Mega Brands Inc MBLKF

money is flowing

[savinfamily]

Mega Brandsleaders are filing their pockets
After abrush with bankruptcy and a painful restructuring of their business, MegaBrands leaders didn’t hesitate to grant themselves very generous bonuses.
That’s whatwe learnt from the proxy statement, released for the next annual meeting ofshareholders. CEO Marc Bertrand’s compensation increased from 794000$ in 2009to 3 M$ in 2010 and CIO Vic Bertrand‘s jumped from 674000$ to 2.2 M$.
Thesespectacular pay rises are partly attributable to the granting of buying options(1.4M$ for Marc Bertrand and 927000$ for Vic Bertrand). Other leaders have hadtheir compensations increased. For example, CFO Peter Ferrante’s compensation morethan doubled to reach 538000$.


source: https://argent.canoe.ca/lca/bourse/quebec/archives/2011/04/20110422-180105.html

[JDEVR]

Nothing short of disgusting. Thanks very much Super Bertrand Bros. It's ok to screw the retail shareholder.Please continue to do so. I hope someone rips into them at their Annual Meeting.

[jameslast]

No wonder the SP has been sliding down in spite of a turnround 2010 annual report. The company just started to come out of a near-death experience, the Bertrans Brothers couldn't wait taking the razor-thin profits into their own pockets. What a shame!!

[FFHWatcher]

Probably not the best compensation plan that I have seen but also not entirely as bad as what a few others wrote.  Approx. 50% of both Bertrand bros. compensation was in the form of options and Share Unit Awards.  Keep in mind that the Bertrands contribute 33% and 27% (Marc and Vic) of their base salary into the purchase of stock option grants over the next 3 years and those options vest

[FFHWatcher]

Did Vic Bertrand holdings used to be valued at $180M (7-8M shares x $25) ?  Ouch.

[nerzaa]

that sounds about right. as general stockholders got diluted into oblivion, so did the bertrands; dad built an empire, children ran it to the ground, fairfax and others picked it up at peanut price.

[jjsto]

Uh, I am not sure fairfax "picked it up at peanut price." My understanding was that they were only bond holders before the sons ran the company into the ground.  They then became large shareholders due to the restructuring.  The restructuring with the capital injection must have seemed more attractive than what their bonds would have been worth in a bankruptcy scenario since