Qbase finds new money to chase after yours

After bamboozling the public out of at least half a million in tax dollars, and suckering the Turner foundation of Springfield out of four million with broken promises of “hi-tech” jobs and prosperity, the nearly broke company has found a new investor:

Shareholders of Qbase Inc. are planning a “special meeting” Wednesday, Jan. 20, to discuss a reorganization of the company — and a $5 million investment into the company by a group of outside investors.

According to a company proxy statement obtained by the Dayton Daily News Tuesday, $1.3 million of that investment already has been advanced.

A proxy statement to Qbase shareholders outlining the meeting identifies Steve Baldwin — former chief executive of a Northern Virginia information technology company, Apptis Inc.— and his partners as new investors in the firm….

“Qbase is well beyond payment terms to more than 50 of its suppliers and subcontractors and several have threatened legal action due to non-payment,” the statement says.

via Qbase to get $5 million investment, reorganize.

The DDN goes on to say:

The statement also says Qbase cut monthly expenses by 70 percent from December 2008 until January 2010.

“The single largest area of expense reduction and change came from reductions in staff overall and by hiring new, different staff in order to fulfill government contracts,” the document says.

What they left out was that approximately 20 of the remaining 35 employees were told they had to go on commission or work for free on Jan 8 2010, starting on the 11th. Yet, next Monday, they had new job postings on LinkedDayton.

The real question is how the original 20 or so employees who put up stakes will be paid back on this next bundle of cash. Or will we begin to see more lawsuits like the one filed by Stakeholder Jodi Barnard?

What’s still not clear is when the taxpayers will see the results from their “investment” (corporate welfare)- with a hundred and twenty jobs promised- and none delivered, it’s time to claw back the investment while there is money on the table.

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