SYTE - Enterprise Diversified

[InelegantInvestor]

On the fligpside, the .048 offer was open to all qualified investors if I recall correctly.
C.

I do not believe this to be the case. Please show me that it is, so that I can correct my public statements, if necessary.

It's true, I contacted them and was sent subscription information.  There are rules about companies soliciting for rights offerings.

I'm watching something similar in Aztec Land and Cattle.  They held a rights offering last year, and one this year.  To an outside observer it's just happening.  There are 'special' stockholders who are backstopping it.  But I also know that anyone accredited can subscribe, but you need to call the company and let them know you're interested.  The backstock shareholders were just a few individuals who were in contact with the company and in a position to move on this.

I'll say this on the situation.  I think optics matter, Inelegant from your vantage point you have a lot of well founded points and I understand your perspective.  I've also seen how the sausage is made so to speak and see the other side.

If this was a vanilla company where I didn't know the people involved personally I'd be very worried about perceived red flags.  But after seeing behind the curtain I understand what's going on and I don't have the same view.

I don't want to speak for Steve, but I think they're doing their own filings.  My guess is they're overly conservative in what they're releasing because they don't want to find themselves in a legal nightmare regarding disclosure.

In the end everyone needs to make their own decisions.  I agree with Sanjeev that most outside investors underestimate the amount of work anyone running a company has to do.  It's easy to pick apart what a company is doing from afar, but when actually in the weeds it's difficult to keep all the balls in motion.

Just to clarify, are you saying you received subscription information for the first offering or the second?
In the Aztec situation, they proactively reached out to shareholders to see who might be interested in participating. Even shareholders with very small stakes. I appreciate your understanding. The real tragedy is how unnecessary this was. They could have accomplished exactly the same things while being respectful of all shareholders. That they chose not to is, in my mind, quite telling.

[DooDiligence]

Tim he is being paid twice. Whether that's good/bad is a different question. Problem with your argument is that he's being paid to allocate investors' capital as a full time job by his investors and he's getting paid by shareholders to be a full time CEO --- in a business where the capital is now being disbursed and actual 'operations' are in run-down. I don't like that because there's no way he works 2x 100% that he's getting paid for. Looking at it another way, both roles could be seen as capital allocation roles that can be done in 1x100% but then I think it would be fairer to pay him no base for Syte and only a carry on the increase in BV, sustained over, say 3 years (i.e. 3 - 5 year average increase in BV).

On the fligpside, the .048 offer was open to all qualified investors if I recall correctly.
C.

I beg to differ that he is getting paid twice to manage the same money.  They are two separate issues it is just that the same person is doing both.  He is getting paid as a fund manager to allocate capital.  He is also getting paid as the CEO which entails a whole lot more than managing the company's capital.  Being in that situation as a part time CEO I can attest to the different use of time.  It is not an overlap.  I suspect you would have no problem if a hired CEO got paid that amount.  To expect him to work for nothing when you would happily pay someone else shows the rationale of your argument is flawed. 

     

Not necessarily true.  I can't speak for what is happening at Sitestar, as I don't know the facts fully, and I'm not there watching operations daily.  But speaking for myself:

- I'm in the office from 10am to 7-8pm most days, unless I have meetings downtown...about 70% of that time is PDH and 30% is CMC. 
- I'm also up around 8am to check emails and quick calls before I head to the office. 
- When I get home usually around 7:30-8:30pm, I have dinner, put on hockey while I read 10-Q's & 10-K's, run screens, look for ideas, etc for CMC, answer emails till 1-2am.   
- Then I'm also usually in the office one day on the weekend for at least 6-8 hours (usually Saturdays) and then I'm working for 3-4 hours on Sunday from my home office on CMC stuff while football is on. 
- I go into the office on holiday Mondays, even when the building is closed to staff.
- I don't really take vacations...usually I add one day here or there on business trips.
- I generally eat a late breakfast at 11am and a late lunch at around 3pm...all on my desk, unless someone wants a lunch meeting...but I prefer coffee meetings so I don't waste much time.

Now that I actually think about what I do, I work pretty f**king hard!  And at times it feels like it.  But most of the time, I feel very fortunate doing what I'm doing and I love it.  That being said, if anyone begrudges me taking a fixed $99,000 salary because I'm CEO, even though I control a lot of the stock, they can bugger off. 

