Re: BOD piece of the pie.
posted on
Jun 07, 2013 02:07AM
"They made it possible to sustain the company through out these turbulant times, and enabled you to buy stock in what is soon to be a very promising company.
I bet you would like to be in their shoes and have those stock options yourself."
I agree with most of what you say in most of your posts, but ......
I have had options and grants and bonuses in several companies and did very well from them. But I EARNED them and was a key player in increasing shareholder value. I worked nights and weekends leading mission-critical and bet-the-company technology design and development projects for thousands of concurrent end-users in a competitive marketplace. I managed departments of more than 100 people, in multiple locations and with multiple cultures. I was paid well compared to peers and achieved success by using my skills, knowledge and experience.
The BOD have done none of this but have taken a lot of company money into their pockets (while one of them allegedly shares his time with a few other companies and a job out of state) and have also managed to make disappear hundreds of millions of dollars on ill-advised acquisitions and investments while bragging about their expertise in the very fields in which they have failed us. Losing $200M or so is equivalent to 50c a share. I would have liked to have had THAT for myself. Please don't reiterate Gloria's comment about selling at $2+ - I believe it was only Cliff who said PTSC was too risky, while his predecessors plotted and planned and expected growth.
Why am I still 'long'? Because I believe MMP and thus PTSC will succeed in spite of the shareholder-despising BOD, not because of them. Otteson is, hopefully, our savior so long as he can work around mistakes of the past and the BOD doesn't come up with new schemes to prevent shareholders from finally seeing a decent ROI.
Just my 10.5 cents worth.
Apologies for the formatting. Blame Apple for not copying the Samsung text editor !!