Re-Finance or cut managements pay 50% to help defray the interest costs, on this sweetheart deal, of toxic financing. Don't want to take the 50% cut, REFINANCE THE DEBT and GROW a PROFITABLE COMPANY. There are plenty of legal firms who could easily make the case against managements Breach of Duty.
Managements was plural, not singular. We aren't just talking about FIDUCIARY DUTIES as they relate to one person. The entire board and management are legally responsible here.
NO, I'M NOT, but I have some bad news for U. Really Stupid sounds like U. Instead of a positive helpful conversation, the first thing U do is aggressively antagonize, by engaging in Really Stupid Name Calling. We're all aware that sales are progressing and that aspect is on track. However, there is significant bleeding, that needs to be addressed. The bleeding is a big drag on company growth, stock price and the stockholders. Good management focuses on ALL aspects for productive results. Never mind a reply, it isn't necessary.
Managements salaries need to be cut; they are way too high. Cut the salaries and replace the difference in company stock, if and when the stock rises. That way, managements financial fate is tied to their performance. FIDUCIARY DUTY requires management to take steps to stop the financial bleeding. Failure to do so, may weigh heavily on management.
To stop the financial bleeding at Abraxis Petroleum, the CEO Robt Watson, CUT HIS SALARY 20%. He took steps and measures regarding his fiduciary duty. The time for IMSC to CUT SALARIES is NOW. The salaries can be affordably re-established after REFINANCING; if and when they are fair and reasonable. Bleeding your own company is a BREACH OF FINANCIAL DUTY. The time to IMPROVE IS NOW.
Hefty reductions in pay are way overdue for this company. No reason for officers and directors to continue bleeding this company, in this environment. Cut the pay and shore up the company resources.
Pledge receivables as collateral to secure much, much lower financing. Pay off Death Spiral Financing. When stock appreciates, sell some to enhance the balance sheet and operations. Military installations world wide, Navy Ships, Cargo ships, Cruise Ships, Hotels, Embassies etc., all need Non-Radioactive Detectors.
With Secured Multiple Government Contracts in hand, and more on the way, it is precisely what financiers are looking for: Secured Repayment. Financiers should be beating a path to their door to make a Secured Business Loan, backed by Multiple Contracts. This is what Prudent Management does; it corrects intolerable financial conditions. Don't they?
Re-Fi 75 Million for a much better rate, with GE, or anybody, if rate is proper. 1. Pay off high interest lenders and temporarily lower new interest payments. 2. A No Brainer that Stops dilution and enhances Managements financial abilities. 3. On completion of 1 & 2, Stock Price should rise dramatically, when the price rises, sell enough company shares to pay off the Re-Fi loan and become debt free. Can the Board, the Directors and the Officers execute their Fiduciary (Loyalty & Care) Duties, like a prudent person or will they suffer personal financial exposure?