IMS Involved in Labor Dispute with CFO
According to their annual SEC filings, “On February 24, 2010, the Company provided notice to its then Chief Financial Officer, Danny Weibling, of the non-renewal of his employment agreement, effectively terminating the agreement, but not Mr. Weibling’s employment, as of March 31, 2010. Mr. Weibling subsequently threatened to file an action against the Company claiming that his employment had been wrongfully terminated by the Company in retaliation for making whistleblower allegations. The Company has been unable to resolve the dispute with Mr. Weibling. The Company believes Mr. Weibling’s threatened claims are without merit and intends to vigorously contest those claims if Mr. Weibling files such an action. There can be no assurance, however, with regard to the outcome of any such action.
Effective April 1, 2010, Mr. Weibling terminated his employment with the Company. On that date, the Company appointed David Powell as the Company’s interim Chief Financial Officer, designating Mr. Powell as the Company’s principal financial officer and principal accounting officer for purposes of any filings with the Securities and Exchange Commission.”
Danny is one of the most honest individuals in the industry.
If he says there is a whistle to Blow … I am listening. We all should.
Thank you for your post!
I agree with you about Danny and the situation. Evidently, the Feds agree also. They are possibly looking into situation that includes stock and operations problems. We’ll see what comes out in the next month or so.
If you hear of anything specific about either situation, please let us know. Thanks.
I hope every IMS employee has the chance to read this.
Why don’t you mention the lawsuits that this company is involved with? There is a patern here that many do not realize. The CFO is now in a Whisleblower lawsuit. This is major concern to all stockholders. What are they accused of? Why do they bring suits against former company owners that they bought…after there agreed non competes are up? Why don’t you report this. This is news. Not the BS that is posted just how great they are and there numbers. The reral world here is stockholders are watching their investment in this company go down the drain. Whistleblower claims are not a joke…can you find out or is this website a partner with IMS? Does IMS pay this site to advertise? Is this why? I have contacted the SEC and a few other news media about this. I hope you do your job and report the news…that really effects the Barter industry. I think this company is bringing all the bad to the Barter industry.
Jason,
You accuse IMS of mismanaging the company to the point where investors are seeing their investment disappear…what evidence do you have of that, other than lawsuits the company is involved in? Revenue is up, membership is up, expenses are down, the stock price is fairly constant…I just don’t see what you are talking about. Most publicly traded companies are involved in a couple of lawsuits a year. I don’t have all the facts about the Danny W suit, and neither do you. The facts will come out in court.
To say that IMS is responsible for all of the bad in the barter industry is just silly. How many local exchanges burn through members, deficit spend until their dollars are worthless and then close their doors, only to open a new exchange a month later down the street?
We did find a reference to two plaintiff lawsuits in their report. “Additionally, at the end of 2009, the company was plaintiff in a suit filed in April, 2009, in Federal court, against the former owner of a trade exchange the company purchased in 2005, and several former employees, alleging unfair business practices and theft of trade secrets. A settlement agreement was reached in this suit in March, 2010 and the company is awaiting final settlement documents. The company is also plaintiff in a legal action filed in a state court alleging breach of non-compete agreement and unfair business practices against a former employee of a trade exchange previously purchased.” Both suits are standard when a company is trying to protect its territory. I would imagine that they bring suit against persons that were paid for independent exchanges because they violated the terms of the agreement.
Who are you that you have so much fire and indignation about IMS?
wow…who are you? Do you work for IMS? Who are you saying is opening barter co and robbing members and then closing doors? Who did that? Revenue is up? How many employees were fired? How many had there pay cut in half? How many offices had a former owner open back up after their non competes were up right in IMS backyard? Why did that happen? Lawsuit settlements? What settlements? The ones they tried to put their competion out of business by sueing and hoping that the cost of their rediculas lawsuits would bring? Lets be real here..IMS can post all the BS they want..they do have a great PR department…..and Don Mardak can think he is some important Barter Industry leader. My opinion is this…Mr. Mardak’s days are numbered. The truth will come out. Now that the SEC, IRS and the FBI are invloved. Mr. Hall of Fame himself will now have to admit what has been long know. When I attended the Hall of Fame induction of Mr. Mardak, all I heard in his acceptance speech was how thankful he was for his family and how his family is why he is where he is today. I did not here any thanks for the people that he has worked with..owners of other exchanges..trading partners..members ..and most important….IMS employees…that have made him his money…THIS IS JUST MY OPINION..what Mr. Mardak doesnt understand…is about people..besides his family. and $$$
So Mr. Frontier..whoever you are, please do reply..or should I say..Mr. IMS employee?…Because I have alot more opinions to share….
oh..hows the nIMS stock doing? Lets see..it split right? Whats it worth today….oh it split backwards…investors? why would anyone invest?
Jason,
I’m not an IMS employee and have no affiliation with IMS, but you are missing the point: can you please provide some concrete evidence for your opinion? I have no loyalty to IMS or any other group, but I do have a commitment not to report innuendo or opinions.
As far as companies that have opened their doors, robbed their members blind, and then shut their doors, there are plenty of examples, but I’ll give you a personal one: UBX. The first exchange I worked for. The owners raped and pillaged and then closed the doors. It happens frequently in this industry.
I don’t know how many employees were fired from IMS, but I do know that all employees of IMS took a cut in pay, including the management team.
I would love you to provide me some examples of IMS offices that have had former-owners get back in to business in the same area.
I enjoy your so-vocal and angry opinion and that you have an opinion, but I need concrete facts, not opinions, to back up anything I report on this site. It’s the nature of reporting… I report on established facts, and so far IMS is the only one providing concrete facts. If you’d like to provide some of your own, I’d be glad to report on them.
Whether Don Mardak’s days are numbered is questionable at best. By the reports I receive, which are statement of facts and represent real evidence, IMS is doing pretty good. Can you provide evidence to the contrary?
And again, Jason, who are you? Are you a former IMS employee? Are you a former exchange owner that sold to IMS? What is your stake in this?
Thank you for your honesty….Now here is mine..I am not a “Former” IMS employee…Hope you can read between the lines….I will follow up with you as soon as I put together the factual information I have. I do not accuse IMS of anything…But I will reply here first with what I do now and can describe as fact. And like you said, I am sure all you have here is what IMS provides to you.Krista Vardabash was agreat PR person. She had all the boards covered. Always had a reply showing how it is never IMS doing any wrong.She very active on just about every negative post on any website that spoke ill of IMS. I don;t know many public traded companies that have thier only PR person wasting time replying on line to so many local boards.
You ask my stake? Friends, members, employees…and MY FAMILY.
PS..If anyone would like to hear my OPINIONS reply
Jason
Where is this at I want to hear your oppinions
All Ears