All,
I received a couple voice messages from Investor Relations regarding my last post in deference to the bonuses and salaries as sated in the last 10K. Investor Relations was polite but terse in responding to my post. Respectfully, we do not agree, but I truly appreciate the response and concern to my comments. I know they are equally sincere in their beliefs.
It was suggested I clarify a few things, so in all "verbatim" figure fairness to what was messaged to me from IR, I shall do so. Therefore:
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The bonuses were actually $704,000.
The salaries messaged to me were $714,000 and were broken down as follows:
George Aronsen: $114,000
(I was also informed (not by Investor Relations) Mr. Aronsen, an accountant, holds approximately 1,000,000 shares of CCEE.)
Ed Worman: $116,000
Russ Pellicano: $195,000
Dan DelGiorno Jr.: I was told Dan Jr. didn't take any salary in cash or stock.*
(*There was no mention made if there was any compensation in the form of warrants or options.)
Dan DelGiorno Sr.: The amount wasn't stated but using the above figures the math shouldn't be difficult.
According to Investor Relations and the 10K all bonuses were in the form of common stock subject to forfeiture and/or restrictions if you will kindly refer to the little #4 next to this clause. What those subjected restrictions are I will assume is subjectively subjective.
Investor Relations felt that "all these bonuses, considering what has been done with the company from day one, were not astronomical."
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Now that I've stated what was messaged to me I'd like to ad that my comments in post #9296 were what I deem as a reasoned and sensible reaction to pure and simple observation of performance versus stock price and earnings. They were not, and are not intended to be personally judgmental.
Further, I would like to state that I retract nothing in my observational conclusions and sincerely believe my comments were unbiased and fair. Personally, I've been holding this company for over two and one half years. My paper loss on CCEE is well into the forty thousand-dollar range. This is no small amount to me. I personally know three friends who are at close approximations of negative 58K, 32K, and 13K. The <13K> is a friend to whom I personally recommended CCEE. I'm sure there are many of you out there who have paper loss figures that would dwarf all these numbers.
Please understand this is not sour grapes or whining. This is pure observation on dismal performance and all time lows in the price of the stock in the light of unrealized innuendoes and fatuous press releases. This is also from a shareholder who sees a cold and indifferent upper management without an ounce of discernable empathy with the people who have invested in their company and believed what has been implied over the past two plus years.
Again, I have no problem with six figure incomes (and bonuses) for hard work, innovation, and concentric benefit. However, in the sadly dim light shining from 1995 until today, it's my humble opinion that these bonuses ARE astronomical and undeserved. Any conversation defending such compensation would be circular and unaccepted by this shareholder. Again, we simply, but respectfully, disagree. I say this based on different perceptions of fundamentals and with no personal malice whatsoever.
In spite of this, I still believe in the future of Computer Concepts. Not for what has happened but for what I sense is going to happen with the leadership, respect and noted integrity of people like Jim Cannavino becoming involved to clean up the collective street-perceived, miscreation of past days.
I've been told from sources outside of CCC that d.b.Express is a true
golden product. Once the fools gold perception has faded, the management has phoenixed into a formidable international team, and the shareholders are truly recognized as having an intrinsic value to the full spectrum of fundamentals, I do feel we'll see the blue skies of better days. I believe this is coming.
I wish success to all of us. I sincerely mean that to include upper management down to the people who hold 10 shares of CCEE. Open hands embrace the spirit and will help us bond in the dreams we all hold in our hearts. I look to the horizon and trust it is beginning to show the light that will guide us home to live those dreams.
Onward to the best!
George |