I get some 60-70 emails a day...sit on 4 corporate boards...2 charitable boards...usually 4-8 calls a day...7 full-time staff and another 14 staff through associate investments we are involved with...4 public earnings filings a year, a public company audit, two fund audits, numerous press releases, filings, statements...payroll and payable twice a month...8 corporate tax returns, two fund tax returns, two general partner tax returns, CMC's tax return...contracts, agreements, settlements, other legal documents...audit committee meetings, corporate governance meetings...networking events, annual PDH FFH dinner, company events, Pabrai Funds meeting...meetings with potential investments, business consultants bringing a potential acquisition, meetings with young managers, business people, CoBF readers, etc...the list can go on and on.  Wow!

Cheers!

You have an AWESOME job!

[oddballstocks]

On the fligpside, the .048 offer was open to all qualified investors if I recall correctly.
C.

I do not believe this to be the case. Please show me that it is, so that I can correct my public statements, if necessary.

It's true, I contacted them and was sent subscription information.  There are rules about companies soliciting for rights offerings.

I'm watching something similar in Aztec Land and Cattle.  They held a rights offering last year, and one this year.  To an outside observer it's just happening.  There are 'special' stockholders who are backstopping it.  But I also know that anyone accredited can subscribe, but you need to call the company and let them know you're interested.  The backstock shareholders were just a few individuals who were in contact with the company and in a position to move on this.

I'll say this on the situation.  I think optics matter, Inelegant from your vantage point you have a lot of well founded points and I understand your perspective.  I've also seen how the sausage is made so to speak and see the other side.

If this was a vanilla company where I didn't know the people involved personally I'd be very worried about perceived red flags.  But after seeing behind the curtain I understand what's going on and I don't have the same view.

I don't want to speak for Steve, but I think they're doing their own filings.  My guess is they're overly conservative in what they're releasing because they don't want to find themselves in a legal nightmare regarding disclosure.

In the end everyone needs to make their own decisions.  I agree with Sanjeev that most outside investors underestimate the amount of work anyone running a company has to do.  It's easy to pick apart what a company is doing from afar, but when actually in the weeds it's difficult to keep all the balls in motion.

Just to clarify, are you saying you received subscription information for the first offering or the second?
In the Aztec situation, they proactively reached out to shareholders to see who might be interested in participating. Even shareholders with very small stakes. I appreciate your understanding. The real tragedy is how unnecessary this was. They could have accomplished exactly the same things while being respectful of all shareholders. That they chose not to is, in my mind, quite telling.

I don't remember which, probably the second offering.

[DooDiligence]

Between reading "Dear Chairman" & this & Sitestar's threads I now have way more understanding of the inner workings of publicly traded companies (gotta apply this understanding to scaled up models now...)

Thank you all!!!

[premfan]

Synopsis from reading thread:

- Some investors in the micro cap network had more access to deal flow than Joe the plumber. The micro cap network is a growing phenomena since 2010.

- It seems that getting a salary to manage funds is a rigged game. results brother results! Pay to play.  You get free monies so you can play if you exexcuate. Stop hiding in the veil of buffet illusion

- CEO of  a startup should get minimal to no salary until traction.  Results!

Peter thiel doesn't  allow a salary above 150k for any of his young startups. I don't in what context young means. Probably at least series b or so 50 million or less.

[premfan]

On the fligpside, the .048 offer was open to all qualified investors if I recall correctly.
C.

I do not believe this to be the case. Please show me that it is, so that I can correct my public statements, if necessary.

It's true, I contacted them and was sent subscription information.  There are rules about companies soliciting for rights offerings.

I'm watching something similar in Aztec Land and Cattle.  They held a rights offering last year, and one this year.  To an outside observer it's just happening.  There are 'special' stockholders who are backstopping it.  But I also know that anyone accredited can subscribe, but you need to call the company and let them know you're interested.  The backstock shareholders were just a few individuals who were in contact with the company and in a position to move on this.

I'll say this on the situation.  I think optics matter, Inelegant from your vantage point you have a lot of well founded points and I understand your perspective.  I've also seen how the sausage is made so to speak and see the other side.

If this was a vanilla company where I didn't know the people involved personally I'd be very worried about perceived red flags.  But after seeing behind the curtain I understand what's going on and I don't have the same view.

I don't want to speak for Steve, but I think they're doing their own filings.  My guess is they're overly conservative in what they're releasing because they don't want to find themselves in a legal nightmare regarding disclosure.

In the end everyone needs to make their own decisions.  I agree with Sanjeev that most outside investors underestimate the amount of work anyone running a company has to do.  It's easy to pick apart what a company is doing from afar, but when actually in the weeds it's difficult to keep all the balls in motion.

