To: John S. Baker who wrote (5992 ) 5/21/1999 1:13:00 PM From: gary g Read Replies (2) | Respond to
I suggest you check the record you pious clown,I am the one that brought forward the suggestion that we add to the board with someone from outside the company, at the time I suggested a banker.I also suggested a line of credit along with a few other topics that the president brought up in his telephone conference. Now let me go through my notes, Unlike yours mine was taken with the experience of 25 years of running companies both public and private.the quotes will not be verbatim but they will give the general thought." he did not know who are the biggest stockholders,for they are in street name"my answer, 30 million shares in street name?,yes under current regulations all the outstanding stock could be in Street named but not likely in my opinion. I suggested a line of credit,"DONS-comments were that whoever suggested it must be a banker, and that other bankers have come to him, and that they were like umbrellas, not their when we needed them.".".then he turns around and says that the company is leasing substantial amounts of equipment at a annual cost of 17 to 18 percent"... My God what does he think a line credit will cost?it sure will not be 18 percent.I also get a kick out of some of you talking about the corporate debt being so low, you have no idea what or where the corporate debt is!when those of you that talk about 100,000 dollars of debt, you have not taken into consideration any leasing obligations that exist on real property or personal property, Nor do you know if the leases our open-end or closed- end,consequently you do not know the current debt or the long-term debt of the Company.. And Mr. Baker I suggest you go back and listen to dons responses, to the questions concerning the adding of new business along with the question of the number of accounts that were involved in the buyback.dons first answer was"that 99 percent of the stock buyback were in the Company account, the only reason the other account the one with the Australian owner even existed was to offset any possible investment gains."Well if some of you remember, Im the person that first uncovered this fiasco, and what originally brought it to my attention was a friend of mine called me and told me that Roger from TSIS had called him to sell stock directly from the company from a large offshore owner who is trying to sell some of his stock.My friend purchased said stock without having to pay commission.by the way as I reported a couple weeks ago Roger, is now doing the same thing for another company and again called the same friend trying to sell him stocked in Rogers new company.so I am quite sure that 99 percent of the buyback was not done in the company account,and in my opinion the president of the Company not knowing that this fiasco was taken place is a bunch of Bull, who in a hell was the transfer agent and who was exercising the new stock certificates?????..if memory serves, Don later changes his answer , when Gregory asked about the line credit from the brokerage firm. I would also like to know what type of line of credit this brokerage firm gave to TSIS???or are we talking a margin account, and if we are talking a margin account, what was the margin and who in the company signing the check for the margin account. Don went on to state that he had sold some of his stock to a private placement then put the money into the company. Will if it was his stock he sold to an individual or group then took the proceeds and lent it to the company there should be a Accounts Payable from the company to Don for Don to recapture his money, this would also be true with any other funds that he has placed in the company. If he has chosen to transfer his net worth from one pocket to the other, so be it but I would suggest that he not make it sound like he has liquidated assets without the possibility of recovering same, and if he did he isn't much of a businessman.(18 percent lease)..and there had to be a point when this company went public that Don was paid a great deal of money, and I do not be grudge him one dime for a have been there and did that and I know the work that it takes. I could go on and show a number of other inconsistencies, but it would not do any of us any good.Anytime anyone ask you to put your questions in writing and submit them to be answered at a later date I suggest that you write the lease number of questions that you can for what the outcome will be is what we all just experienced on this conference call. The questions asked by J. J. were an insult to anyone with an IQ above 90, they were not only old beat up news they were poorly asked and poorly answered. For Don to suggest that most of his customers do not even know that TSIS is a publicly held company is a joke in my opinion and an insult to his customers. And to suggest that this forum is a good one and should be repeated quarterly is also in my opinion a insult, if this company wants to provide a forum for us shareholders to ask questions then I suggested it do so by allowing more than four questions to be asked directly, and to restrict the answers to the questions asked. Of the four questions that were asked to0 of which were asked by John Baker, I was most intrigued by his second question,"what can we do to help". John I can answer that for you, you can believe what you are told then continue to spread the gospel.Well now that that has been said I can only take four questions because I have a meeting, seems to me that was the same thing said in the last conference call.charades,charades..sunny and 91 degrees in South Florida.
