(Part 3 of 4)
........ The Repay Tat Company. (continued from last week)
The organization that became known as the Repay Tat Company (RTC) started with a few concerned shareholders talking with and emailing each other regarding their concerns for the financial policies that had been implemented by the elected officers of the Scroungess Corporation (SC). These same shareholders had looked at the "creative" accounting policies SC was using and didn't like what they saw. There was no officially recorded Articles of Incorporation for RTC, there was no officially elected President and Board of Directors for RTC, yet the membership grew at an amazing rate.
Shortly after the membership of RTC had grown to a point where the shareholders and elected officers of (SC) were aware of their presence, something interesting happened. The elected officials announced that they were going to borrow a considerable amount of money from the same website companies they had borrowed money from before, companies that were in direct competition with SC. The financial records of SC showed that about one-half of the proceeds from the new loan would be used to pay the interest on the money that SC had already borrowed.
Through the original Articles of Incorporation, a majority vote of the elected board of directors was required in order for SC to borrow any additional money. The president of SC told the board of directors that he wanted them to authorize the borrowing of a considerable amount of money so that he could use it to spend as he chose and many of the elected officials wanted to immediately approve the loan.
In the most recent election for the board of directors, a few shareholders who were part of the RTC group had been elected and after looking at the financial condition of SC, the RTC members found numerous areas where the operating costs of SC could be reduced. The RTC members wanted to cut some of the wasteful spending before they would vote to borrow more money. Numerous heated arguments took place until eventually enough votes were cast by the elected board members to borrow more money. The final amount was less than the president requested and required that some of the operating costs for SC be cut in the future.
The board members who voted for the new loan proudly told the shareholders of SC that they had cut spending for SC by a considerable amount of money and that they would continue to be responsible in the future, just as they had been in the past. Again, those same elected board members told the shareholders, "All you need to do is "Trust Us".
The final chapter to the current activities of this company and it's future will be discussed next week and you can be involved in how that chapter ends.
Next week - The Truth Revealed and The Dirty (Little) BIG Secrets……..
NEXT: "Our Dream" - (The Finale)blog comments powered by Disqus