Just to clarify, are you saying you received subscription information for the first offering or the second?
In the Aztec situation, they proactively reached out to shareholders to see who might be interested in participating. Even shareholders with very small stakes. I appreciate your understanding. The real tragedy is how unnecessary this was. They could have accomplished exactly the same things while being respectful of all shareholders. That they chose not to is, in my mind, quite telling.

I don't remember which, probably the second offering.

Friends of friends seed investing. well played sir

[ScottHall]

On the fligpside, the .048 offer was open to all qualified investors if I recall correctly.
C.

I do not believe this to be the case. Please show me that it is, so that I can correct my public statements, if necessary.

It's true, I contacted them and was sent subscription information.  There are rules about companies soliciting for rights offerings.

I'm watching something similar in Aztec Land and Cattle.  They held a rights offering last year, and one this year.  To an outside observer it's just happening.  There are 'special' stockholders who are backstopping it.  But I also know that anyone accredited can subscribe, but you need to call the company and let them know you're interested.  The backstock shareholders were just a few individuals who were in contact with the company and in a position to move on this.

I'll say this on the situation.  I think optics matter, Inelegant from your vantage point you have a lot of well founded points and I understand your perspective.  I've also seen how the sausage is made so to speak and see the other side.

If this was a vanilla company where I didn't know the people involved personally I'd be very worried about perceived red flags.  But after seeing behind the curtain I understand what's going on and I don't have the same view.

I don't want to speak for Steve, but I think they're doing their own filings.  My guess is they're overly conservative in what they're releasing because they don't want to find themselves in a legal nightmare regarding disclosure.

In the end everyone needs to make their own decisions.  I agree with Sanjeev that most outside investors underestimate the amount of work anyone running a company has to do.  It's easy to pick apart what a company is doing from afar, but when actually in the weeds it's difficult to keep all the balls in motion.

Just to clarify, are you saying you received subscription information for the first offering or the second?
In the Aztec situation, they proactively reached out to shareholders to see who might be interested in participating. Even shareholders with very small stakes. I appreciate your understanding. The real tragedy is how unnecessary this was. They could have accomplished exactly the same things while being respectful of all shareholders. That they chose not to is, in my mind, quite telling.

I don't remember which, probably the second offering.

Friends of friends seed investing. well played sir

Nate and Jeff at the very least are very honorable men from all of my interactions with them. I don't think the implication that there are special favors going on is fair to them, or to Kiel himself.

[premfan]

On the fligpside, the .048 offer was open to all qualified investors if I recall correctly.
C.

I do not believe this to be the case. Please show me that it is, so that I can correct my public statements, if necessary.

It's true, I contacted them and was sent subscription information.  There are rules about companies soliciting for rights offerings.

I'm watching something similar in Aztec Land and Cattle.  They held a rights offering last year, and one this year.  To an outside observer it's just happening.  There are 'special' stockholders who are backstopping it.  But I also know that anyone accredited can subscribe, but you need to call the company and let them know you're interested.  The backstock shareholders were just a few individuals who were in contact with the company and in a position to move on this.

I'll say this on the situation.  I think optics matter, Inelegant from your vantage point you have a lot of well founded points and I understand your perspective.  I've also seen how the sausage is made so to speak and see the other side.

If this was a vanilla company where I didn't know the people involved personally I'd be very worried about perceived red flags.  But after seeing behind the curtain I understand what's going on and I don't have the same view.

I don't want to speak for Steve, but I think they're doing their own filings.  My guess is they're overly conservative in what they're releasing because they don't want to find themselves in a legal nightmare regarding disclosure.

In the end everyone needs to make their own decisions.  I agree with Sanjeev that most outside investors underestimate the amount of work anyone running a company has to do.  It's easy to pick apart what a company is doing from afar, but when actually in the weeds it's difficult to keep all the balls in motion.

Just to clarify, are you saying you received subscription information for the first offering or the second?
In the Aztec situation, they proactively reached out to shareholders to see who might be interested in participating. Even shareholders with very small stakes. I appreciate your understanding. The real tragedy is how unnecessary this was. They could have accomplished exactly the same things while being respectful of all shareholders. That they chose not to is, in my mind, quite telling.

I don't remember which, probably the second offering.

Friends of friends seed investing. well played sir

Nate and Jeff at the very least are very honorable men from all of my interactions with them. I don't think the implication that there are special favors going on is fair to them, or to Kiel himself.

