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digitaldancer
1 Comment
Interview: Steven Sprague, CEO of Wave Systems Corp. (Nasdaq: WAVX) [view article]
Dear Steven: Wave System subsidiary, Wave Express (WXP) brought in a total of $29,000 in revenue for all of 2006. It is headed by your brother, Michael Sprague, Pres. and your father, Peter Sprague, CEO. The VP of sales is an old family friend, David Nadig. Wave has funded WXP with more than $56 million (including interest) to bring in $29K in revenue.My question is, why shouldn't shareholders view WXP as a mere vehicle to provide your family and friends with paychecks and bonuses? Both your brother and father made well over $100,000 each.
In addition, Wave, the parent company, funded a lease with Michael Sprague for an additional nearly $50K/year to house WXP headquarters in his personal loft apartment in New York City.
All of this seems a bit suspicious to me, but I would love to hear an explanation, since one has never been given.
Thank you--Digital Dancer Mar 26 01:41 PM