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Technology Stocks : Alliance Semiconductor
ALSC 0.8100.0%Jul 10 5:00 PM EST
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To: Ken Muller who wrote (8240)8/19/2000 10:05:18 PM
From: Madharry  Read Replies (1) of 9582
 
I am reassessing my position with respect to your comments.
I have spent some time reading the proxy as well as the annual report. I do not believe that what the reddy's have done is appropriate either. that come into play. The establishment of this arrangement resulted in compensation of some $10MM on one transaction alone. I certainly think that this type of arrangement requires shareholder approval. Now this is probably a moot point as the directors own some 38% of the stock. but nonetheless this is not a non-trivial issue and should have been voted upon by the shareholders IMHO. The othere issue is one of conflict of interest. If the directors and officers are also making investments in the same companies for their own interests why should we believe that they will be acting in the best interests of the company and shareholders in terms of deciding whether to vote for a company to go public or in terms of timing the sell. Having said that I believe that CMGI has a similar system whereby they compensate their officers with a 15-20% cut off the top. so it might be appropriate to see how venture capital subs of companies comensate their managers.
I still think that this is a terrific investment. I just wish the Reddys would stop acting like small time business owners and act more like managers of a growing Billion dollar + company.
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