In what seems like ominous news in the financial saga of Platinum Studios, its employees have agreed to be paid minimum wage “until further notice to reduce the company’s payroll obligations.”
The information comes from a form filed yesterday with the United States Securities and Exchange Commission:
The employees of Platinum Studios, Inc. (the “Company”) have agreed to accept minimum wage cash compensation until further notice to reduce the company’s payroll obligations. Each employee will also be receiving a bonus commensurate with their position in the Company, in common stock, for accepting this payroll reduction. This arrangement will be reviewed on a bi-weekly basis by the Company’s management.
Form 8-K, signed by Platinum CEO Scott Mitchell Rosenberg, is the “current report” companies must file with the SEC “to announce major events that shareholders should know about.”
On his blog, former Platinum creator/defender DJ Coffman puts the news in perspective.
“That last one is really sad to think about,” writes Coffman, creator of Hero By Night. “To think workers at Wal-Mart are making more than people inside Platinum right now? I mean … well, maybe that’s saying a lot on it’s own. At least they are being paid something, because the last I heard nobody was being paid anything at all.”
Add to that the company’s Wowio woes, and its tarnished public image, and things don’t look so … shiny … for Platinum.