-- reported $21 million loss in q3
--raised $74 million in stock offering in Nov 2011
--owe $30 million loan and they're paying 11% interest only for 2012 ($10 million per quarter in interest) for 2012 then principal payments start
--Stock is barely at $4
-- Scott Byrd's SALARY is over 3 million per year
--Sales aren't increasing at pace to support expenses
--Reps all looking--even good ones--to leave
i have a feeling there are going to be a few people let go by the sales meeting.
i have a feeling there are going to be a few people let go by the sales meeting.
The only problem is there won't be a severance of any kind. Let's not forget that they have slated March as the tell all timeframe of whether things will continue or not. This has been conveyed to all the managers. The sales numbers still are not good and now we are weeks away from March. This situation is not a good one to be in. Everyone has to remember that the sales reps will never be told anything till that final day. When the end of the company comes, the reps will be asked to get on a conference call for later that day.
The only problem is there won't be a severance of any kind. Let's not forget that they have slated March as the tell all timeframe of whether things will continue or not. This has been conveyed to all the managers. The sales numbers still are not good and now we are weeks away from March. This situation is not a good one to be in. Everyone has to remember that the sales reps will never be told anything till that final day. When the end of the company comes, the reps will be asked to get on a conference call for later that day.
