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yoodjee
07-17-07, - 03:08 PM
By LEDEDRA MARCHE

Senior FN Reporter

lededra@nasguard.com

Pegasus Wireless Corpora-tion is reportedly pulling out of Freeport and furniture and equipment are being moved out of the warehouse at night.

The electricity was shut off at the plant on Monday, The Freeport News has learned, and employment numbers have been downsize from 80 to about 18 within the past three weeks.

"Everything is now out of the warehouse. The warehouse is clean," one employee speaking only on the condition of anonymity said yesterday. "No one is saying anything and now we are worried."

In fact, the employee revealed that as of last week Monday, the furniture and computers and other equipment were being moved out.

The telephone service was cut off more than three weeks ago and there has reportedly been no sign of CEO Jasper Knabb in weeks.

Pegasus Wireless Corpora-tion produces hardware and software solutions for broadband wireless networking and Internet access applications.

The company also has a manufacturing facility in China and Taiwan and had transformed a 20,000-square foot warehouse into its corporate office and manufacturing plant in Freeport in January.

After a little hold-up with obtaining his licence, Knabb revealed that he was in the process of hiring an all-Bahamian-staff, some 280 of them, at the plant initially before he expected to move into his own building.

The Pegasus Wireless Freeport plant endured weeks of criticism before its opening after the corporation coming under heavy fire over its performance on the stock market in the U.S. and allegations of political alliance in The Bahamas.

The then Tourism Minister Obie Wilchcombe at the plant opening praised the Pegasus CEO for pulling off what seemed like it would have taken months to build in only taken days.

In February, however, Knabb refuted claims by a former employee that he was mistreating staff and using Grand Bahama's dire economic situation to take advantage of employees.

The allegations came after only two weeks of employment.

The Pegasus CEO also denied charges that the employees were working as casual workers without health insurance, overtime payment, job security or payment to National Insurance.

As a result of the claims, the Department of Labour in Grand Bahama revealed that it would launch an investigation into the company's employment policies.

In May, Knabb closed the plant for two weeks until after the May 2 citing a highly charged political climate at the workplace.

Days later, another former employee alleged the wireless plant in Freeport was in fact a front for a treasure hunting expedition Knabb really came here for.

However, Pegasus employees came to the defence of the embattled CEO.

Since then a number of employees have been released from the company and production is at a literal standstill and workers, after realizing that all of the furniture is gone, are uncertain of their future.

"We came back to work and still nobody is saying anything. Employees are frustrated not knowing whether they are going or coming," the worker said on Monday.

Now the workers are even uncertain if they are going to be paid because they are still reporting for work.

"This is the week they are worried about and seeing that they have reported to work this morning and everything is out, no one is saying anything," the worker revealed.

There were still some at the plant, though a handful, who were employed since its inception.

When The Freeport News team visited the site yesterday, we were told that neither Knabb or Acting Human Resources Manager Chené Williams were on premises and that they were the only two who could talk to the media.

In fact, this daily was informed that employees have made numerous attempts to reach Williams by cellphone who, herself, has not reported for work.

A SHELL — The Pegasus Wireless Corporation manufacturing plant in Freeport is reportedly cleaned out but workers still reported to work yesterday. (Photo by JENNEVA RUSSELL)

chancellor
07-17-07, - 03:22 PM
http://www.morleyspeaks.com/images/faqImages/cautionSign.gif

Caution!.....swinging of Bahamians in progress :voodoo:

Sunnyjohn
07-17-07, - 03:26 PM
I think the drop in the stock caused him to move the entire operation to China to save on labour costs.

Practically every business in the US is being sued. The product reviews did not help the companies bottom line.

casualobserver
07-17-07, - 03:52 PM
No. He's digging holes in the ocean looking for treasure on Stubb's Korean fishing boat!

Sunnyjohn
07-17-07, - 03:53 PM
No. He's digging holes in the ocean looking for treasure on Stubb's Korean fishing boat!



As long as they abide by the fishing limits. LOL!

licks2
07-17-07, - 04:00 PM
I think the drop in the stock caused him to move the entire operation to China to save on labour costs.
Practically every business in the US is being sued. The product reviews did not help the companies bottom line.

The mister had businesses in Tiawan and China before he came to Grand Bahama. His stock went into the toilet after his first batch of C-components recieved such dismal review from the top computer magazine...then wall street did a number on him! And I agree partially...practially all OUR "anchor project" companies are being sued in the US! :shhh:

Sunnyjohn
07-17-07, - 04:05 PM
The mister had businesses in Tiawan and China before he came to Grand Bahama. His stock went into the toilet after his first batch of C-components recieved such dismal review from the top computer magazine...then wall street did a number on him! And I agree partially...practially all OUR "anchor project" companies are being sued in the US! :shhh:

True.

They did expect things to pick up with the stock though. Labour costs in the Bahamas are high and even I was suprised a company in such a rocky state would risk setting up shop in FPO.

