BWAC,
Well. Your response is not exactly related to our original discussion....that Cypress executives did not benefit by stock re-pricing in 1999. You now have new issues to be outraged about.
1) Relative to the Q4 manufacturing issue, I believe that I was fairly candid in the investor forum on that issue...including to your posting. There were NO bonuses given to executives in Q4...even to those executives who had no 'responsibility' in that problem. In addition, there were several significant changes in manufacturing management as a result of that issue...all of which were recorded. And, not incidentally, Cypress did a good job in correcting that problem and in returning the company to strong revenue and earnings growth...which has caused the shareholder value of the company to go up.
2. Relative to the stock loans, I went into a lot of detail in the investor forum on the reason for the loan (to assist in removing some of the 'tainted shares' in order for Cypress to execute a pooling transaction with IC Works at a minimum required sale of previously purchased equity. You should re-read that section. Notice also that the loan was offered to all Cypress employees...and only a very small percentage exercised that offer. If it was such an extra-ordinary deal, don't you think that more Cypress folks would have taken advantage of it?
3) And finally, relative to my 'crowing' about $23 stock price...you obviously missed the point. Al and I had a bet from August 98 about stock price. I was teasing him about the fact that I was winning. If he were ahead, I would have heard the same from him. Sorry if our teasing upset you.
So, that's enough of that. My point is that you are careless with the facts regarding Cypress management. I can appreciate the fact that, for you to be so upset with a company that has finally started to move in a positive equity direction, you must have had to dissolve your position in Cypress at a loss. That's unfortunate...but it doesn't necessarily follow that Cypress management orchestrated this issue, as you irresponsibly and incorrectly stated in a previous posting.
Dan |
