Zach Arnold from FightOpinion sloshed through the IFL’s latest 8k forms and uncovered an interesting nugget of information (do I say ‘nuggets’ too much?):
The IFL filed a form 8k on Tuesday with the SEC, announcing the terms of their consulting agreement with Gareb Shamus. Shamus is being eased out of the IFL, but not without a sweet payday.
Retroactive to 11/20/2007 and ending on 5/20/2008, Shamus will be paid $20,833 USD per month for the next six months (or a sum amount of $125,000 USD).
If you weren’t aware, Gareb Shamus was the former IFL owner who has jumped ship, either because he didn’t like the direction Jay Larkin wanted to take the company or just because he had a shocking revelation that the IFL was a big dook and it was time to flush that shit.
Either way, 120k isn’t too shabby in the way of compensation from a flagging company that lost over 4 million bucks last quarter. Especially if Shamus didn’t spend any of his own money on the project, or paid himself back with stock money while he was boss.