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gnulaw (51.33)

Geeknet (LNUX) Files SEC FORM DEF 14A - WWE Directors to Assume 42% Control Of Board

Recs

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March 24, 2010 – Comments (1) | RELATED TICKERS: GKNT , BBY , AMZN




Information Regarding the Nominees

"...The term of the three Class I directors, Ms. Present, Mr. Kauffman and Mr. Howe, will expire on the date of the Meeting. Mr. Howe is not standing for re-election to the Board of Directors. Accordingly, concurrently with the Meeting, the size of our Board of Directors will be reduced to seven members..."

The wrestlers now control 42.86% of Geeknet (LNUX) Board of Directors.

 

 

Source: SEC FORM DEF 14A Filed 3/24/2010.

1 Comments – Post Your Own

#1) On April 03, 2010 at 10:03 AM, gnulaw (51.33) wrote:

Disclosure: I am long Geeknet (LNUX). I am voting for both Suzanne Present and Scott Kauffman. I have not purchased any shares for at least six months. I started accumulating appx 2.5 years ago. I will not be accumulating additional shares until there is evidence that Scott Kauffman is working as hard at creating non-insider shareholder value as he is with insider shareholder value. There are some substantive smoking guns with this company e.g.

 

1. Scott Kauffman's conspicuous absence from [any] Investor Relations effort both with existing and prospective non-insider shareholders as well as The Street (in particular) and formal public disclosure of any news, developments, etc., in general. This behavior allegedly places Geeknet (LNUX) as a statistical outlier in the world of Corporate Governance. Something is very very wrong here and goes more to suggesting Scott Kauffman is extremely naive as a CEO of a publicly-held Company. His naivety is contributing to Geeknet (LNUX)'s failure in creating shareholder value and arguably in destroying shareholder value.

 

2. Slashdot's loss of market leadership, share, and continuance as a Web 1.0 Website. See What happened to Slashdot? http://www.topix.com/com/sourceforge/2010/02/what-happened-to-slashdot

 

3. Suzanne Present's endgame. 

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