RE:RE:Did Peller Plunder Peller? That is an excellent point! Executive compensation below $300 if receiving a taxpayer handout.
I never thought I would be writing about John Peller plundering the company. When I started my journey it was from a place of deep reverence. I admired what generations of what the Peller family had built and accomplished. I went to Peller Estates many times long before I was a shareholder and always left impressed.
I thought, maybe, I was being too harsh as management has mentioned several times the price of glass was a reason for losing so I decided I needed to compare Andrew Peller Inc to another Canadian company that used glass. I also wanted to see if other Canadian Alcoholic Beverage companies gave their retiring CEO a huge gift after losing money 3 years in a row.
This research has already consumed hundreds of hours and I am not finished. I have come to the conclusion that not only is Peller governance bad so is their disclosure. In what world is personal winemaking products the same as bottled wine? The FS and MDA should breakout the revenues and expenses for each. The economic owners of APL have been left in the dark. The family certainly knows things are going to get worse. My bet is new CEO will cut dividend.