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.
December 24, 2009
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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 off, LNUX'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
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