CompuServe Messages

Dear Mr. Beck: I'll let my activities on this forum speak for themselves. And I thank those members who have responded on my behalf. There is one allagation, however, that only I can respond to and I will do so here ONCE and will waste no further time on it! I resent you statements that I am RICH, that I folded CARDCO and that I made money off CARDCO leaving others 'holding the bag.' My current net worth, including all of my holdings in C Ltd., as shown on several loan applications I have filled out recently is slightly less than $100,000.00. This includes my house in which I have $50,000 equity! I am not RICH. As President, C.E.O. one of five shareholders of CARDCO, I was paid a salary of $50,000/yr which was 30% below the national average for C.E.O.s of comparable sized companies. (Ref. INC Magazine – Executive Compensation Review, 1986) The salary I was paid was less that I had earned (as a consultant an Disk Jockey) the year prior to starting CARDCO. During CARDCO's life the Shareholders NEVER withdrew ONE RED CENT in any way shape or form. So all I 'made' off of CARDCO was my salary, period. CARDCO folded because three (SKU, Warehouse One and First Software) of the five largest distributors in the C-64 area filed bankruptcy within a short period of time owing CARDCO a lot of money. When the last one filed, CARDCO's bank deemed their loan as insecure and siezed the assets of the company. (I did not fold the company!) The five sahreholders lost our entire initial investment of $550,000.00 and as guarantors of the bank's loans are now have to personally pay an additional $520,000.00. That's over a million dollars in hard cash (not paper) losses. So as you can see, we (I) didn't 'take the money and run.' By the way, C Ltd's facilities are not CARDCO's facilities, but the experience wasn't left behind! * * * * * * * * Continued Next Message * * * * * * * * * * * * * * * *