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Need to outsource = mismanagement
On 08 Jul 2004 16:49:49 GMT, (Recmate) wrote:
Here are audited USCF sales totals for the past 20 years. Dates show the
ending of each fiscal year. The year ending 5/97 was an 11 month year due to a
change in our fiscal year at that time.
Right. Exactly my point. Sales of books and equipment were steady at
about $3.5 million every year until October, 1999 when Redman had
Cavallo fired. Redman supported by his gang of four including Helen
Warren who had a competitive books and equipment business wanted to
stop the sales of books and equipment. Because of this, sales dropped
like a stone while operating expenses remained the same. When sales
dropped to $1.8 million it is obvious that we were losing more than
One million dollars per year. However, DeFeis under Redman cooked the
books and claimed that we were making a profit whereas in reality
there were huge losses. Frank Niro came in and in just one year
restored one million in sales and we were on the road to recovery.
That is until Hanke came in who knows zero about finance but got
himself elected VP of Finance and without even looking at the numbers
decided to get rid of the books and equipment business by giving it
away to some guy in England for free.
Fortunately, Goichberg saved the day by getting that deal cancelled
and giving B&E to somebody who will at least pay us some money and we
can hope to survive.