The herculean efforts are in designing the different cards, the promotional materials and obtaining the contracts with the 100' of charities.
As for insider selling or intending to sell 2.2 MM shares during last calendar years, yes rule 144 requires notification of intention to sell within three months of filling, yes it is possible that these were only intentions. It is quite possible that this management knows only how to verbalize intentions, after all, last June they "intended" to get into this Music Card business, but 9 months later these are still just that, intentions. So it is possible that the intentions to sell shares like the intentions to get into those businesses were just that, intentions, and thus absolutely no insiders sales have occurred.
(oh, if you believe that, I have a bridge in Brooklyn for sale...)
As for the paycheck Mr Gordon got last year and is getting this year, yes apparently he got only 178,000 last year and he did such a fabulous job (sales decreased by a factor of two losses where $12 MM or so), that the board thought it advisable to double his pay, after all he does have good intentions, including intentions of selling a bunch of share, that he is not going to deliver on. Oh a 5,000,000 share bonus (the stock was at $.25 according to the document) or $1.25 MM should be ample compensation for stellar performance.
By the way does any one knows out of the total 47.5 MM options (for a company that had only 30 MM share, these people have no shame) how much were granted to Gordon? The new guy hired in Florida (according to on of the 8-k) got only 600,000 options, who got all the rest?
Enjoy yourself being pickpocketed and completely legally, but in my opinion, completely immorally. I am floored that I do not hear an outcry from the longs on being robbed of their equity in this company. All that for one of the worst performances on record. The stench is simply unbearable, and I humbly withdraw to some more enlightened spaces.
Zeev |
