RE:RE:RE:RE:RE:Nominations for incompetent CEO of the year awardI feel everyone's frustration. Sadly most contracts ensure full terminarion pay whether is is for cause or not. In reality mot of the Senior Management Team as well as a large percentage of the BoD are responsible for this fiasco and that would probably result in a termination payout of well into the many tens of millions of dollars. Quite frankly, I doubt whether any of them really care if they are terminated - their golden parachutes will set them up for life anyway.
I am waiting for the second shoe to drop. I would think that a divi cut is partially baked in at the moment, however, it really depends on the magnitude it could be anywhere from 50% to 90% depending what they feel is sustainable. I suspect most of the institutional investors have lost confidence in the present Management Team so they have that going against them, then they have the divi cut which is pending as well as Tax Loss season which is upon us so there seems to be more reasons for this to go down further before it goes up. Finally, there is the question if there is further "bad news" that have just not mentioned yet.......since they have been so honest thus far with shareholders its not beyond the realm of possibilities that there is further info pending.
Do I trust these folk - not even a little.
I think it's a good company......it will probably recover somewhat.....just probably not any time soon, and certainly not with this Management Team and current BoD.
Sad but True
GLTA
Rusty