­

Whitney rumors Lately, I have received a number of reports of big changes in Russ Whitney' world. One was about layoffs and Whitney confirmed them with a corporate news release. See my article on that at WhitneyOctober.html. However, the emails continue to tell me there is more. I reported on the layoffs as soon as I was able to confirm them. Same is the policy with the others. I am not interested in becoming a gossip columnist. I am even less interested in Russ Whitney, whose life I find sordid and depressing. However, Russ Whitney keeps filing lawsuits against me"”lawsuits that say he is going to take away my life savings. So I am forced to continue to investigate him to defend myself and my family. Information about Whitney is relevant to my defense if it proves he is a bad guy because many of his suits against me basically say he is a good guy and that he is being hurt by my "lying" about what a great guy he is. Also relevant to the litigation is information that indicates Russ Whitney does not tell the truth, for example, about how successful he has been or is. I am also interested in information that helps real estate investors and would-be real estate investors make informed decisions about whether they want to do business with the guy. The subjects I am hearing about"”in a spate of emails that have arrived in the last few weeks"”are: "¢ high-level Whitney Information Network, Inc. executive changes (CFO resigns) (Director resigns) "¢ Russ Whitney' pesonal life "¢ the amount of cash held by Whitney Information Network, Inc. (Their "Cash and cash equivalents" were $14,916,211 on June 30, 2004 according to an unaudited Form 10-Q filed with the SEC. It dropped to less than $9 million for the quarter ended 9/30/04. The amount of cash also recently went down by millions because, to quote their SEC Form 8-K on the subject, "On May' 25, 2004, [Whitney Information Network, Inc.] paid in full a promissory note in the amount of $3,750,000 plus interest of $226,455 to Russell A. Whitney, its Chairman and Chief Executive Officer." The Form 8-K says they did not have to pay it off in full until 2009, but they paid it off early because it had a higher interest rate than they were earning on the cash.) Again, I need confirmation to write about this stuff: court documents, SEC filings, news reports, reliable sources who are willing to go on the record, etc.. Copyright 2004 by John T. Reed John T. Reed, a.k.a. John Reed, Jack Reed, 342 Bryan Drive, Alamo, CA 94507, Voice: 925-820-7262, Fax: 925-820-1259, www.johntreed.com

Log in to comment
­