Well, one of them doubled his salary to $155K with the bonus added in. That
came out in the deposition. Ruin my equity but double his own pay. Now he
has zero pay.
-----Original Message-----
From: Robert
Sent: Thursday, June 14, 2018 4:13 PM
To: [email protected]
Subject: Re: [AFMUG] this list
Hmm this is a response and a list test... You wonder where all that
$$ from the loans went to... I'd take even money that some of it lined
a few pockets through boosted salaries and such... yeah they probably
screwed themselves all the way to the bank..
On 6/14/18 8:26 AM, Seth Mattinen wrote:
On 6/14/18 7:58 AM, [email protected] wrote:
Well, they were in fear that I would end up running it again (I was in
legal control for the past couple of years but it was impractical to
actually take over, I just wanted the lawsuit to end). During discovery
we found that the highest point of owner equity occurred at the point
where they threw me out. And now they are upside down.
They acquired tons of debt. A friend of mine was told their strategy was
to drive the boat up onto the rocks so that if I came back I would have a
company with negative equity. In short, anything that is financially
detrimental to Chuck McCown was the strategy.
They had good growth and have plenty of revenue. But now they have tons
of debt service and a poor chance of getting commercial financing.
Beehive Telephone also sued Beehive Broadband for failure to pay on
intracompany notes (yep sued themselves) and then continued to loan more
money to Beehive Broadband, all parties committed lender liability fraud.
That's hilarious. They thought they where going to fuck you over, but
instead dug themselves in a hole that's exclusively theirs.
--
AF mailing list
[email protected]
http://af.afmug.com/mailman/listinfo/af_af.afmug.com
--
AF mailing list
[email protected]
http://af.afmug.com/mailman/listinfo/af_af.afmug.com
