Stocko has been giving us warnings on ATC - looks as though he...

Stocko has been giving us warnings on ATC - looks as though he was on the mark.
CONCERNS MOUNT ABOUT SMALL-CAP TELCO'S PAYMENTS TO DIRECTORS

Shareholders in Advantage Telecommunications Ltd (ATC) have expressed concern after the small-cap telco revealed it had paid $2.8 million in director's fees over the past 18 months.
The company's latest cashflow statement, lodged with the Australian Stock Exchange last week, showed that $384,673 had been paid to directors and related parties in the three months to March 31.The payments reduced ATC's reserved to just $383,835 as it tries
to raise $1.9 million in new funds.
A total of $507,527 was paid to directors and associates of directors in the three months to December 31 2002.The company only has four directors.
A report in today's Australian Financial Review reported sources close to ATC had said that some of the money was paid to chairman and secretary John Palermo.
Palermo is also the company's landlord and accountant. He was not available for comment this morning and did not return telephone calls.