Drakes, read the fine print. It's much worse than Marshall laid out. See Below. (BTW: I disagree with your assessment of the value of the Race technology; it's worth quite a bit more in my view, provided it's in the hands of an organization that can market worth a damn.)
Marshall, you are full of it. Your fully diluted share count is way low; a more realistic number when all is said and done is more like somewhere around 25 million shares.
My calculation:
If transaction share price is $4 OR LESS: the Bozo management team gets a bonus = total shares * selling price per share less 'threshold amount'. My estimate of the 'bonus' at a $4 selling price is: (4% * ((25 mill shares [fully diluted] * $4/share - $48.1 million)) ), which equals 4% of $59.1 million or $2.4 million.
If transaction share price is $8 or MORE: the Bozo management team gets a bonus = total shares * selling price per share less 'threshold amount'. My estimate of the 'bonus' at an $8 selling price is: (8% * ((25 mill shares [fully diluted] * $8/share - $48.1 million)) ), which equals 8% of $151.9 million or $12.1 million.
Notes:
* Marshall 'capital raised' has nothing to do with revenue. Lay off the ponies and go take an accounting class if you are going to invest.
Your ignorance is disgusting.
* The '$4 or less' means the Data Race management team gets a bonus for selling the company even at less than current market price. Wasn't the stock @ $10 when Barker became CEO.
* Maybe my calculations are wrong but, if not, these scumbags get to split $12.1 million if they sell the company at $8/share??? Again, that's less than the price when Barker became CEO. It's also less than many of us bought race at. That should be criminal. Anyone want to pursue a class action lawsuit?
* Notice that they way this bonus is arrived at, they trivialize the impact of all the lousy financings had on shareholder dilutions? If they wanted to pay themselves a bonus for selling the company for more than the stock was at during the 4 years Barker was CEO than great. But basing it at 'gross transaction price' doesn't take into account all those extra shares they issued.
Fellow Race shareholders, this is a screw job. We shouldn't put up with it.
(Marshall, before you refute what I posted above, think for a moment what putting this plan in place means: Barker, Skalla, et. al just put in place a golden parachute to benefit themselves (at the expense of shareholders) that gives them wealth when they weren't able to create such wealth for shareholders. They should be ashamed. I, for one, will not let this pass without a fight.
(Note to all: I banged this message out in a burst of anger; if there are typos, math errors or things I'm not understanding on a quick read of this, my apologies.) |
