I couldn't help but be moved by this re-post from Chuckwalla. As I read through it, it becomes painfully clear just how little DD a gambler does here on the BB. And then sincerely believe that they are an investor. I have little doubt that Chuck is sincere, albeit without clue one.
I could not have asked for better material if I had written it myself… and no I didn't.
Let's see if we can answer Chucks comments from an investors perspective.
**** Great Post From R.B. Thread by Chuckwalla ****
By: Chuckwalla
Reply To: NoneThursday, 22 Apr 1999 at 11:20 PM EDT
Post # of 8071
The pen is mightier then the sword. No pun intended, oh that was bad. You have almost got to laugh to keep from crying. The thing that just makes you sick about all this is we have a legitimate company that has made unbelievable advances in a short time frame. Unlike so many other OTCBB companies, TSIG has a legitimate shot at becoming a powerhouse. Chuck is right-on with this one. TSIG I think has a very legitimate shot. Everybody bemoans the current share price and when we get our big chance to show thousands of other potential investors what we have here. The SI thread deteriorates to the point of utter chaos. Missed oppertunity, you bet your life. And guess who shot themselves in the foot? Actually the shareholders weren't shot in the foot, we've been raped and then shot in the wallet.., the shareholders themselves thats who.Wrong again Chuck, Mr. Gordon did it when he granted himself 54% of our company, up from his 17%, all the while managing to lose more than $25,000,000 on paltry revenues of less than $3,000,000over 2 years. Nothing complicated here if you'll mine the records. It's there in all it's gory detail for all to see. What I'm seeing over there almost looks like a conspiracy against TSIG. At the most oppertune time or inopertune time, Sword leads a charge to discredit the company Sorry Chuck, wrong again. You gotta read my stuff. I too am bullish on the Company, it's the jockey's losing record that continues to disturb me. TSIG cannot even satisfy the few shareholders that have become MusicCard customers. and what happens next? People who have been bullish on TSIG for months join the admitted liars brigade. This is too wierd to be a movie, its like Pulp FictionII or something. As for Mr Gordon, if I were him, I would be ticked. After all he has done to turn this nothing company into something big, What has he done Chuck? The one great thing that has happened is J Hwang. And that had to come from a shareholder and another shareholder brought in a major deal. The plan as we all so fervently call it was a disaster. It started in March '98 and in hindsight was in shambles as recent as December. The website was a joke, exclusively Mr. Gordon's decision actually cost the company a probably very capable ceo at that time. We'll never know now. Check the records. the (vocal minority)shareholders themselves turn on him and demand a resignation over his volentary disclosures on the 10K. Aw c'mon Chuck. Let's get it straight. If TSIG wants to go to the NASDAQ, the 10K is mandatory. Not only that, but 10K's are now being required of ALL BB OTC companies later this year. But to the point, if there was a 10K, then all those disclosures are also MANDATORY, not voluntary. In reality, as you pour through TSIG's 10K it's carefully worded, and some would suggest, so much so as to specifically hide these dealings. I have a few questions for you Chuck. Why did Robert Gordon NOT use his personal holdings of app 5,000,000 shares for collateral for the now infamous, so-called magnanimous loan? Why did he NOT use shares DIRECTLY from the corporation as collateral? Why did he first grant them to himself as cheap options at $0.15 and only THEN use them as collateral? After all he had just lost $25,000,000 in shareholder equity and certainly couldn't consider that he should be rewarded for that performance. Could he? and He didn't have to report jack to us, Yes he did. but instead he dropped his drawers and showed us everything we demanded Not quite what we demanded. He's in the process of mooning us. We, at least I did not ask for that. Maybe you did, but I have a feeling most of the other shareholders did not. and this is the treatment he gets? He is entitled to get rich off of his own company. Once again Chuck we finally agree. But, and a big BUT, not to be confused with any other butts previously mentioned, but ONLY if he performs. In addition, this is NOT his own company. The minute an entrepreneur goes to the public to raise money, you know, the dough you forked over for your investment in TSIG, it no longer is HIS Company. It's a PUBLIC company. He has what's called a fiduciary responsibility to act on behalf of the shareholders well being and can no longer call it his personal piggy bank. He cannot act as an