Subjective

[oddballstocks]

On the fligpside, the .048 offer was open to all qualified investors if I recall correctly.
C.

I do not believe this to be the case. Please show me that it is, so that I can correct my public statements, if necessary.

It's true, I contacted them and was sent subscription information.  There are rules about companies soliciting for rights offerings.

I'm watching something similar in Aztec Land and Cattle.  They held a rights offering last year, and one this year.  To an outside observer it's just happening.  There are 'special' stockholders who are backstopping it.  But I also know that anyone accredited can subscribe, but you need to call the company and let them know you're interested.  The backstock shareholders were just a few individuals who were in contact with the company and in a position to move on this.

I'll say this on the situation.  I think optics matter, Inelegant from your vantage point you have a lot of well founded points and I understand your perspective.  I've also seen how the sausage is made so to speak and see the other side.

If this was a vanilla company where I didn't know the people involved personally I'd be very worried about perceived red flags.  But after seeing behind the curtain I understand what's going on and I don't have the same view.

I don't want to speak for Steve, but I think they're doing their own filings.  My guess is they're overly conservative in what they're releasing because they don't want to find themselves in a legal nightmare regarding disclosure.

In the end everyone needs to make their own decisions.  I agree with Sanjeev that most outside investors underestimate the amount of work anyone running a company has to do.  It's easy to pick apart what a company is doing from afar, but when actually in the weeds it's difficult to keep all the balls in motion.

Just to clarify, are you saying you received subscription information for the first offering or the second?
In the Aztec situation, they proactively reached out to shareholders to see who might be interested in participating. Even shareholders with very small stakes. I appreciate your understanding. The real tragedy is how unnecessary this was. They could have accomplished exactly the same things while being respectful of all shareholders. That they chose not to is, in my mind, quite telling.

I don't remember which, probably the second offering.

Friends of friends seed investing. well played sir

Nate and Jeff at the very least are very honorable men from all of my interactions with them. I don't think the implication that there are special favors going on is fair to them, or to Kiel himself.

Subjective

I never purchased any shares, I just inquired and was sent material.

Scott, appreciate the kind words. 

Premfan, sorry to see you have such a poor opinion of me based on your own alternative facts.

[premfan]

On the fligpside, the .048 offer was open to all qualified investors if I recall correctly.
C.

I do not believe this to be the case. Please show me that it is, so that I can correct my public statements, if necessary.

It's true, I contacted them and was sent subscription information.  There are rules about companies soliciting for rights offerings.

I'm watching something similar in Aztec Land and Cattle.  They held a rights offering last year, and one this year.  To an outside observer it's just happening.  There are 'special' stockholders who are backstopping it.  But I also know that anyone accredited can subscribe, but you need to call the company and let them know you're interested.  The backstock shareholders were just a few individuals who were in contact with the company and in a position to move on this.

I'll say this on the situation.  I think optics matter, Inelegant from your vantage point you have a lot of well founded points and I understand your perspective.  I've also seen how the sausage is made so to speak and see the other side.

If this was a vanilla company where I didn't know the people involved personally I'd be very worried about perceived red flags.  But after seeing behind the curtain I understand what's going on and I don't have the same view.

I don't want to speak for Steve, but I think they're doing their own filings.  My guess is they're overly conservative in what they're releasing because they don't want to find themselves in a legal nightmare regarding disclosure.

In the end everyone needs to make their own decisions.  I agree with Sanjeev that most outside investors underestimate the amount of work anyone running a company has to do.  It's easy to pick apart what a company is doing from afar, but when actually in the weeds it's difficult to keep all the balls in motion.

Just to clarify, are you saying you received subscription information for the first offering or the second?
In the Aztec situation, they proactively reached out to shareholders to see who might be interested in participating. Even shareholders with very small stakes. I appreciate your understanding. The real tragedy is how unnecessary this was. They could have accomplished exactly the same things while being respectful of all shareholders. That they chose not to is, in my mind, quite telling.

I don't remember which, probably the second offering.

Friends of friends seed investing. well played sir

Nate and Jeff at the very least are very honorable men from all of my interactions with them. I don't think the implication that there are special favors going on is fair to them, or to Kiel himself.

Subjective

I never purchased any shares, I just inquired and was sent material.

Scott, appreciate the kind words. 

Premfan, sorry to see you have such a poor opinion of me based on your own alternative facts.

Oh no judgement on you. I followed you since the beginning of the micro cap network phenomena. You are a great story teller and marketer.