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gnulaw (51.33)

Geeknet (LNUX) In Perspective: Is Geeknet nothing more than a Refuge for the Unemployable? Shareholder Value Hostile and Challenged Company Continues to Close Below Liquidation Value.

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December 24, 2009 – Comments (9) | RELATED TICKERS: AMZN , BBY , GKNT

 

Ideally Kauffman and the Geeknet Board of Directors should have wholly-owned subsidiary, ThinkGeek, on track for a 2010 IPO if they 1. understand the criticality of timing viz-a-viz both ThinkGeek's brand equity and the IPO market climate and 2. are actually interested in maximizing LNUX shareholder value (both insider and non-insider).   

But what should be and reality have been diametrically opposed with this shareholder value hostile and challenged management team over the past 12 months, i.e. coincident with the hiring of Scott Kauffman in December 2008.

 

Let's additionally review the... 

Issues of Fact: or What's wrong with this picture?

Management just reported a disastrous Q3 ending September 30th for their media division and issued multiple warnings in their 10-Q from fleeing management to NASDAQ delisting, however, contemporaneous with those warnings, Suzanne Present, one of LNUX's Board of Director's was aggressively accumulating LNUX common and now owns 26.6% of Geeknet. And why did Yahoo! allegedly delete only messages associated with Suzanne Present? 

Why hasn't and isn't Geeknet aggressively attending Analyst meetings and investor conferences laying the groundwork for a (NASDAQ:G33k) IPO? There is something clearly wrong with this picture.  Sobel left, Turk is laid offLNUX's General Counsel is made CTO, and Geeknet's Head of Corporate Development and Chief Product Officer is relaying how he has time to read about  stories which chronicles the clash of classes within contemporary Pakistan and, with all due respect, never having read the business section...

"...I believe _In Other Rooms, Other Wonders_ is the best book I have read this year.http://inotherrooms.com/

2:46 PM Dec 23rd 

from webI never read the business section in the Sunday paper.

3:00 AM Dec 21st from web..." Source: Scott Collison, Twitter

 

... accordingly brace for pending class action litigation against the Board, [current, past] Officers, and controlling shareholders for cause?

 

/s/chaosUnplugged, Non-Insider Shareholder Activists, #1 Score Leader Motley Fool Red Hat Pick 

References

1. SourceForge (LNUX) - Entire Company Parties in Chicago as LNUX Closes Near Liquidation Value

2. Is SourceForge.Net in IBM's Sites With Latest DeveloperWorks News?

3. Geeknet (LNUX) Is Scott Kauffman setting up a sale within 60 days* as a quid pro quo to his past?

4. Follow the Money:Gladwyne/Sams (Present/Sileck) SourceForge (LNUX) Control Exceeds 22%* (shares) 28% (Board)

5. Geeknet (LNUX) - Large Institutional 13D Shareholder Put Pressure On Board Demanding to Unlock Value. Where is Geeknet now 21 Months Later?

6. Geeknet (LNUX) Insiders Hold More than 25% of Outstanding Shares After Acquiring Another 1 Million+ Shares Today. Amazon Takeover? Going Private? Or What?

7. Geeknet (LNUX) - What did Tesla's Jonathan Sobel Know and When Did he Know it? Should Tesla's Imminent IPO be Accordingly Delayed Pending FINRA/SEC investigation?

8. SourceForge (LNUX) Scott Kauffman's 5-step Shareholder* Value Creation Process Model

9. SourceForge (LNUX) Website Promoting Jon Sobel as Current Group President Media as Shares Continue to Slide below 50-100-200 MA

10. SourceForge CEO Kauffman's "ADS" Strategy ADdS Up To Zero, Losses Mount, Key Exec Leaves

11. SourceForge (LNUX) crashes through its 50 Day Moving Average - Group President Media Departs Tomorrow

 

9 Comments – Post Your Own

#1) On December 24, 2009 at 10:32 AM, chk999 (99.97) wrote:

Given that the whole open source movement is against corporate profit, why would a company started from that movement be friendly to shareholders?

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#2) On December 25, 2009 at 9:28 AM, gnulaw (51.33) wrote:

If I were Collison I would be looking at acquiring Logical Awesome / Github.com http://www.alexa.com/siteinfo/github.com?p=tgraph&r=home_home, ohloh journal twitter integration https://www.ohloh.net/forums/3491/topics/4173 ... these thought processes would maximize LNUX sustainable growth better than pondering and pontificating about contemporary Pakistan class clashes...at least not while Rome is burning. I'm just sayin...

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#3) On December 27, 2009 at 4:25 PM, gnulaw (51.33) wrote:

Additional Shareholder information:

Scott Collison, Geeknet (LNUX) Head of Corporate Development and Chief Product Officer 

Facebook http://www.facebook.com/profile.php?id=614952287 

 

Lee Schlesinger, Community, SourceForge.net http://twitter.com/leeschlesinger 

http://sourceforge.net/users/leeschlesinger 

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#4) On December 27, 2009 at 4:45 PM, gnulaw (51.33) wrote:

To any analyst, institution, fund, sophisticated investor performing any level of Geeknet (LNUX) due diligence there will arguably be a substantive red flag raised when looking at Scott Collison who was recently promoted to Head of Corporate Development and Chief Product Officer. 

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#5) On December 27, 2009 at 4:54 PM, gnulaw (51.33) wrote:

Geeknet (LNUX) desperately needs only one Hubert Thieblot http://caps.fool.com/Blogs/ViewBlog.aspx?t=01005232244381733972 and not more Che Guevara's on acid.

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#6) On December 27, 2009 at 5:09 PM, gnulaw (51.33) wrote:

[CORRECTION]  and not more [alleged] Che Guevara's on acid.

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#7) On December 27, 2009 at 5:56 PM, gnulaw (51.33) wrote:

[CORRECTION] and not more [alleged / perceived] Che Guevara's on acid viz-a-viz facebook, Twitter, et al posts by fiduciary officers / employees of a publicly-held company pursuant to Sarbanes-Oxley, U.S. SEC Rule 10b-5, et al.

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#8) On December 27, 2009 at 6:09 PM, gnulaw (51.33) wrote:

[CORRECTION] and not more [alleged / perceived] Che Guevara's on acid viz-a-viz facebook, Twitter, et al posts by fiduciary officers / employees of a publicly-held company pursuant to Sarbanes-Oxley, U.S. SEC Rule 10b-5, et al.

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#9) On July 10, 2010 at 8:21 AM, gnulaw (51.33) wrote:

>>10. With all due respect Matt Sweeney was effectively unemployed when hired (and worse?) (incl comments 1-5). 

Matt Sweeney's background is exclusively media revenue. Geeknet's revenue breakdown for q1 ending March 31 2010 was 70.74% eCommerce. Media revenues accounted for 29.26% of total revenue. eCommerce revenues increased by 59 percent in the first quarter of 2010 as compared with the same period last year. Accordingly, why hasn't Geeknet (LNUX) brought on a senior level executive from Best Buy or Amazon.com as Chief eCommerce Earnings Officer of Geeknet or COO of ThinkGeek?

>> 10. With all due respect Matt Sweeney was effectively unemployed when hired (and worse?) (incl comments 1-5). 

Reference: Falling Revenues Sends Ziff-Davis into Bankruptcy 

Source: (June 12, 2010)  Geeknet (LNUX) Smoking Guns or An Open Letter to the Geeknet (LNUX) Management and Board of Directors.

 

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