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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: Marconi who wrote (3409)	9/3/1999 1:09:00 AM
From: Larry Brubaker	Read Replies (1) \| Respond to of 10293

<<How can an executive take more than $200,000 a year out of WEBB that has less than $1 million in revenues.>> I've seen worse. The VLNC CEO pulled in $250K last year on $0 revenues. This same individual sold over $30 million worth of VLNC stock between 1992 and 1994 at prices ranging as high as the $20s. The price reached such a lofty height because VLNC claimed they had a $100 million contract with MOT (under which they never sold a dime). These stock sales by the CEO only ended within about 2 months of VLNC's announcement that they could not fulfill the contract with MOT, which drove the price down to $2. Then the CEO left for "health reasons." He rejoined VLNC 18 months ago. After being rehired, VLNC gave him a boatload of new shares in return for a non-recourse promissory note that does not require payment for the shares until 2002, I believe.