Chien Li,
If you want to talk about golden parachutes, you should know what you are talking about. In reference to your conversation with yourself (Chien Li to Chien Li) there is an undertone of bladder brained bellyaching. Chien (Dog), you published what is a private and confidential agreement, which would have everyone believe you are an insider. If not, it would be interesting for the rest of us to know where you get this information.
In any event, wake up and smell the green tea and stick to the FACTS : the management you have been referring to is getting what is available under their contract in the case of a change of control. Read the 10-K from left to right and top to bottom, aren't you happy they brought this Company to where it is, and now are willing to put it into the hands of someone who will not steal it or plunder it? Seems like a fair price to move on. In the process, DBC management has also managed to bury the likes of Kuhns and his unhealthy cohort of convicted felons and deadbeat dissidents. (See Kuhns press release of March 03).
By the way, did you ever look at MCGINNIS' PARACHUTE? Obviously not, but for the record, here is the platinum parachute for ECO's CEO;
Five years at base $300K + 5% of ECO net profit average over previous 2 years at $800K, for a total of $5.5MM ++benefits, life insurance, expenses, etc. All this triggered by a change of control, which requires immediate payment combined with indemnifications. On top of that, a $600K loan from Eco. Total package in excess of $7MM, and he is not even a major shareholder as DBC management is in DBC.
Nobody knows what will happen to the balance of managers and hangers on in DBC but if you read the ® filings ¯, as you did for your message, you will become aware of the full impact of the change of control provisions for other managers in DBC.
According to 10K 97 and 96, the main ones Art Galinas of Davie $165 X 5 years, R. Chartier $125 X 6 years, O Despres $150 X 4 years, that's already $2.175. Add the management groupies, leading the charge : the ex general counsel C. Theodoropolos, still on at $150,000 with a 6 year parachute and with no known occupation, plus various and sundry VP's, John Delorme, Ted Shtym and Vito Jorden at $125,000 EACH for a 5 year parachute each, for $2.625. With other juicy and fat expense account benefits TOTAL TOTAL is in excess of $5MM for the balance of Management.
ECO and DBC CEOs have now 2 things in common, they pack their parachute before leaving the tarmac and they report their earnings late ..leaving us poor shareholders flapping our feathers on the way down and hoping for a soft landing. |
