If you re-read my post you'll see I never mentioned the actual figure for his salary. All I offered was that he is using his salary to provide the loan.
He's most likely got other means of funding the loan too but at the end of the day, on top of his $144k salary, he'll receive another $210k over 12mths at the exhorbitant 20% interest rate which appears to be the maximum for an unsecured business loan here.
They might have got a secured loan at half that rate, but the problem is - what have they got to secure it against ? Imo, the management know well they haven't got anything tangible to secure any size loan against so instead of the banks laughing them out the door, they decided to take advantage of (their words) "particularly considering current market and economic conditions"
Finally, imo, this is a display of total disrespect for shareholders whilst the company is already pretty much on it's knees.
They already took advantage of that US Family fund a couple years ago (dyor) for a few million - looks like avenues such as that have also dried up over there.
ZLD Price at posting:
33.0¢ Sentiment: Hold Disclosure: Held
