joshua-b,
I'm not familiar with your background or how long you may have been following CCC. I noticed you have made a couple of comments on CCC and one on SWRX since March.
Assuming you haven't been through the "wars" with this stock since 94 or so, I have pulled a couple of paragraphs from their most recent 10k which I feel shows how the company views the officers versus the shareholders. If you look over the past 3 years 10k's you will find the officers have been very well taken care of by the BOD. The stock price and earnings from ongoing operations inside CCC certainly do not in my opinion warrant the treatment they have received. BTW, did you attend either of the last two shareholder meetings? Probably not if you have a family or a life.
Keep in mind this management team has pushed through two 1 for 10 reverse splits over the past 6 years resulting in the robust stock price you see in the market today. They have announced various agreements, joint ventures, alliances, and purchases etc., none of which I can tell amounted to profitable earnings save that of SWRX, and their ownership in that stock seems to be diminishing at a rapid rate.
Anyway, all I can say is do your DD very very carefully. I have CCC stock that won't break even until the market price is over $40/share. Unfortunately I don't have access to the repriced options the insiders do.
<FN>
Footnotes
(1) In June, 1997, D. DelGiorno, Sr and D. DelGiorno Jr each had 60,000 stock
options (originally granted in 1995) repriced from $15.00 to $.10 (since
exercised). In October, 1998, D. DelGiorno Sr and D. DelGiorno, Jr each had
68,100 stock options ( originally granted in 1995) repriced from $5.00 to
$2.00 (see note 6).
(2) In April, 1998, Mssrs. Del Giorno, Sr, DelGiorno, Jr, Aronson, Pellicano
and Warman were each granted securities subject to vesting conditions
(since met) expiring December 31, 2000 and/or options during 1998 reflected
in the Bonus and/or Securities underlying options/SARs columns, which
include the following option grants which were exercisable at prices
ranging from $4.00 to $6.00 per share: 190,000, 350,000, 150,000, 25,000and
25,000 respectively. These options were repriced to $2.00 in October, 1998.
(3) Mr. Warman was granted the right to 8,000 options in 1994 which vested @
2,000 per year in 1994,1995,1996, and 1997, exercisable at $15.00; 20,000
options in 1995, exercisable at $5.00; and 20,000 shares of common stock in
November, 1996. All of Mr Warman's options were repriced to $2.00 in 1998,
when the market price was $1.75 per share (see note 6).
(4) Mr. Aronson was granted 2,500 options at $5.00 in November, 1995, which
were repriced to $0.10 in June, 1997. (Since exercised).
(5) Bonus amounts reflected above for the years ended December 31, 1997 and
1996, were in the form of stock options and the Company's common stock,
which were subject to forfeiture and /or restrictions, except for shares
valued at $172,000 and $28,000 issued to Dan DelGiorno, Sr and George
Aronson in 1996, respectively.
(6) This column includes the number of options granted, in the year of grant
and excludes options repricings. Certain options were repriced in 1997and
all employee options were repriced to $2.00 per share in 1998. (Except for
any options which have an exercise price below $2.00)
(7) Bonus' granted in 1998 for Messrs. DelGiorno, Sr., DelGiorno, Jr and
Aronson were in the form of restricted shares of Softworks common stock.
(8) In October, 1998, Mr. Pellicano had 10,000 options (originally granted in
1995) repriced from $15.00 to $2.00. |
