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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Just_Observing who wrote (94307)4/15/2001 2:42:40 PM
From: patron_anejo_por_favor  Read Replies (3) of 436258
 
<<Current Situation:

Average high-tech company stock down 60 to 70%. Many employee options worthless. Companies desperately need the tax benefit since profits are hard to come by.

Solution: Reprice old options. Issue twice as many new options.>>

Repricing options is perhaps the MOST vile, larcenous corporate compensation device ever invented. What are the point of options grants and ESOP's anyway? At best, they are intended to reward employees (at shareholder expense) for increasing value in their company. Repricing options undermines this intent, and merely robs existing shareholders (in the form of dilution), and rewards poor performance on the part of current management (since repricing is only used when the stock tanks).
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