Excerpt from 2019 Circular - Background on leadership "Mr. John Gillberry was a member of the board of directors of MedcomSoft Inc. from January 2, 2008 to November 1, 2008. MedcomSoft filed a Notice of Intention to make a proposal to creditors under the Bankruptcy and Insolvency Act (Canada) on November 2, 2008.
Mr. Gillberry also was a director of GuestLogix Inc. from March 2015 to September 2016 and was its interim chief executive officer from September 2015 to September 2016. We understand that: (1) the Ontario Superior Court of Justice granted an initial order under the Companies’ Creditors Arrangement Act (Canada) on February 9, 2016 staying all claims and actions against GuestLogix and its assets and allowing it to prepare a plan of compromise or arrangement for its creditors; (2) GuestLogix’s securities were suspended from trading on the TSX on February 9, 2016 while it conducted a review of whether it met the TSX’s listing requirements; and (3) on February 18, 2016, the TSX notified GuestLogix that its securities would be delisted from the TSX effective March 18, 2016 for failure to meet the applicable listing conditions.
Further, Mr. Gillberry was a director of DataWind Inc. from July 2014 to October 2016. We understand that DataWind was subject to a cease trade order from September 7, 2016 to November 25, 2016 and a management cease trade order effective July 6, 2016 by the Ontario Securities Commission for failure to file its audited financial statements and related materials for its financial year ended March 31, 2016 and its interim unaudited financial statements and related materials for the 3-month period ended June 30, 2016, which cease trade orders were revoked on November 25, 2016."
There are 3 cases, not just one.
No idea to what degree QTRH Chairman Gilberry played a substantive role at any of the above. But these details are not reassuring at all. They do not seem to represent a track record of success.
I am also questioning QTRH LT record. See 10 year stock chart. Gilberry, who has been a director since May 2005 (16 years), owns just 115,364 QTRH shares, unchanged since Dec 2018. In my view, not even close to what it should be for 16 year director and chairman.
I do not have confidence in how QRTH's existing cash will be invested and managed.
To surface value (and potentially preserve) , pay out the capital and allow shareholders to invest in IRD type businesses (or other businesses of their choosing) themselves.