Monday, March 26, 2012

Effecting Change At Manhattan Bridge Capital

On Friday, Manhattan Bridge Capital issued a press release in response to my article from last week titled "More Wonkiness At Manhattan Bridge".

Predictably, the company justified the actions I took issue with. Unpredictably, however, it relented by changing the interest rate at which its CEO will charge the company for loans in the future. Instead of charging the company an annual rate of 12%, the CEO will now charge the company only 6%.

Shareholders can thank me now for saving them 0.0046 cents per share annually! It ain't a whole lot, but good on the company for fixing what appeared to be a conflict of interest.

Disclosure: No position

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