RE:RE:So, Clulow was fired. SURPRISE !!stockman6767 wrote: I doubt strongly that Clulow was "fired," he was more likely eased out. Why do I say that? Because it would be too dangerous for TV to fire him and risk a loose tongue seeking revenge. Clulow was at the center of all the inside information for all of the many last years and knows where all the skeletons are buried. When he "left" he was undoubtedly the recipient of a very comfortable golden parachute to pay for and insure his silence. His testimony would be a gold mine for any lawsuit against LMNL.
stock67:
I find your reasoning counter-intuitive. I discern hardly any need for Structured Alpha to fear Clulow's loose tongue or to buy his silence. How could he testify against the company without incriminating himself? Let's not forget that he was the most powerful member of the board. Power enough to fire a highflying CEO, lifeblood of the company and its founder. We heard not a pipsqueak from any of the other muppets, the simons and the bruces et al because they were looking after their own jobs and their own self interest.
Clulow had a long and successful record at TV and I am sure he left with a golden parachute. That's the way things are done in the corporate world. He probably left with no ill will either; after all it was he who bet a bundle on a horse that he couldn't bring to the finish line.
If you prefer "easing out" to "firing" so be it. You don't hear the term these days unless you're on a reality show where the orange boss likes to scream YOU'RE F____D!!
We can argue here about the ethics and the legality of the structuring which wiped out many investors. I suspect, more than likely, high priced company lawyers pre-emptively ran the plan by the appropriate officers at the TSX and got the nod. Once the TSX gave its public approval Clulow knew all derierres were covered.
If I were ever to run into Clulow on the street (highly unlikely) I would like to ask him how he could bring himself as Board Chair to sign his name on two of the most grotesquely offensive deals;
1) An obscenely bloated compensation package for the new CEO of a company with no earnings which made him the second highest paid ....second only to George Cope of the Montreal based BCE.
2) An an even more offensive package where the self-dealing CEO used company funds to buy his own useless company of which he was the sole director, at a time when scores of employees were getting pink slips right and left.
Cheers