Every big business eventually gets sued. The trick is separating rumor from fact before you invest. :D

IMHO, diversification into manufacturing and tech is a good idea (even if Knabb was not right for us).

licks2
07-17-07, - 05:02 PM
True.
They did expect things to pick up with the stock though. Labour costs in the Bahamas are high and even I was suprised a company in such a rocky state would risk setting up shop in FPO.
Every big business eventually gets sued. The trick is separating rumor from fact before you invest. :D
IMHO, diversification into manufacturing and tech is a good idea (even if Knabb was not right for us).

Would agree...right idea for GB...wrong man to do it! Man he realy lookin fer gold in the sea down there...gold digger you might say...LOL!

FoolSeth
07-18-07, - 11:57 AM
Hey folks,

I'm Seth Jayson, a Motley Fool writer and analyst who's been following the Knabb and Pegasus story for quite a while. If anyone on the island (or anywhere else) would like to share anything about what's gone on inside Pegasus, I'd love to hear the story.

Sj

www.fool.com

Sunnyjohn
07-18-07, - 12:11 PM
Hey folks,
I'm Seth Jayson, a Motley Fool writer and analyst who's been following the Knabb and Pegasus story for quite a while. If anyone on the island (or anywhere else) would like to share anything about what's gone on inside Pegasus, I'd love to hear the story.
Sj
www.fool.com
No info,

But Tom Gardner is one kewl dude! Rawr!!! :tup:

I would suggest calling Lededra Ferguson-Marche in Freeport at the Freeport News. She might be able to get you in touch with people on the inside.



Whne you get the story, please let us hear on BI know.

ching357
07-23-07, - 08:04 AM
:tdown: Is everyone forgetting that this was the company Miss. Bridgewater was assiting right before the election.
Did you know that the port never wanted to give this company a license because they thought from than this company was not legit.
But some favors was called in by the then government for the hook-up knowing full well the company was not going to last,but they were under the fasle hope that they would have regain the government here on freeport.
Crooked deal and Pleasant knew about it and was not a secret that she worked for them even assitting with the pay-roll and also contribution in her campaign.
I say to hell with them because there is alot of companys that were going to take advantage of our people like that because of the then government and if they had regain that power,alot of these so call contract are failling.:dgi:

1bigfrog
07-23-07, - 08:32 AM
:tdown: Is everyone forgetting that this was the company Miss. Bridgewater was assiting right before the election.
Did you know that the port never wanted to give this company a license because they thought from than this company was not legit.
But some favors was called in by the then government for the hook-up knowing full well the company was not going to last,but they were under the fasle hope that they would have regain the government here on freeport.
Crooked deal and Pleasant knew about it and was not a secret that she worked for them even assitting with the pay-roll and also contribution in her campaign.
I say to hell with them because there is alot of companys that were going to take advantage of our people like that because of the then government and if they had regain that power,alot of these so call contract are failling.:dgi:

Did the opposition at that time, say anything, or did they just went along too. These crooked politicians on both sides, just selling out our country.

1bigfrog
07-23-07, - 08:34 AM
Hey folks,
I'm Seth Jayson, a Motley Fool writer and analyst who's been following the Knabb and Pegasus story for quite a while. If anyone on the island (or anywhere else) would like to share anything about what's gone on inside Pegasus, I'd love to hear the story.
Sj
www.fool.com

looking around to see if Bahamians does give away free stories...
And thought about the Anna Nicole saga and how Bahamians were charging people for directions to the grave site.

1bigfrog
07-23-07, - 08:35 AM
The mister had businesses in Tiawan and China before he came to Grand Bahama. His stock went into the toilet after his first batch of C-components recieved such dismal review from the top computer magazine...then wall street did a number on him! And I agree partially...practially all OUR "anchor project" companies are being sued in the US! :shhh:

ah well...
no anchor projects for the family islands...I guess they all will have to move to Nassau.

Sunnyjohn
07-23-07, - 09:27 AM
:tdown: Is everyone forgetting that this was the company Miss. Bridgewater was assiting right before the election.
Did you know that the port never wanted to give this company a license because they thought from than this company was not legit.
But some favors was called in by the then government for the hook-up knowing full well the company was not going to last,but they were under the fasle hope that they would have regain the government here on freeport.
Crooked deal and Pleasant knew about it and was not a secret that she worked for them even assitting with the pay-roll and also contribution in her campaign.
I say to hell with them because there is alot of companys that were going to take advantage of our people like that because of the then government and if they had regain that power,alot of these so call contract are failling.:dgi:


Dude,

The company is a legit US company. They had bad reviews over their product some time back and some stock trouble with Knabb that killed the stock prices.

True, Knabb DOES love treasure hunting and MAY have thought he could kill two birds (search for treasure and relocate on of his manufacturing plants offshore) with one stone.

The GB Port? Those rat bazztads ain't nothing but a bunch of crooks themselves, with their hands in every business owner in GBI's pocket!

(DOWN with the PORT! Give Lady St G. her MONEY!)

"Our" people get taken advantage of because they are too foolish to step and start things on their own. Dang worker bees (no insult to the bees)!

Why da hell does EVERY gosh dern thing in these country have to be PLP or FNM? :gi:

*suck teeth*