Re: so lets get some posts up here...lots to discuss and digest.
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by
posted on
Oct 01, 2013 01:45PM
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BOUTS, as you said there's not much to discuss until we get more information, especially regarding SFMI.
Even with the GHDC filing laying out a lot of the details, we still haven't seen the "fine print". Looks like GHDC will get the "profit" from the casinos after all expenses, salaries, etc. The estimated profit as of now seems to be $700k/yr, but what happens if some of those before-profit salaries increase? Is there some limitation on that? Even if GHDC does get $700k, that will be eaten up by the salaries of PQ and his cronies. Remember, GHDC, a company that had almost no real expenses, ran at a huge deficit even though they got $1M/yr from SFMI precisely because of those exorbitant salaries. They made up the deficit by having SFMI print more shares which were then loaned to GHDC to pay PQ his second salary. And in case you didn't notice it tucked away in the filings, PQ is CEO of Universal Entertainment. Does that mean a third excessive salary? If nothing else, it means PQ will still be around. That's not the change I was hoping for. Let's hope that's his only remaining function after the dust has cleared.