Ken, take the trash out. Your team is ruining the company with these posts. Figure out who's going to build the business and flush the rest.
"We lost an employee but gained a disciple."
This is a remark from Ken's former colleague at Know Error. We had a chance to evaluate KE and expressed concern about Medicare's increasing scrutiny of lab billings and the consequences of Medicare decisions to deny claims on the company's revenue. The principals assured us that at least for the later investors and themselves, folks would come out whole and suggested we read an end game strategy document they referred to as "Bupkis fur Goyem."
It basically outlined a two prong strategy: sell the company or liquidate. There is not a third alternative.
(a) fire everyone possible, including high productive/high compensated sales
(b) rehire a much smaller workforce with a lower salary expense
(c) stiff vendors, for those that are critical to daily operations, 2x or 3x payables
(d) sign as many distribution agreements as possible. These may not have any merit in terms of revenue, but are designed to appeal to MBA types analyzing the company for purchase-see how many distribution channels we have! MyPap probably falls in this category.
(e) rewrite warranty assurances to reduce forward obligations-this one has subtle legal ramifications
(f) issue fresh stock with special dividend features for the last in first out.
That is just a sampling of a cunning and ultimately destructive document.
If you are an employee, early investor, vendor, good luck and god speed if the disciple has decided to remember his lessons. Only a few have a happy ending.