Re: Semper Fi
in response to
by
posted on
May 26, 2012 10:28AM
(Edit this Message from the "Fast Facts" Section)
...the response was they hadn't been paid in 3 years...
And this is an excuse to double and triple their salaries? The big reason they haven't been paid is that SFMI hasn't generated the cash to do it- something that could have happened two years ago if the mill had been operating efficiently. And that's a reason to triple the mill manager's salary? All of these people knew (or should have known) that they were signing up for an operation that would need to put all the cash it generated or raised back in to the operation until they could generate significant revenue from either the waste ore or fresh ore, or engineer a buyout after drilling results confirmed the resources. They haven't done any of these things yet, but they still want to be paid as if they did? And by the way, they are still not getting "paid" with cash they can spend, they are being compensated in shares that they would have trouble selling without completely depressing the price. So in fact they still have to wait to get paid, a wait that is longer because they haven't performed. But in the meantime they are loading up on shares at the expense of diluting ours.
As I said before, I still have confidence that SFMI will be successful, but this loading up by the Qs (especially C and D and PT) stinks.