Re: Q2 / MD&A - Prizant
in response to
by
posted on
Sep 12, 2009 05:48PM
The company is now known as FUSE Cobalt.
Based on the fact that he quickly gained employement as President and CEO of Richview Resources and only spent a short time as President and CEO at Wildcat( May 2006 to Jan 2007) good luck and best wishes to him.
In addition:
"The Management Information Circular notes that during Mr. Prizant's
tenure, he repeatedly attempted to circumvent the Board, whose responsibility
is to protect the best interests of shareholders. For example:
- Sol Prizant obtained the resignation of PricewaterhouseCoopers LLP
and purported to appoint the firm of Danziger & Hochman Chartered
Accountants as auditor of the Company. Mr. Prizant also engaged a new
law firm for Wildcat. None of these actions was approved by the
Wildcat Board.
Danziger & Hochman is led by David Danziger, a business associate of
Mr. Prizant and also the sole director of Yes Forex Limited, a
company that is among the dissidents. The law firm hired by
Mr. Prizant to work for the Company is now acting for the dissidents.
- Sol Prizant entered into questionable transactions on behalf of
Wildcat with a series of corporations owned or controlled by
Mr. Prizant, his family members, personal friends, and business
associates, without notifying the Board or obtaining Board approval.
These transactions may not have been for fair value and in some cases
may not have provided any benefit to Wildcat. PricewaterhouseCoopers
LLC is continuing its forensic investigation into payments made to
two companies owned by Sol Prizant for almost $60,000, as well as the
purchase of an all-terrain vehicle and a trade show display (that
cannot be folded and is too heavy to ship by air) from a company
owned by his son.
- Sol Prizant submitted duplicate expense reports totalling almost
$25,000 and obtained payment for expenses totalling at least $130,000
in his eight months as CEO, the majority of which appear to be
personal expenses. These appear to include trips to Israel and Rome
with his wife. He did not seek Board approval for these expenses.
- Sol Prizant and David Danziger corresponded about launching the
current proxy contest for control of the Company in December, 2006,
when the former was Wildcat's CEO and the latter was representing the
Company's purported auditor."
For the full release from March 2007:
http://www.cnw.ca/en/releases/archive/March2007/13/c9831.html?view=print
If your interested in his new company: