At 05:50 PM 6/4/2002 -0700, Declan McCullagh wrote:
* Can$1.3 million/year of remaining cash will be eaten up by four fat executive salaries that remain hefty, even given the dismal financial situation. Each of the three Hill family members gets Can$270K a year, with the CEO receiving Can$470K.
Per p. 41, as of July 1 2002, the Hills' salaries will be reduced to $225K, and Hevizi's (the CEO) to $300K. (which is still a lot of money, given all that they've burned through, for a company in this position.) Also, the General Manager for the Enterprise Privacy Management group, Mark Weidick, resigned his $338K position as of May 31 2002. Enterprise Privacy Management is supposed to be a big part of their new business focus, receiving 40% of the proceeds of the IPO. I get the impression that even though Stefan Brands has left ZKS, they've retained an option to purchase one or more of his patents, that option expiring in August. (cf. http://www.inet-one.com/cypherpunks/dir.2002.03.25-2002.03.31/msg00247.html) ZKS has also been the subject of three lawsuits for wrongful termination worth an aggregate of $240K, and have an ongoing dispute about a settlement gone bad, where the other party is seeking $630K and ZKS is seeking $100K + the return of a gift of 74,500 common shares (recently valued at around .75 each). Anyone want to bet the unnamed individual with the disputed settlement is Brands? I've mirrored a copy of the prosepectus at http://parrhesia.com/zks.pdf in case something tragic happens to the first copy. -- Greg Broiles -- gbroiles@parrhesia.com -- PGP 0x26E4488c or 0x94245961