Has eveyone noticed how much the president is getting paid? He was just given an $ 84,000 per year raise, to a new yearly total of $324,000 per year ! And this doesn't include the zillions of stock options he's getting. Warren Buffet is generally not in favor of stock options. What do you think he'd say about this deal? Why?
Why do you think he's taking so much money from the company via a pay check? I have included some innuendos in this post. However, I think they are valid, as to me the pay seems excessive. Again, another yellow flags goes up for me.
From the most recent 10Q, dated September 30, 19987:
<< NOTE 5--SUBSEQUENT EVENTS
The Company's President is employed pursuant to an Employment Agreement expiring on December 31, 1997. The Employment Agreement provides for monthly compensation at the rate of $20,000, with annual increases of 6%. The Company's Board of Directors has approved a new six year Employment Agreement for the Company's President, effective January 1, 1998. The new Employment Agreement provides for compensation at the rate of $27,000 per month, with annual increases of 6%.
In October 1997, the Company's President exercised stock options for 1,333,695 shares of common stock at $0.10 per share.>>
I might also add that I'm not trying to trash this company. I'm just looking at it and saying what I see. If you don't like what I'm saying, or don't agree with me, I hope you take the time to give me your view and why you hold it.
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