"Futuremedia Announces Changes in Board of Directors"
What a joke!
Half the board is running for the emergency exit.
And of course nobody is prepared to replace them.
In the army this is called desertion, treason. And you can be executed for this. But FMDA is no army, but just a gangster-company. So they will probably come away with a couple of years in Brighton Nick.
Dickie....I believe you are the last of the old guys....wonder what happened to the rangler, light the way, chris and the rest? I look at the board on occasion. It is hard for me to believe how this stock has fared. It was my biggest money maker from 03 though 05 then the shit hit the fan....you called it right from the begginning. Pre-Fertig management set this one up for this. I believe he came on board and thought he could do something but too much was against him and then with the govt. pulling the plug on the HCI that pretty much did it all in......Kevin Brunt
You said it all - except FMDA was largely responsible for HCI being scrapped by turning it from a program to help poor families get PCs into an executive incentive scheme, milking the tax break of $$$$m never intended for this purpose - so they effectively destroyed 95% of their business through sheer greed.
Without HCI, FMDA would have gone down years ago, after the previous management destroyed the creative team that built the company in the first place.
FMDA is just another .COM, get-rich-quick disaster that is going to the wall.
At this point it only wroths a price of a paper (o.0106 before the split), I think only the board knows what's going on as they know very well is not that easy for them to get out, after the split and issuing of new shars. To sell to buy is up to one's wisdom.
dickie brazenly announced on May 10 that FMDA would be bankrupt NEXT week. As usual,he was wrong. Just thought the rest of you needed to be reminded what a dud this frustrated dude is. It is now May 29. What next great guru? Anymore predictions? You made a bad investment. Take responsibility and quit whining like a little girl.
I was taken in a couple years ago when the price was about 50X what is is today.. trading just over a buck then.. on way down, just like over a buck today...
Of course stock has seen a very negative for all of us reverse split of 50:1 recently.
What really concerned me the most was the news company was getting debt to certain entities paid off or certain convertible notes converted, and then to see it never took place.. and company blew through yet another 6 Million.
The deals that some companies appear to get to finance FMDAY leave ALL of the risk with the shareholder and none with the financiers.
Maas VD is right this is wrong and something is crooked going on here.. just my opinion, but the world would probably be a better place with no FMDazed.
There just may be some truth to what you have posted these past few years.
While I cannot say it is quite as bad as you sometimes speculate, there are problems and it was just not a good fit for me personally.
Colin T (wifes maiden name is Panetta)
NASDAQ filing today:
BRIGHTON, England, May 10 /PRNewswire-FirstCall/ -- Futuremedia plc (NasdaqCM: FMDA), a leading learning and brand communications provider, today announced changes in the composition of the Board of Directors. Messrs. Michael Pilsworth, John Schwallie, and Colin Turner have resigned as Directors of the Company.
On a point of general interest regarding the liabilities of any company directors even after they resign from a company:
Resignations do not protect individuals from their actions when they were directors - resigning does not absolve offenders (if a case to answer is established) from prosecution and punishment if found guilty regarding actions taken when they were in office - neither does it absolve CFOs etc from their actions even if they have left the company, or from civil liability to class actions by shareholders.
In the UK, the Department of Trade & Industry could disbar any director of a company from ever being a company director again in the whole EU, if gthey were felt to be an "unsuitable person" to hold this office, even without charges and convictions. Do hyou think the FMDA directors are "fit persons" to be company directors ever again?
So we await developments.
Another interesting quotation:
SEC Commissioner Roel C. Campos last year said:
"From the perspective of the SEC, let me say again � participating in, overlooking, or ignoring red flags indicating possible fraudulent accounting is not a business decision. The situations where directors have to be worried about an SEC action against them are where they act very unreasonably and in bad faith. Where you see SEC actions against directors is where information regarding possible improper accounting practices or possible improper recognition of revenue is actually brought to the attention of a directors and a reasonable director, acting in good faith, would investigate. If the directors do not conduct an independent investigation, they are not acting reasonably or in good faith and should not be protected by the business judgment rule. It is that simple and it is not a different analysis after Sarbanes-Oxley."
I didn't see any evidence of an "independent investigation" @ FMDA, or did I miss something? I would consider that there were a number of "issues" FMDA directors should have questioned and should have asked for independent opinion.
They appear not to have done -or haven;t seen fit to tell us about it.
If ever there was a case to consider a class action regarding FMDA, now is the time.