To: T-Lo Greens who wrote (3153 ) 11/27/1997 12:11:00 AM From: strtrset Read Replies (4) | Respond to
Tony-I'm glad you are concerned for your friends welfare but since when would a creditor try and force bankruptcy?? Happy Thanksgiving to the loyal shareholders who read and post on this thread..A few facts to study while celebrating and of course the normal negative responses to follow. Jim Palermo 2 1/2 yrs ago inherted a company from a few shady people. The company had a negative balance,payables of $2M,great material but no products. Staff were all R&D related with no expertise in mass producing a product and selling it for profit. R&D requires cash of which they had plenty. Jim made the transition from R&D to products i.e. golf shafts, lacross sticks,hockey sticks,bicycle handle bars,bicycle wheel components and non-commercial applications for Quadrax's thermoplastic tape and laminates. With regards to cash or financing. If Jim became CEO of this company without the past record of Quadrax and tried to get regular financing. It would not have been much of a problem. Investors,banks etc. look at product line,potential,market,balance sheet,income and management. They focus much of their attention to the company's history. With the previous managers history, you would be hard pressed to get someone to invest in this company. Jim has obtained regular financing to some degree but not enough to support the high cash burn rate of this business. On one hand you have OEM's who are skeptical about signing a large contract. They are worried about production capabilities and whether this company will survive. The financier on the other hand would like to see a contract or two before lending money. Seems like a no win situation. Guess where you go for financing-RegS/D. Jim has over 700K shares of which most were bought at $0.75-dilution affects him as it does all of us shareholders. I and my family and friends have cut Jim no slack about this dilution-his desk must be full of my comments.With regard to the dismissal or firing of VPs. In each case there was a good reason. Dave Evans was fired because he liked taking naps on company time. Mike Dorf,his friend,was asked to do the firing. He said if he goes I go. Guess what happened. Now we hear the sour grape, song and dance routine. Dave Evans or one of the past posters said that he,Dave sold a large contract for pultruded sticks. Ask what the net income to Quadrax was for this one time deal. If these are the deals you want for this company or any other company then follow this clown to his next job and see how rich you become. Just brought up WSNt and they put a buy signal on QDRX. Don't ask me why or how they calculate-the stock was a hold for past week or so. Short sellers have got their rewards. It will be nice when we can share.
