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Non-Tech : RAINFOREST CAFE
RAIN 6.240+5.6%11:22 AM EST
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To: Dennis Vail who wrote (3152)9/14/1997 4:08:00 AM
From: Czechsinthemail   of 4704
 
Dennis,

Interesting you mentioned Yogi Berra. I think another of his sayings is particularly appropriate for RAIN: "Nobody wants to go to that place because of the crowds."

Regarding options, you may be right that these guys are not worse pirates than those at other companies, but I think it is a good idea to fire a warning shot over their brow whenever you get the chance. I noticed that the "No" vote on the proposal to add to an option program at another company I own shares in was about 1/3 of the total. That was pleasantly surprising to me and perhaps disturbingly surprising to management. Actually, it isn't the option program per se that bugs me. It is the simultaneous unloading of shares. Essentially, the options become a way of reloading their portfolios that they are emptying through sales. You and I don't have that opportunity, so we invest in the company with greater risk than someone whose effective cost basis is near zero and who is continually being re-staked to new shares. It simply isn't good exemplary leadership.

I understand that for some insiders most of their wealth is tied up in company shares, so selling some off makes sense. But in too many cases it is simply in one hand and out the other. The larger problem is that top executives in this country are overpaid to the point where they develop the expectation that they should be overpaid more. It is unreal. So as a shareholder the best you can do is to cast the no vote as a gesture to stop the insanity.

Baird
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