This sort of stuff is exactly what I'm talking about. From...

This sort of stuff is exactly what I'm talking about. From Sigalla's resignation notice dated 2/6/09:

'Mr. Casey has agreed to a remuneration package of USD 120,000 for the first year of appointment. In addition the Company has agreed to issue Mr. Casey or his associated entity 3 million options to subscribe for 3 million fully paid ordinary shares at an exercise price of AUD1.00 at any time up to the expiry date being 3 years from the date of issue. The Board has not put any other conditions on the
options on the basis that the the exercise of such options in the near future may provide much needed working capital for business expansion.'

Now all of a sudden, the guys who have saved the company are being told that $2 avg strike price for their options is too cheap. It then goes on to state:

'After implementing the much needed management changes and cost cuts in the Company, Mr. Sigalla has decided to step down as Chairman and resign as a director of the Company and all its subsidiaries effective 2 June 2009.'

One day after the default notice I might add. It goes on:

'The Credit Suisse postponement of the NASDAQ listing also meant that the Company had to pursue a new business model that relied upon short-term revenue opportunities which Mr. Sigalla has now implemented. Since Mr. Sigalla's full-time
move to Chicago he has dramatically reduced the Company's expenditures and overhead, from a previous approximate USD $1.5m per month cash burn rate, to a USD $500k per month cash burn rate.

Did he reduced the burn rate by not paying bills perhaps, or maybe by just mis-stating the accounts? There's more:

'Mr. Sigalla has now reluctantly decided to step aside in the best interests of the Company and its shareholders'

Well at least they got something right. It concludes with:

'The Company regrets losing its founding shareholder.'

Can you believe any of this!! What a load of absolute rubbish. Tz was insolvent at the time of his resignation, and he negoatiated himeself a payout. If that's not ripping off the company then what is Brucethetoss???