1) Woodbury's stock ownership is a joke. From a personal interest point
of view, he has far more interest in preserving his $130K per year
job than his pathetic stock ownership. He has the best of both worlds,
his money is invested elsewhere, where it is making solid returns, while
he collects a juicy pay check and benefits for the family. His interest
is in preserving his and Placek's little kingdom while you lose money
on the stock. (Believe me, he's glad YOU own the stock and not him.)
2) The preferred stock issuance is a joke also. "to prevent a hostile
takeover attempt....". Remember people, SHAREHOLDERS WIN in a hostile
takeover. Shareholders get a huge price premium on the buyout.
Guess who loses... you got it; Incompetant Management. And you wonder
why they want to issue the shares. If they needed the shares for an
acquisition, they could put it to a vote of the shareholders AFTER
they make the offer. Then YOU, the shareholder, would be able to make
a fully informed judgement, something that incompetant managers,
trying to protect their exorbitant salaries, might not want you to do.
Still refusing to rationalize........
Yo Yo |