individual and he cannot line his pockets with the public's' money by printing shares and selling them to you and me without performance without the threat of DIRE consequences. For the PRIVILEGE of taking money from the PUBLIC he has attendant RESPONSIBILITIES. Do you think you are entitled to get rich off of your 5,10,20,30,40 thousand-dollar investment? Mr Gordon has been upfront letting all TSIGers in on whats developing and so far everything he has relayed to us has been on the mark. Aw Chuck, where you been my friend? Mr. Gordon has been using so many of you to “be up front” as you say. Ask REW here at SI how up front Mr. Gordon was when he repeated Mr. Gordon's lie that that the PP was filed way back when? A very material and very misleading statement designed to imply the information was public and was reflected in the share price at the time. That was material lie. Ask Dr. Frankel how upfront Mr. Gordon was when he was the conduit to the world and jeopardized his personal integrity by repeating that the Private Placement was NOT Floorless? It has subsequently, many many months after the fact also proven to be a LIE. A most material lie. While in actual dollars $0.10 would appear to be trivial, however, as it operates in the language of the PP agreement, it would allow for immense dilution past the point of sanity and would have kept PUBLIC investors from buying shares very possibly being sold into the float by Mr. Gordon, I would like to publicly display my vote of confidence in Mr Gordon as our CEO, for without Mr Gordon there would be no TSIG, period. Now here's a real touchy point. There once was a company named Phoenix, but unlike it's name never rose from the dead but just died. But not before Mr. Gordon had extracted million of dollars from PUBLIC shareholders for his personal gain. Afetr they, those PUBLIC shareholders also displayed their vote of confidence. Phoenix also had a great plan. One so great that George Soros was enticed to particpate. But George was smarter and more powerful, so he got his bux back. Not like the small shareholders many who lie in ruin. Chuck, this is what it's all about. It's not the company that we have a problem with. The company has great potential. However, if Mr. Gordon would give the reins over to the one who has now rewritten the plan, J Hwang, you, me, we all of us have an outstanding chance to be riding a winner. If not, there is little reason to believe that history will not repeat itself and we'll end up with a great plan that never was. Go ask some of the Phoenix investors about how great was the plan that they invested into? This man has put together a top notch management team, This is the umpteenth team, check the records. Been said too many times about too many good people. They're all gone except the latest and greatest. put together deals that could add up to a billion dollars when fully ramped up, all this within 6 short months Not so. This has been going on for years. and people want him to step down for being greedy and rewarding himself. You bet we do. For the good of the company. Actually not step down, let him be Chairman, but turn over the running of the business to the people with the plan, and ones more capable of executing the plan. J Hwang or J Guild. Talk about greed, this is all over a few pennies. If the stock would have jumped to 50 cents today, people would be patting themselves on the back and shouting viva Las Vegas. I'm not talking about everyone, but what a bunch of dumb shi+s. warding himself.
In closing Chuck, please understand that no one wishes any harm to the company nor to Mr. Gordon. We just want the shares/options returned to the treasury, and someone that has the ability to run the company to be in charge. Doesn't make Mr. Gordon a bad person, greedy yes, but he got caught, that's all. With 17% of a successful company Mr. Gordon has a far better opportunity to be a very wealthy man than he ever will be by staying in charge with 54%.
Additionally, too many more good people out there that TSIG will need to bring on board and they will need shares as an incentive. When Mr. Gordon retires those shares/option's to the corporate treasury TSIG will be in a much better position to attract that talent.
Don't get disgusted, don't sell your shares, have someone PM me and join the group and be part of the solution. You'll certainly be welcome. Look at the credentials of the target firms and make your questions count.
AKIN GUMP STRAUSS HAUER & FELD....www.akingump.com
BAKER & MCKENZIE....................www.bakerinfo.com
SKADDEN ARPS..........................www.sasmf.com
MILBANK TWEED........................www.milbank.com
WHITE & CASE..........................www.whitecase.com
MILLBERG WEISS......................www.milberg.com
Sword.Com.
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