TED, re director ownership, according to the proxy (as of 3/20/01):
Brock 2,461,346 shares incl. 22,500 in options for 35%
Babb 75,610 shares incl. 11,250 options for 1.1%
Porter 54,209 shares incl. 19,250 options
Keane 18,750 shares ALL OPTIONS
McNeight 18,750 shares ALL OPTIONS
and officers:
Vitale 19,270 shares ALL OPTIONS
Officers and directors as a group control 38.2%.
Excluding Brock, 47% of the shares held by officers and directors are in the form of options, which are likely way out of the money. The outside directors have little at stake here. Of course, that may very well become the justification for granting them a bunch of new options at sub-$1 strike prices.
I find it quite distressing, BTW, that these guys have so little faith in FSTW that, except for Porter I think, these guys are not buying - either in the private placement or in the market - at these depressed prices.
Bob |
