Gary,
You make some very good points and I'm sure it is easier now that you are on the outside looking in. We all get way too emotional with our investments sometimes. I am not too overly concerned about bankruptcy though - they are a long way from that possibility and one bad quarter doesn't necessarily mean a trend has developed. I agree with TK in that I'm willing to wait and see what Mr. Hilliou has to offer.
As far as the salaries, JTO has increased from $77,500 to $100,000, and Mr Henry's 77,500 has been terminated. Mims has gone from $83,328 to $250,000 which may have been established last year with the acquisition (the $83,328 might represent the prorated portion for 97) and Hilliou's CEO salary will be $225,000. I don't know what Harrison's $125,000 was increased from if at all. I can't figure out why Mims will be making more than the previous and current CEO, something that could be brought up at the meeting.
My real problem lies with Wilson's. His contract was revised in 1996 at the $225,000/yr thru 9/30/02 so the ink has been dry on that one for some time but it could be bought out. I don't know the man, never met him, never talked to him, I'm sure he is a nice person, but boardrooms all over America are haunted by the ghosts of CEOs like him. I know he started the Co. and for that I give him credit but when he took it public he took on a fiduciary responsibility to those who invested with him. Somewhere between Fla. and S.C. he breached that relationship and I really think he should go. Maybe the people below him made the mistakes, I don't know, but he was/is still responsible for their actions. I would not buy him out with cash though, I would give him stock - that way if things don't improve he will suffer with the rest of us and if things get better, well, who cares (gg)
I have this strange urge to sign off with "Live, Long & Prosper"
Gary |
