fwiw...certainly we have hit a new low in morale today...time will tell now,,found this,,who knows...if frank turns over half his shares to more qualified professionals we will see,,but then the dreaded rs would most likely take place...
Posted by: ltesprit
In reply to: None Date:2/8/2006 5:46:09 PM
Post #of 219446
I spoke with Richard Brown today. He's still with Q; has been talking quite a bit this past week, particularly with shareholders and management.
He said he has a lot at stake (been paid in shares; didn't know that. Hasn't sold any, he says) and is still pushing hard for changes and transparency. Says that as far as he knows the Feb 13 deadline is still good. Could not confirm that Q has permanent replacement financing in place.
I told him that a good private equity group would be happy to fund Q in exchange for 50% of Olsen's shares, voting control, and putting in their own President and CFO. Richard could not confirm that they were in such discussions, but did confirm that such ideas have been broached to Olsen & Co by 'finance groups'. Frank & Co are just having trouble agreeing to such conditions. No doubt, it's a control and shares issue for Frank & Co: they don't want to let go control, nor give up shares. Foolish and destructive. 50% of nothing is nothing. And this venture is nothing with Olsen in control.
Richard expressed concerns about the current group of financiers; implied that they weren't real financial types. Perhaps too lax. One of them apparently has 'dropped out,' no explanation from Rich. Is any needed?
Frank & Co have put in about $12 million of their own money; are having a hard time letting go. Again, they can't grasp the concept that 50% of nothing is nothing but 20% of something is something.
Richard said Carol Hinnant saw the audit. She is a pistol. I am sure she's got Olsen's number because she's the one who delivered the carriage and the only one who has any credibility in the industry. I suspect she's starting to throw some weight around. She called up Richard and asked him to explain some numbers. That's disconcerting, actually, b/c Richard is NOT a finance guy.
BTQ, Richard still believes the reason the audit hasn't been released is because Olsen disagrees with the asset valuations. I think that's only the tip of the iceburg. He gives Olsen too much credit. |
