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Wilhelmina International, Inc. Message Board

  • kurtass6967 kurtass6967 Mar 31, 2010 10:47 AM Flag

    Layman's terms please

    what does yesterday's PR mean? Thanks in advance...

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    • It means that the dallas people have given it another month to try and work things out with brad/deiter before enacting the rights agreement.
      If enacted, the rights agreement would allow everyone else except for brad/deiter to receive or purchase shares, which effectively dilutes their percentage of ownership in the company.

      This is a separate issue from the initial consultation with the judge on the lawsuit which will happen friday morning. According to the purchase agreement, the amount of shares that brad/deiter were to receive should have been adjusted according to 08 revenue. The revenue was not as expected, so shares should be taken back.
      Brad/Deiter object to this on the basis that they were allegedly notified late.
      Their position is that the 08 revenue doesn't matter and they deserve the shares anyhow.

      The bickering between these three is the reason the company hasn't moved forward and has continued to be in the toilet. I don't think any of them should be running it, or have the intestest of the company or shareholders in mind ( other than themselves )

      • 1 Reply to ulusaba
      • miketraynor@rocketmail.com miketraynor Mar 31, 2010 3:18 PM Flag

        You are right.

        The earn out that Brad/Dieter negotiated presumed that the new managers would try to grow the business. By not growing the business, the earnings were not high enough to warrant the earned shares (they were not earned--I didn't say that well.)

        The Dallas boys just want to be around hot girls and should realize that it is cheaper to hire hookers than to try to shag models and buy the business.

        Dieter can make this company work and grow.

        Brad, not so sure.

        Sean Patterson is the guy who should be running things.

 
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