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Technology Stocks : IATV-ACTV Digital Convergence Software-HyperTV
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To: art slott who wrote (4015)5/21/1999 3:20:00 AM
From: StaggerLee  Read Replies (1) of 13157
 
>>Btw why are the options at the money? Companies also use in the money options particularly on volatile stocks.

ACTV's are all at-the-money or out-of-the-money, cheerleader boy, presumably so they don't have to record compensation expense in accordance with FAS 123 (but I know that's way over your head). If you can't understand the proxy that you approved, politely ask someone before you automatically defend these guys as though you were, you know, clueless.

Appendix B, 4(b): "A stock option represents a right to purchase a specified number of Shares ...at a price which is no less than 100% of the per share price specified in 2(c)."
Appendix B, 2(c): "All awards denominated or made in Shares shall use as the per share price the last sale price of a share of the Common Stock of the Company as reported by the principal exchange..."

Clear enough for you, Art?

These guys sent you a proxy suggesting they were authorizing options, which would have brought in $24 million to the company if they were issued and exercised above $16. Next thing you know you've approved a $24 million dollar share package for management which could theoretically bring in ZERO to the company. You can't defend that, Art. It's indefensible. It's a terrible, awful mistake, and I don't think the impact has set in on shareholders yet.

$24 million is about $.73 a share that we (well, you) may never see as a result of this Plan. That's TEN TIMES the book value of this company, straight into management's pockets. You've given them complete authority to do just that. Give me a freaking break!
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