The below statement is very hard to justify. I just need to ask myself - What actions has Mike Pivac taken in the past to maximize shareholder value? The answer is Zero, Absolutely NOTHING has been achieved by Mike. In fact, quite the opposite - He has diluted the buggery out of the current share holders. He has achieved 35 Million dollars from Sophs who paid 19 Cents per share, to then watch it go down to 1 Cent.
These are free options for Mike - Absolutely NO RISK which makes this move being labelled an "Incentive" a zero sum game. If it all goes to Sh*$T, he can walk away knowing that the quote "Loan" was just a buzz word for him to get free options.
I'm sure if he went to the bank and proposed for this type of "loan" , He would be laughed at.!!!!!!!
This would all be less laughable if Mike would actually do what he is paid very well to do - Sign a deal to fund the business...
FBR Price at posting:
5.0¢ Sentiment: None Disclosure: Held
