Friday, April 30, 2010

The Libertarian Party Can't Afford Wayne Allyn Root

A month from this coming Wednesday,over Memorial Day weekend, St. Louis, Missouri will host the Libertarian Party's 2010 national convention.

The order of business for that convention includes the election of a new Libertarian National Committee: Officers (chair, vice chair, secretary, treasurer) and five at-large representatives. Regional representatives will also be selected through caucuses of the states composing the regions.

I am supporting and/or endorsing some candidates for some positions, and will probably write an "omnibus" article on those recommendations between now and the convention. This article, however, is dedicated to one candidate, and it is most manifestly not an endorsement.

My case against Wayne Allyn Root for chair is simple and consists of two claims which I invite my fellow delegates to investigate. Those two claims are as follows:

1) Wayne Allyn Root is a liar

When I say that Root lies, I don't mean that he tells inconsequential little "white lies" -- pretending that the Major League Baseball franchise of whatever city he's speaking in is his favorite or whatever. He tells big, ballsy whoppers for his own political benefit ... and he tries to cover his tracks to keep the truth from coming out.

I've specifically and irrefutably documented one of those lies. I've presented the lie itself on video, and I've presented both the still-existing evidence that it's a lie, and contemporaneous references to the parts of the evidence that he memory-holed to cover the lie up. Click here for that evidence.

Having caught Root lying once, I have to wonder what else he might be lying about. I take every statement he makes with a grain of salt. And you should too.

That includes his ... well, equivocal is the nicest way of putting it ... statements regarding his intention to seek or not to seek the Libertarian Party's 2012 presidential nomination. Click here for more on his conflicting utterances.

2) Wayne Allyn Root's record as a CEO is dubious at best

Don't trust me on this. Trust Wayne Allyn Root himself.

As CEO of W Technologies, inc., formerly Global Sports & Entertainment Inc., formerly GWIN Inc., formerly IMSCO Inc., formerly IMSCO Technologies Inc., formerly Winning Edge International, Inc., Root signed that company's filings with the US Securities and Exchange Commission.

Here are some high points from the company's last SEC filing, a form 15-12G ("Securities registration termination") dated October 28th, 2009:

Accumulated deficit: $29,394,197

Stockholder equity: -$936,202

From Note 2 ("Going Concern"): "The Company has no established ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern."

From Note 5 ("Current Portion Long-Term Debt"): "In September of 2006 the Company entered into a $655,000 short term loan with a private investor. ... As of July 31, 2009 the outstanding balance on the note was $538,520. This note is in default. ... On September 26, 2007 the Company amended the existing Laurus Master Fund, Ltd note .... As of July 31, 2009 the outstanding balance on the note was $146,728, and is in default. ... During the year ended July 31, 2007 the Company received two loans from J. Wright totalling $60,000 .... As of July 31, 2009 the outstanding balance on the note was $55,000 and is in default."

The Libertarian Party has been walking a financial tightrope for nearly a decade now.

The chair of the Libertarian National Committee is the party's Chief Executive Officer.

Is this the kind of record we're looking for in a CEO? I hope it isn't.

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