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Biotech / Medical : Novametrix Medical Systems, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Wade who wrote (178)	7/1/1999 10:32:00 AM
From: Roland Batson	Respond to of 207

You say, "Another way to make sure he keep(s) his promise is to ask the accountability of the board. They have the power to rate his performance, salary and bonus." Obviously, this IS their fiduciary responsibility. They are failing! Read the SEC filings and you will see that Shulamn and Haythe (best buddies) are two of the 3 "Compensation Committee" members. The 3rd was so new he fell pray to "prior" yesmen practices. The first 2 are in LaC's pocket so to speak. They are in this together. I was at the Annual Meeting when a very irate shareholder stood up and demanded that Lacourciere's salary be frozen till the company performed to a certain level. This may happen, but the shareholders were told they would take it under advisement. Last time LaC and his employees took a cut in pay, he (they) voted him a bonus GREATER than his cut. This was a reward for correcting a problem HE CREATED. The employees never got there original pay rate back. He just did this again, but has yet NOT received a bonus, to my knowledge. MAYBE these posting and the irate shareholders demand HAVE put them on notice. I asked Haythe (company counsel & Director) to look into, and get back to me, changing the Company Constitution so that the Pres is NOT automatically the CEO. I have heard nothing and requested twice feedback. This is why LaC is referred to as baggage - no company wants to "do a deal" with this kind of power remaining with him. Check out the salaries and bonus' for our closest competitor, CDIC. HALF of NMTX - down the line. CEO, COO, CFO. I am telling you this company and their managerial practices are like "fraudulent". I recently heard that hourly employees were asked to work on a Saturday "for the good of the Company". They did but it was taken to the labor board - they won. Mgmt has also demand salaried help to put in as many hours as is necessary "to get the job done". Normal? We this was done, while they watched a select group of UPPER mgmt work "short" days and weeks. In your opinion, has THEIR job been done? You go on further to ask, "What does this mean to you since the board think he had done his job and can not be replaced?" They are gullible and have fallen into his trap. Of course he is replaceable, BUT this brings up another point. Wouldn't a well run company sort of have at least a potential replacement like moving up the ladder. Maybe. No way. This would be too threatening to Lacourciere. Don't ever think that the second in charge, COO Joe Vincent, is a threat. He;s a number cruncher with no idea how to motivate the forces, let alone run a potentially $100MM company. No dynamics, lousy speaker, can't sell, a yesman. Lacourciere has surrounded himself with teammates of less quality than him, yesmen. He historically will trace down every negative employee and find a way to remove them. They live in fear of him, afraid to make suggestions, or correct him, or tell him of his mistakes. My sources here are the employees. I have met several at Annuals and factory tours. Yes some(few) are very loyal, but I have to believe they are new recruits, or possibly overpaid. Obviously I can go on and on and on. My answers are lengthy, but to the point. Sorry. Let's hope that we, you and I, now have a better idea of my background, sources of opinion and information, and that we can stay on track without "second guessing" merit or motives. I appreciate your suggesting ways to fix the problems. Believe me, they have all been tried BUT ONE! Roland PS. What did you think of the Company terminating the ESOP without telling the employees and they not finding out for over a year? Credibility, integrity, scruples? Our leader!