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Non-Tech : Starnet (SNMM)Online gaming, sexsites, lottery, Sportsbook
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To: Walter Morton who wrote (1204)12/19/1998 5:24:00 AM
From: M_Power  Read Replies (3) of 8858
 
Good post. My only take on the whole thing is that they've never had a lot of cash.

You say the insiders don't have much of the O/S.

This suggests that going public was necessary to raise the cash to step into gaming, and that they gave away a relatively large chunk of SNMM paper for those original financings.

A ton of staff was then brought on and the payroll was spread thin...observe that CEO Dohlen's fiscal 1998 salary was a paltry $57,000.

So Starnet insiders, employees, financiers and consultants are probably getting more paper than cash these days...and at 22.5 million shares out, SNMM found an appropriate yet big-n-sloppy shell...

Thoughts?

///M
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