-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Vr+C+ysD2g7iQl6oVZOHGbfu9HTojjRPPByhb/YouHPmTnn9oKEDGWvn7p8O9gIx 8LOeLz/vXW6nlLkR9/rkMA== 0001458003-09-000015.txt : 20090312 0001458003-09-000015.hdr.sgml : 20090312 20090312155848 ACCESSION NUMBER: 0001458003-09-000015 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20090312 DATE AS OF CHANGE: 20090312 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Rankich Greg Scott CENTRAL INDEX KEY: 0001458003 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: BUSINESS PHONE: 425-269-8046 MAIL ADDRESS: STREET 1: 21720 NE 181ST PL CITY: WOODINVILLE STATE: WA ZIP: 98077 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL EMPLOYMENT ENTERPRISES INC CENTRAL INDEX KEY: 0000040570 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EMPLOYMENT AGENCIES [7361] IRS NUMBER: 366097429 STATE OF INCORPORATION: IL FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-40677 FILM NUMBER: 09675694 BUSINESS ADDRESS: STREET 1: ONE TOWER LANE STREET 2: SUITE 2200 CITY: OAKBROOK TERRACE STATE: IL ZIP: 60181 BUSINESS PHONE: 630-954-0400 MAIL ADDRESS: STREET 1: ONE TOWER LANE STREET 2: SUITE 2200 CITY: OAKBROOK TERRACE STATE: IL ZIP: 60181 FORMER COMPANY: FORMER CONFORMED NAME: OSHEA CHARLES M CORP DATE OF NAME CHANGE: 19670413 SC 13D 1 grankich.txt GREG RANKICH 13D CUSIP No. 369730106 - -------------------------------------------------------------------------------- 1. Name of Reporting Person GREG RANKICH - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [_] NOT APPLICABLE (b) [_] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) PF - -------------------------------------------------------------------------------- 5. Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [_] - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization UNITED STATES - -------------------------------------------------------------------------------- Number of (7) Sole Voting Power 317,848 Shares ____________________________________________ Beneficially (8) Shared Voting Power 0 Owned by ____________________________________________ Each (9) Sole Dispositive Power 317,848 Reporting ____________________________________________ Person With (10) Shared Dispositive Power 0 - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned 317,848 by each Reporting Person - -------------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes [_] Certain Shares - -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 6.15% - -------------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) IN - -------------------------------------------------------------------------------- ITEM 1. Security and Issuer Common stock of General Employment Enterprises, Inc., One Tower Lane, Suite 2200, Oakbrook Terrace, IL 60181. ITEM 2. Identity and Background Greg Rankich of 21720 NE 181st PL, Woodinville, WA 98077, a natural person and United States citizen, is engaged as a private investor. He has not been convicted in a criminal proceeding (excluding traffic violations or other similar misdemeanors) in the last 5 years, and has not been a party to any proceedings, or subject to any judgments or enjoinments, related to violations of state or federal securities laws in his lifetime. ITEM 3. Source and Amount of Funds or Other Consideration Personal funds in the aggregate amount of $88,851.04 have been used to effect the purchases. No part of the purchase price represents borrowed funds. ITEM 4. Purpose of Transaction Although observing and tracking General Employment Enterprises plight for years, Mr. Rankich only recently began acquiring shares on 2/12/2009. As of March 11, 2009 he now holds 317,848 shares of common stock. Based upon the latest publicly available information, the present holding places Mr. Rankich as the 2nd largest outside shareholder with 6.15% of outstanding shares owned. Mr. Rankich is the CEO/President/Co-Owner of a consulting and staffing firm headquartered in the state of Washington. For the purpose of this transaction, he is engaged as a private investor. Mr. Rankich currently has no interest in merging his firm into General Employment Enterprises nor acquiring General Employment Enterprises. If General Employment Enterprises is interested, Mr. Rankich would be willing to provide guidance and/or collaboratively engage with current management and/or Board of Directors, to help support the return of General Employment Enterprises to a profitable and growing company it has the potential to be. Mr. Rankich has been in accumulation mode and has not approached or engaged with General Employment Management or the company?s Board of Directors. He does not currently seek to exceed 10% ownership of outstanding shares nor is part of any group of shareholders. While not the largest shareholder of the company, Mr. Rankich does feel that his ownership may provide him an opportunity to work with General Employment Enterprises management in providing guidance, feedback, and learning that could be beneficial to the company. With an extensive background and experience in successfully building and growing a successful and profitable consulting & staffing firm, Mr. Rankich, if asked, could provide invaluable insight and business processes that could help General Employment Enterprises reverse their current course of market and financial losses. As an outside observer, Rankich is compelled to provide the following basic recommendations which would improve the current financial stability of the company and position the company for long-term growth and prosperity: 1- Restructure the CEO?s pay. $543,000 per year is a gross overpayment for the CEO based on the historical success and growth of the company. Current revenue and profitability of the company dictates a salary in the $125,000-$150,000 per year range, not $543,000. 