities fraud? ALOT of people think so.
As far as Sukey goes, let's revisit history. The press release from July 6th, 1998 states: "Firamada also issued a statement from recently appointed Vice President and Chief Financial Officer, Michael Sukey. Addressing the Company's financial status, Mr. Sukey said, "FIRAMADA HAS BEEN PROFITABLE AND CONTINUES TO BE SO. WE ARE BUILDING ON THAT PROFITABILITY.........Can you explain this statement, Mr. Sukey? What did you mean by profitability? Thanks for misleading shareholders. Your name has been included, also.
Okay....Now the juicy stuff. On 11/23/98 Arif Adam, CEO of Firamada, Inc. of 723 Westmount Unit 203, WEST HOLLYWOOD, Ca., 90069 has filed to sell 55,000 shares through First Dallas Securities, Inc. First of all, why wasn't a form 144 filed for this? Arif's other 5,000 share sell, a form 144 was filed. Second. I used to live in Brentwood, Ca., for a couple years. Brentwood is a couple towns over from West Hollywood. West Hollywood is a gay community in Los Angeles. If you're male and you reside in West Hollywood, well, come to your own conclusions.
Now I'm sure everyone has read the 1997 financials. As most of you are aware revenues actually DECREASED from 3.9 in 1996 to 1.3 in 1997. That's a WHOPPING 2/3rd DECREASE in revenues. What the hell was Arif doing? HE SURE WASN'T TENDING TO HIS BUSINESS, WAS HE? They lost 2/3rds of their business in one year. Something isn't right. But, then you go to Selling Expenses for 1997 and lo and behold, what have we got here?
Travel & Entertainment INCREASED by 49,650 from '96
Automobile Expense INCREASED by 54,740 from '96
Professinal Fees INCREASED by 39,973 from '96
Office Expenses INCREASED by 36,112 from '96
Miscellaneous Expense INCREASDED by 35,306 from '96
THE BIG ONE:
Consulting fees were 326,848.
That's an INCREASE of 542,629 in selling expenses when the company's revenues actually DECREASED by 66%. Either this is gross mismanagement and neglect by Arif, or this is total abuse by the man in charge. Who was Arif wining and dining? Who got those extra autos? Why did Misc. expenses increase, Arif? Who did you pay 300 grand for consulting? Was that Ira's loot? Why did Office and Professional fees increase Arif, when you lost 2/3rds of your business? Where were you when all this was taking place? "On vacation", as your receptionist politely put it. Well, it looks like you've been "on vacation" too long with shareholder's monies. I could care LESS what you do with your private life. However, from all appearances Firamada has been neglected under your regime for too long. Issuing shares and lying to investors is not a good business plan. Well, maybe for you it has been. But this will all end very shortly.
Call the New York office. Talk to any male employee there. Formulate your own impression. I have NO problem with alternative lifestyles. But if company funds have been funneled and abused for un-company activities, then I have a problem. Our day is coming very soon gang. |
