Update from the 10-K released today:
On February 24, 2012, the employment of Sean Patterson as President of Wilhelmina International was terminated for cause. Wilhelmina International is the principal operating subsidiary of the Company. Over the course of several weeks following the departure of Sean Patterson, five agents resigned from the Company to pursue other interests. As of March 29, 2012, the Company has hired four new agents to replace all of these positions. As of March 29, 2012, the termination of Sean Patterson has not had a material impact on the results of operations or financial position of the Company and, based on current trends in the business, the Company does not expect such termination to have a material impact in the future.
The Company is engaged in search activities for a new president/chief operating officer for Wilhelmina International. In the interim, the roles and responsibilities of Sean Patterson have been assumed by four senior agents along with the chief financial officer, general counsel and chief executive officer of the Company.
Subsequent to December 31, 2011, an option grant for 2,000,000 shares previously awarded to Sean Patterson terminated, as provided for in the option agreement, as a result of the termination of employment of Mr. Patterson.
What does gaming in Vegas have to do with him quitting or getting fired? Do you know what the cause for termination was? or the reason for his resignation? some of the articles said "they were not seeing eye to eye on how to run the co" what was their disagreement?
Thats the kind of questions I would like answered!
This is all I could find, not much.
-Says they couldn't see eye to eye on how to run the company.
-It says a few bookers walked Friday
-Sean says he owns many shares
I doubt it was Sean or Brad selling yesterday. I don't think either one would want to sell their shares at 13 cents, but who knows.
I believe the name is Krassner, not Kessler.
In the past he was a buyer at the 13 cent level, so it would represent a major change in thought if he was the seller.
I had put in a bid to buy....didn't get the shares.
I can't imagine that Sean was worth 30% of the company's value. And if it is with cause, maybe he violated his contract and WHLM will be suing him.
If he was terminated for cause they probably have him dead to rights. He isn't going to sue. They can get a good replacement no problem. I'm not worried. Look for more info in the 10k when it comes out in March and the proxy after that. He would be pretty stupid to dump 1m shares on the market. I still think it is Kessler
Could the stock price be down almost 30% because of that "ouch"?
Or could it be just an over-reaction with his dismissal actually turning into a real positive for the company?
I have a feeling who ever pays 13 cents today will see a nice double digit return tomorrow.