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gnulaw (49.69)

Geeknet GKNT still not public with divestiture to Ziff-Davis (1/2/11) GKNT Board of Directors Awarded $499,775.44* in Bonuses (1/3/11) not based on performance / GKNT earnings.



January 08, 2011 – Comments (5) | RELATED TICKERS: GKNT.DL , BBY , AMZN

Geeknet GKNT  has still not fully disclosed / gone public with divestiture to Ziff-Davis reported here January 02, 2011. On January 03, 2011 the GKNT Board of Directors were awarded $499,775.44* in Bonuses not based on performance / GKNT earnings. 

Geeknet has also not disclosed its alliance with Atari and IONaudio with its iCade iPad Gaming Arcade for release April 2011.

Patricia Morris is still designated as CFO as of January 8, 2011 despite Kathryn McCarthy January 4 start date (See Geeknet Names Kathryn McCarthy as Chief Financial Officer).  Selective disclosure

*Geeknet Board of Directors Awarded $499,775.44 in bonuses not based on performance / GKNT earnings.

Bonus Awards Transaction Date per SEC FORM 4, 1/3/2011, Closing price 24.39

Kenneth G. Langone, 2459 shares, Award $59,975.00

Andrew Anker, 2049 shares, Award $49,975.11

Matt Carey, 2459 shares, Award $59,975.00

Peter A. Georgescu, 2049 shares, Award $49,975.11

Robert M. Neumeister, 2459 shares, Award $59,975.00

Frank A. Riddick III, 2459 shares, Award $59,975.00

Derek V. Smith, 2049 shares, Award $49,975.11

Michael Solomon, 2049 shares, Award $49,975.11

David B. Wright, 2459 shares, Award $59,975.00

5 Comments – Post Your Own

#1) On January 08, 2011 at 11:35 AM, gnulaw (49.69) wrote:

See [Update4] On Sustainable Growth and Insider vs. Non-Insider Shareholder Value Maximization ref/ $6M in bonuses awarded to Offutt, Collison, and the new CFO.

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#2) On January 11, 2011 at 6:53 PM, gnulaw (49.69) wrote:

Massive bonuses not based on performance + non-disclosure of divestiture + non-disclosure of iCade strongly suggests Q4 was a disaster (TK-421?) and Geeknet is holding news to obfuscate their q4 numbers..imoo. SourceForge nka Geeknet has been street and non-insider shareholder hostile since Scott Kauffman became CEO. This did not make sense and drew fire starting with the Trivium Capital Hedge Fund. But it continues under Kenneth Langone arguably suggesting Langone and his partners have been enforcing/dictating this Street and non-insider hostile strategy all along. Story developing...

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#3) On January 13, 2011 at 8:24 PM, gnulaw (49.69) wrote:

Jeffrey Chalmer*s, Controller, disappears from home page along with Patty Morris, ex-CFO...TK-421, ThinkGeek's failed? flagship Christmas product, no longer appears on ThinkGeek home page! Still in-stock and discounted 20%...

* formerly appeared here (through the back-door, may not be here long).

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#4) On January 13, 2011 at 8:48 PM, gnulaw (49.69) wrote:

...and geeknet_Inc hasn't tweeted since November 8th, so much for SourceForge's nka Geeknet grand "Geek" marketing strategy of capturing geek market share...only to dump, (after dumping and arguably their strongest media asset, and namesake

11 Jan via web @scollison Scott Collison

"Great Geeknet Media sales meeting in New York. Lots of smart, motivated people. I'm feeling very good about the future of the company!

 © 2011 Twitter

"Gee Whiz Beav, I'm feeling really swell about next year."

"That's great Wally, here's a $2 million bonus!"

Comment: What about Q4 2010? oooops....#FAIL #FTW

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#5) On January 14, 2011 at 6:03 AM, gnulaw (49.69) wrote:


>>"Gee Whiz Beav, I'm feeling really swell about next year."

>>"That's great Wally, here's a $2 million bonus!" *

>>Comment: What about Q4 2010? oooops....#FAIL #FTW


Comment: What about **,***, slashdot.orgfeedery ***...Q4 2010? oooops....#FAIL #FTW 


* Scott became excited about the future after his $2M bonus?


** "...We have long held SourceForge in high regard," said Scott Collison, CEO of Ohloh. "We are eager to combine our skills and insights with SourceForge's credibility and reach in the open source ecosystem and look forward to joining the SourceForge team..."

*** Note: Geeket disclosed feedery pursuant to a formal press release (full disclosure) but not its divestiture of nor its iCade alliance with IONaudio and Atari.



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