"Rawnoc" discusses Stephen Seneca resignation

Well, since I fail to see the 8K showing the HIRING of Seneca, I can't see how there would be an 8K for him resigning. He wasn't even the head of PAKIT and was titleless very shortly after the acquisition as they outsourced Western Creative. Probably because the previous PAKIT team weren't exactly experienced in infomercial and retail rollout sales which JBII wanted to expand into. The entire management team was stripped from the beginning it seems quite clear to me. Seneca never mentioned in a single SEC filing EVER from what I can see. So what was there to even resign from? He was made insignicant almost from day 1. The rest of the PAKIT management team was given other posiitions throughout the company, mostly to P2O, pretty much right after PAKIT was acquired. It was obviously part of the plan to restructure the entire thing from the start and go infomercial + retail in a big way with a new team.

I just noticed DAY ONE after the acquisition 2 of the 3 founders were already resigned to new positions within JBII:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=42073224

Notice how both Weber's and Haber's new duties with the company are described already, but ZERO duties are described for Seneca. Weber and Haber are both actively mentioned in the filings going forward. Seneca is never mentioned. Obviously Seneca wasn't meant to be part of the business plan in any form other than transition.

That's Day 1 after the acquisition. By the next month the restructing was all but complete. The CEO of PAKIT was named CEO of P2OLand. Weber got a new role. Haber got a new role. Seneca wasn't even mentioned in the filings ever again and in a list of executives he was the only one who didn't even have a title.

So what was his role other than ex-president and maybe the #2 guy up until the acquisition? Did he get coffee for the new team that took over almost immediately?

People act like this is some sort of management shake-up, but that's just laughable. He was clearly, at most, part of the transition team as one of the company's founders. I'm guessing this was his retirement since he almost immediately dropped his title and zero reference to him in the filings -- the only founder of PAKIT not mentioned by the way with the November 16, 2009 10Q filing, just 38 days after the acquisition. And obviously PAKIT management was replaced at some point before the day of the filing. Everybody was replaced. EVERYBODY. Including the CEO right away and moved to the P2O operations.

"For instance, on or about January 20, 2010, Pak-It reduced its workforce from 49 to 36 employees as part of a corporate restructuring of the bulk cleaning component of the business. The Company’s Chief Operating Officer, Jacob Smith, is overseeing the transition of the plant from primarily a bulk chemical manufacturing company to a highly automated plant that will allow the Company to grow revenues by becoming more efficient and producing the water soluble packets at a rate that will support a national retail launch. The retail launch will lead to job creation through an expansion of the bulk manufacturing capacity as well as the set-up of a new Pak-It plant which is expected to be in southern New Jersey."

President my ass. He was titleless in list of management and not mentioned in the filings EVER whereas there were/are extensive details about everybody else in the company in the filings. Jacob Smith was clearly in charge as well as Western Creative which was hired on January 11, 2010.

It's common practice that a company target for acquisition is noted that it could be made more profitable with a different management team. People in the real world often fear their company's being bought out for good reason because it often leads to layoffs as duplicate jobs are eliminated and inefficient management axed. Seems like PAKIT had a nice little $6 million a year business going for many years but had ancient equipment, way too much staff, and no plans for expansion into infomercials and retail. So they were acquired and immediately the restructuring began to turn PAKIT hopefully into a powerhouse and unlock its real potential.

Raw