OopsI woke up in a cold sweat last night because I realized I'd made a mistake with my calculation as to the per share take Boynton made over the past two years. It should have read $.06, not $.60. I guess I have no choice now but to accept the offer from Torstar to become their next CFO....
Even with that admission, my thesis remains the same. A shareholder two years ago paid $1.87 for a share that is now worth $.84 while Boynton and his gang of Bandidos have been taking salaries and bonuses that are completely disconnected to the performance of the business. You would have to wonder what the delta in bonuses would be if the company was actually making money?
If Torstar had hired someone like John Chen at BlackBerry to lead the turnaround you would understand the compensation levels. Boynton has never run a business nor led a turnaround of anything. DeMarchi would not be qualified to be CFO of a JiffyLube franchise. The salaries and bonuses are divorced from the economic realities of the business and a Board with any grasp of the situation would have put a stop to this years ago. This is what happens when you have a chair that doesn't understand business and has no appreciation for shareholder value.
Unfortunately, the "transformation" fraud will continue until the last dollar is drained into the pockets of the Board and Boynton and company. I would encourage/recommend those enrolled in the DRIP to pull out of the program to accelerate the depletion of cash. It is the only way to slap some sense into the addled minds of the Voting Trust members.