"When asked about he viewed his job performance, Cliff said he felt that he has done the best he can do given an environment of adversarial relationships."

Below is a summary of Cliff Flowers' compensation and the company's performance during the same time. It boils down to this:

$2,833,777 - Total Compensation to Cliff Flowers. That's right, $2.83M in less than 8 years.

$40,620,036 - PTSC's Portion of MMP Revenues during this same period.

($18,553,356) - LOSS in total Assets Value during Cliff's tenure

($160,819,513) - LOSS in Market Cap Value during Cliff's tenure

So basically, of the $40M plus in MMP revenue that PTSC has received during Cliff's tenure, 7% of it went into Cliff's own pocket. That's a $373K per year average.

For that "paltry" compensation, he's delivered a corporate treasury raiding to the tune of $18.5M.

And shareholders have LOST $160.8M in market value, or 41 cents per share on his watch.

Keep in mind, this isn't off of the HIGHS of 2006, but long AFTER that. PTSC had already come down to 45 cents BEFORE he was hired in Sept of 2007.

While I realize there are forces aligned against PTSC's interests, at least 50% of that is of PTSC's own making. PTSC's management has remained REACTIONARY instead of ProActive. Every opportunity to right the ship, or capitalize on positive developments has been squandered by an unwillingness to deal with the root issues when the opportunities were there to do so. At this point, I don't think that is accidental, or poor leadership. Rather, I think it's intentional. A true CEO would realize that this performance is wholly inadequate, and would have turned the reigns over to someone capable of doing better, or at least removed themselves from the situation out of embarassment. Certainly, they wouldn't have made the comment above.

Instead, Cliff provides virtual shareholder meetings, poor to no communication with shareholders, and excuses. But at least he is collecting his paycheck. I hope the Penn State Bursar's office gets better treatment from Cliff than the shareholders that Cliff ignores and to whom he demostrates no feelings of responsibility. Certainly, he can't look back at these statistics and feel any real sincerity in the comments relayed by l2007s. I'd guess he just looks forward to pay day, and feels lucky the music hasn't yet stopped on him without a chair to be found.

Considering Carlton Johnson and Gloria Felcyn share the same legacy, only for less work and a bit less renumeration, I'd echo all of the above to them as well.

Unfortunately for us, those 3 keep their doors locked so the buck can't stop in their office. And then try to act as though it's no big deal, and that it's unavoidable due to circumstances beyond their control.

Actually, even worse, they try to sell a story that's simply a lie, and do so with no conscience and with impunity.