2- Replace Long-time Board members with Independent Directors who will take decisive action to help improve General Employment Enterprises? long term viability as a company. 3- Remove the current "POISON-PILL" OR shareholder rights plan. The current plan limits the potential shareholder value that could be recognized. 4- Remove commission advancements and implement an industry standard approach of providing commission as earned. This would increase company cash flow as well as minimize charge backs and general overhead. 5- Leverage economies of scale to reduce overall recruiting costs, job board posting, and general and administrative expenses. 6- Most importantly, as it currently stands, the CEO?s employment agreement and its severance benefits greatly hampers the company's ability to fully maximize shareholder value. Restructuring the agreement with incentive-based compensation would improve overall market and shareholder confidence in management/Board of Directors. Mr. Rankich has acquired the shares of General Employment Enterprises for investment purposes, as he believes the company is undervalued currently and that greater value could be achieved if necessary steps were taken by the Board of Directors. Mr. Rankich may, at any time, acquire additional shares in the open market or otherwise while reserving the right to dispose of any or all of his shares in the open market or otherwise. ITEM 5. Interest in Securities of the Issuer As of the close of business on March 11, 2009, respondent has sole voting and dispositive power over 317,848 shares of General Employment Enterprises, Inc.'s common stock. According to the company's latest 10-Q filing, as of December 31, 2008, there were 5,165,265 common shares outstanding. Respondent is thus deemed to own 6.15% of the company's common stock. Transactions effected by the respondent in the 60 days prior to the March 3, 2009 "trigger" date, through March 11, 2009, were performed in ordinary brokerage transactions, and are indicated as follows: 3/11/09 bought 200 shares @ $0.32 3/11/09 bought 800 shares @ $0.34 3/10/09 bought 200 shares @ $0.34 3/10/09 bought 600 shares @ $0.32 3/10/09 bought 1000 shares @ $0.37 3/10/09 bought 1500 shares @ $0.39 3/10/09 bought 4700 shares @ $0.38 3/10/09 bought 5800 shares @ $0.30 3/10/09 bought 7600 shares @ $0.36 3/9/09 sold 2500 shares @ $0.36 3/9/09 bought 300 shares @ $0.31 3/9/09 bought 2700 shares @ $0.30 3/6/09 bought 200 shares @ $0.30 3/6/09 bought 100 shares @ $0.35 3/6/09 bought 200 shares @ $0.32 3/6/09 bought 701 shares @ $0.24 3/6/09 bought 1200 shares @ $0.36 3/6/09 bought 1200 shares @ $0.31 3/6/09 bought 1800 shares @ $0.29 3/6/09 bought 4600 shares @ $0.27 3/6/09 bought 5400 shares @ $0.25 3/6/09 bought 4600 shares @ $0.33 3/4/09 bought 200 shares @ $0.38 3/4/09 bought 800 shares @ $0.39 3/4/09 bought 1900 shares @ $0.37 3/4/09 bought 2600 shares @ $0.35 3/4/09 bought 7000 shares @ $0.36 3/3/09 bought 100 shares @ $0.39 3/3/09 bought 1400 shares @ $0.40 3/3/09 bought 5500 shares @ $0.37 3/2/09 bought 200 shares @ $0.32 3/2/09 bought 2700 shares @ $0.35 3/2/09 bought 3900 shares @ $0.30 3/2/09 bought 10200 shares @ $0.33 3/2/09 bought 31200 shares @ $0.34 2/27/09 bought 100 shares @ $0.33 2/27/09 bought 200 shares @ $0.36 2/27/09 bought 400 shares @ $0.35 2/27/09 bought 1400 shares @ $0.34 2/26/09 bought 260 shares @ $0.34 2/26/09 bought 650 shares @ $0.31 2/26/09 bought 2240 shares @ $0.33 2/26/09 bought 9900 shares @ $0.32 2/26/09 bought 5247 shares @ $0.30 2/24/09 bought 10000 shares @ $0.31 2/24/09 bought 4900 shares @ $0.32 2/23/09 bought 100 shares @ $0.27 2/23/09 bought 100 shares @ $0.26 2/23/09 bought 200 shares @ $0.28 2/23/09 bought 600 shares @ $0.30 2/23/09 bought 1200 shares @ $0.33 2/23/09 bought 18000 shares @ $0.25 2/23/09 bought 11200 shares @ $0.32 2/20/09 bought 200 shares @ $0.27 2/20/09 bought 100 shares @ $0.28 2/20/09 bought 200 shares @ $0.33 2/20/09 bought 1001 shares @ $0.32 2/20/09 bought 2450 shares @ $0.30 2/20/09 bought 2100 shares @ $0.34 2/20/09 bought 2549 shares @ $0.35 2/20/09 bought 4300 shares @ $0.31 2/20/09 bought 13800 shares @ $0.25 2/19/09 bought 100 shares @ $0.25 2/19/09 bought 100 shares @ $0.24 2/19/09 bought 199 shares @ $0.29 2/19/09 bought 450 shares @ $0.23 2/19/09 bought 800 shares @ $0.29 2/19/09 bought 1800 shares @ $0.27 2/19/09 bought 5102 shares @ $0.30 2/19/09 bought 8799 shares @ $0.28 2/18/09 bought 22100 shares @ $0.21 2/17/09 bought 50000 shares @ $0.20 2/12/09 bought 24400 shares @ $0.20 ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer Not Applicable ITEM 7. Material to be Filed as Exhibits Not Applicable SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date 03/12/09 Signature /Greg Rankich/ Name/Title Greg Rankich, Private Investor -----END PRIVACY-ENHANCED MESSAGE-----