Is it unremarkable for a company’s CEO, COO and a Director to all resign within a two day period? Steven Kiel seems to think so. Kiel is the largest shareholder and once again CEO of the company formerly known as Sitestar, now known as the boringly generic Enterprise Diversified(SYTE). The company changed its name to reflect its disastrous… Read More »
I have made no secret of my displeasure with Steven Kiel. Having never faced a vote by Sitestar(SYTE) shareholders, Steven Kiel became a Board member through a settlement and CEO when the Board fired previous management. He then added his supporters to the Board, sold shares to his fund and his friends at below market prices. This massive… Read More »
Sitestar’s(SYTE) shareholder meeting was held today, and it seems that I wasn’t the only one who withheld my votes for Steven Kiel and his cronies. There were 95,812,187 shares voted for directors. Officers and Directors collectively own 85,839,497 shares. I believe it is safe to assume that those were all voted and were all voted in favor of management’s slate.… Read More »
It won’t matter. Steven Kiel made sure of that when he seized control of Sitestar(SYTE) without a shareholder vote or a control premium. In fact, Mr. Kiel went from 6% of shares to 42.5% by buying new shares at a significant discount to market price. In an August 11 post on Corner of Berkshire and Fairfax, Mr. Kiel… Read More »
This information was all included at the end of a long post earlier today, but, in retrospect, I buried the lede. So here it is again, on it’s own. Sitestar(SYTE) borrowed money from CEO Frank Erhartic’s mother at an interest rate that was 8% in one filing and 10% in one much later. At both times, prevailing interest… Read More »
I hesitated for a long time before posting about Sitestar(SYTE) yesterday. Now that I have, I am gratified by the response. I have been contacted by a number of Sitestar shareholders, representing a significant ownership % of the company. Every one of them shared my concerns. It would appear that the only shareholders who don’t agree are the… Read More »
I’ve been hesitant to publicly speak about Sitestar(SYTE). With a market cap of under $3MM and 50% held by directors, it’s too thinly traded to be relevant to most investors. I also have no intent or interest to move the stock price in the short term. I personally have a relatively large position, comprising between 1 and 2%… Read More »