In discussing efforts to reduce the Company's costs and streamline operations, Mr. Bouchard indicated that, the Company planned to reduce its headcount by five Company employees in the Sherman Oaks headquarters. He also noted that the Company did not presently intend to renew its sublease in April 2014 for its corporate headquarters space in Sherman Oaks, as he viewed such space as larger and more elaborate than the Company's present needs. Instead, the Company will look for smaller space appropriate to its present size. Regarding the Company's debt, Mr. Bouchard indicated that the Company planned to explore refinancing, repurchasing or otherwise eliminating the Company's outstanding notes payable, due December 2016, bearing interest at 9.0% per annum, especially in light of the current credit markets and the Company's present cash position."
See the difference when you play with your own money rather than with somebody else's money?
Why is everyone fixated on Bouchard buying 400k worth or shares and anointing this new group as having "skin in the game" vs other prior guys who had much more invested ownership? What am I missing here? No doubt the granted themselves share s etc as did some BOD etc but I recall a number of them had considerable personal investment also unless I am wrong. I like where Bouchard indicates he wants to go and the fact their not fighting a proxy fight is very positive. Raj and his plans clearly resonated with big shareholders which is what forced the revamping of the BOD and change to Bouchard. Would you not agree?
can you imagine this new board and CEO authorizing the purchase of a no name, fly by night, no history of profitability make-up company for several million cash? Me either. It's the difference of what you do with your own money compared to what you do when you're using other people's money. Or maybe it's just the difference between competence and incompetence.
And it was the strangest thing. Old CEO and VP were literally set for life. For life! Million dollar a year compensation packages, stock, options, perks and all they had to do was wake up in the morning and invest SGGH cash conservatively and wisely. And they just couldn't do it. They fought with their major shareholders. They fought amongst themselves. And we put up with them for 3 years while they blew through millions of shareholder money. Took us all the way down to twenty-six cents with a no confidence vote from the market.
Can anyone tell I'm still not over the fact that we're not at $2 and surging?