Saturday, August 2, 2008

More Updates With ASD and Andy Bodwoin

As you know, yesterday we made a post regarding how ASD was getting things done and implementing things for the future. One of our contacts had spoken to Gary yesterday (you may know Gary) at the time he was supervising the inputting of the Chicago and Miami purchases, and preparing for the enterprise software implementation, the new card program and actually when he called he interrupted an interview he was holding for a new employee. So, this truly blindsided them
We have opinions and thoughts on this that stem from our experience with such things and will get that out tomorrow.
In speaking with Juan this morning. He indicated that this blindsided them but obviously with the legal representation that has been assembled in the last several weeks they knew that with how rapidly they were growing they had to be ready for people to take shots at them. In a later conversation with Juan this morning he said that as much as he would like to say something the attorneys have advised them not to make ANY public statement (even a statement that they are concerned, confident of success and saying that they can't say anything would be twisted and abused by those who may be out to get ASD). It was reported that Andy has the utmost of confidence in the legal representation of ASD and that he had commented that this is unfortunately the real world and the internet world and when you get big and get big fast, people will want to take shots at you.
One BIG difference we see with ASD than ANY other internet based program that is similar or even other internet intensive business is that compliance as ALWAYS been a concern and that in a pro-active fashion they have consulted with and retained strong legal representation. This is stronger than any other program we have seen. It has been reported to us, that they are prepared, books are in order, all taxes are current and their legal team totally understands the business model and views it as legitimate, compliant and defendable.
Our contact that spoke to Gary yesterday was told by him, that it appears uglier than it is and that the attorneys had hoped that they could handle the inquiry or whatever it was, on the phone, make them understand the business model and get it handled in a conference call but it was not able to be done in that fashion. Another person in accounting told a friend of ours that there is nothing to be alarmed about, that they will need to show they are compliant and would be back on track probably by Monday or Tuesday.
Hang in there watch your the posts, and more info as we receive it.

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