Possible uses for the $3.4 million from KD:
Increased bonuses for Joe and clan.
Money to help Joe and pals do a hostile takeover of RFI. (and with KD one of the 'insiders', they have his vote).
Dividends to shareholders.
'General corporate purposes', open to ones interpretation.
Or, the grand-daddy of them all, TO BUY BACK SHARES AT A HIGHER PRICE then what they were sold to KD for. Gee, thanks Joe.
If RFI did not need the money, why not let KD buy shares on the open market, like everyone else?
Again, gee thanks Joe.
Oh, and I am a whiner for caring about shareholder value.
"You don't say "no" to Kevin Douglas."
Sure you do. If RFI is close to being profitable, then as far as ordinary shareholders are concerned KD has brought nothing to the 'table'.
Institutions and other big investors will buy in whether or not KD is involved.
Buy a company that turns a profit. Keep the current management of that company.
Ditch Saxe, Harary, Van Voorhees, and La Pointe. Hire a competent marketing manager and
a patent portfolio manager at less than a quarter what the current clowns are taking home.
Between Douglas and Goldman Capital there should be enough control to pull this off.
If not, what exactly is being hidden from the bulk of shareholders?
"Buy a company that turns a profit".
Actually, I suggested that several years ago when they did a PIPE and again when KD showed up.
If they were to buy a collection of profitable private companies (probably from friends of the family) they could start showing real revenues, lower losses, more book value, and still offer the promise of "SOME DAY"
All the real work could be done by others, so current management wouldn't have reason to come into the office any more than a couple of days a week, like they do now. (an old story stock from Woodbury, CCSI, did this years ago)
Maybe the plan is to finally be so inept, so incompetent, so worthless as a management team that Douglas, Goldman Capital and Daigle (and the others that find themselves balls deep with no way out), offer Joe, Bob, Seth and the rest of the family a "Golden Parachute" to leave and put competent marketing, sales, technical and financial managers in place....to only find out that the SPD product doesn't perform in a way that the market place is willing to pay.