Resignations At Websourced

Apparently, Pat Martin, the CEO of Websourced was been relieved of his employment this week along with a few other of his cronies. Being a former employee I was witness to many of the shady things going on and left the company disillusioned.

Quotes from an email I rec'd

"Websourced, owners of SearchEngineLowdown , and owned
by THK may be feeling a little hot under the collar
right now. According to a reliable source, the offices
are currently being raided by the NC Dept. of Revenue.
The phrase "cooking the books", came up several times
in the conversation.

Websourced had a nasty spell of bad publicity, that's
rumoured to be linked to todays alleged raid on their
HQ earlier this year, with Andy Beals sudden
disappearance and Jason Dowdell's earlier departure.
Both employees of Websourced left with much rumour of
scandal and intrigue following in their wake.
Harrassment charges is one such rumour, and "cooking
the books" another, though Threadwatch needs to stress
that all of the details above are as of yet, just
that: Rumours.

Word has it that Director of Sales Scott Gardner left
the company today, shortly after 7 sales reps were
fired. More terminations may be planned for this week
and the CFO is eyeing the door nervously."

Anyone with some search engine experience, it sounds like Websourced may have some job openings.

[dannysullivan]

I gather that it may not be exactly as described. There have apparently been some resignations. Mike Grehan has posted some info in this Threadwatch thread on the subject: http://www.threadwatch.org/node/3817.

[expat]

I read that Pat Martin has been relieved of his erstwhile duties as CEO of WBS.

http://biz.yahoo.com/bw/051207/20051207005344.html?.v=1

It's unfortunate that the powers-that-be decided to bury this news deep in the pr. If ever there was a time Websourced could shake its mired recent history, it is now. There are many great peope and minds left that will now be allowed to help the company succeed. Perhaps now the company can focus on the bussiness at hand.

And although part of the old guard still remains, I understand that they are completely innocuous and in no real role of any substance. So this is all very good news.

All of this good news and the stock closed at -.10?! The stock should take off now that what has been referred by insiders as "The Reign of Terror" is over.