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Has it been explained how the board didn't know about the pressing plant??

We all knew they were building it and the board didn't know? That seems a bit fishy to me.
 
LeeVing said:
Has it been explained how the board didn't know about the pressing plant??

We all knew they were building it and the board didn't know? That seems a bit fishy to me.
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The board knew about the plant (and voted for it). After awhile they allege there were actions taken to make their visibility into the funding and progress more opaque (I.e. using VMP designated funds for plant resources).

Someone please correct me if I’m wrong
 
LeeVing said:
Has it been explained how the board didn't know about the pressing plant??

We all knew they were building it and the board didn't know? That seems a bit fishy to me.
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the board knew about it. they voted for it, but I believe at least 3 members of the board were partners in the plant and Cam cast the tie-breaking vote after it was 4-4 or something like that.

From what I remember, VMP's suit claims that Cam and co started spending company money on the plant before informing the board. They hired Gary Salstrom, gave him a huge salary and relocation fee without board approval under the guise of working for VMP. But he was actually hired to head up the plant. They put big deposits down on presses before telling the board, and had VMP employees sign NDAs about the plant.

Supposedly, VMP was not an equity partner in the plant, which seems weird given it was named VINYL MEDIA PRESSING and used the VMP logo...Cam and partners supposedly had an outside investor who was going to fund the whole plant without VMP money, and Cam and co said they would not spend any company time on the project. Stupid that VMP's board believed them given that setting up a pressing plant is probably a full time job in itself.

Then VMP alleges that Cam and the other fired C-Suite guys were siphoning off money from VMP to pay for plant expenditures behind the board's back and writing them off as something else on the balance sheets. There was a lot of weird stuff in the lawsuit that IMO made the VMP board look completely clueless. And then it seems like they fired them and sued them once other pressing plants started opening up capacity post-pandemic and the VMPlant was STILL not open.
 
spilledleche said:
it's kind of impressive how bad at everything everyone involved in that plant fiasco is - from the board down to the guys grifting off their employers, just absolute ineptness
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my absolutely amateur reading of it was that when outside funding fell through, Cam and the other VMP employees that stood to gain from the plant going live did what they could to try to get the plant off the ground. No clue why VMP either let them borrow the money to fund it or didn't notice that kind of money was missing if they took it from VMP...

Just the fact that Cam said that the plant wouldn't interfere with his VMP work is laughable. How did the board hear that and go "okay--that sounds good!".

All those constant 40% off sales and freebies were done to get plant funding money and royally fucked the company. By most accounts, they seemed to be doing well financially in the period before that.
 
ntaos said:
And weirdly enough despite everything the record I have from the plant still sounds damn good
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Yea--paramount pressings sound excellent. Probably because VMP is no longer involved hah.

The ironic thing, is that if VMP had just waited another few months, they could have gotten the plant up and running and started pressing some of their own stuff. Which would have gotten rid of all of the crazy delays. Paramount was pressing stuff before VMP sent any of their represses or anthologies out.
 
MikeH said:
the board knew about it. they voted for it, but I believe at least 3 members of the board were partners in the plant and Cam cast the tie-breaking vote after it was 4-4 or something like that.

From what I remember, VMP's suit claims that Cam and co started spending company money on the plant before informing the board. They hired Gary Salstrom, gave him a huge salary and relocation fee without board approval under the guise of working for VMP. But he was actually hired to head up the plant. They put big deposits down on presses before telling the board, and had VMP employees sign NDAs about the plant.

Supposedly, VMP was not an equity partner in the plant, which seems weird given it was named VINYL MEDIA PRESSING and used the VMP logo...Cam and partners supposedly had an outside investor who was going to fund the whole plant without VMP money, and Cam and co said they would not spend any company time on the project. Stupid that VMP's board believed them given that setting up a pressing plant is probably a full time job in itself.

Then VMP alleges that Cam and the other fired C-Suite guys were siphoning off money from VMP to pay for plant expenditures behind the board's back and writing them off as something else on the balance sheets. There was a lot of weird stuff in the lawsuit that IMO made the VMP board look completely clueless. And then it seems like they fired them and sued them once other pressing plants started opening up capacity post-pandemic and the VMPlant was STILL not open.
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The top bit is the bit that has always confused me. What were they actually voting on? Because it's to either open a plant or not. And why were there not declarations of interest as part of that? Even if it was just to use the plant (as an outside entity) that should have been subject to declarations and Cam shouldn't have been anywhere near the vote.

Thats the bit that makes me think VMP is full of shit. I mean... I could read the filings but who can be arsed to do that
 
Rowan said:
The top bit is the bit that has always confused me. What were they actually voting on? Because it's to either open a plant or not. And why were there not declarations of interest as part of that? Even if it was just to use the plant (as an outside entity) that should have been subject to declarations and Cam shouldn't have been anywhere near the vote.

Thats the bit that makes me think VMP is full of shit. I mean... I could read the filings but who can be arsed to do that
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i can't find the original court docs (didn't try too hard though hah). but i remember it being weird too. i wanna say that the vote was to allow cam and others to pursue opening the plant while still being employed at VMP. VMP was also going to be able to use the plant (i assume at a discounted rate). cam pitched it as VMP not needing to fight for capacity at other big pressing plants like RTI.

surprised Cam was allowed to be near the vote too but it's very possible that their company bylaws allowed the CEO to be a type breaking vote in board meetings.
 
MikeH said:
i can't find the original court docs (didn't try too hard though hah). but i remember it being weird too. i wanna say that the vote was to allow cam and others to pursue opening the plant while still being employed at VMP. VMP was also going to be able to use the plant (i assume at a discounted rate). cam pitched it as VMP not needing to fight for capacity at other big pressing plants like RTI.

surprised Cam was allowed to be near the vote too but it's very possible that their company bylaws allowed the CEO to be a type breaking vote in board meetings.
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It’s crazy isn’t it 😂

If the VMP company bylaws allow the person who is subject to a commercial proposal to cast the tie breaking vote on whether the commercial proposal actually proceeds then they deserve the absolute fleecing Cam allegedly gave them.
 
Rowan said:
It’s crazy isn’t it 😂

If the VMP company bylaws allow the person who is subject to a commercial proposal to cast the tie breaking vote on whether the commercial proposal actually proceeds then they deserve the absolute fleecing Cam allegedly gave them.
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What about this company would ever suggest that their constitutional documents weren’t drawn up on the back of a fag packet over pints?
 
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