gnulaw (56.62)

Post Traumatic Grasso Syndrome? Langone Awards $345,000 to Recently Elected GKNT Directors Exercisable in 30 Days at $0.

April 08, 2011 – Comments (1) | RELATED TICKERS: GKNT , BBY , AMZN

As Geeknet reports continuing losses for fiscal 2010 ended December 31, 2010 Kenneth Langone initiates another egregious Grasso (1,2,3) stock option award to his Board of Directors not based on performance. Said $345,240.00 (4) stock option awards were issued at a $0 price and a $26.60/share (5) value exercisable in appx. thirty (30) days on 5/9/2011 the day before the annual shareholder meeting to be held 5/10. Note: Most of Geeknet's directors have been with Geeknet less than one year.

Subsequent Events 

The Langone controlled BoD announced April 5,6 respectively the hiring of former Under Secretary of the Air Force, and principal Deputy General Counsel of the Navy as General Counsel and the former  Vice President, Customer Service Technology Solutions, (NASDAQ:ebaY) to replace Scott Collison, as President of Geeknet's Media division. 

Note: iCade ships in less than 60 days per Thinkgeek (Q2).    

References:

1.(February 6, 2005) February 6, 2005 Grasso denies any excess in $100m pay row. 

2. SourceWatch 

3. (October 18, 2004)  Fortune, THE FALL OF THE HOUSE OF GRASSO.

4. Source: NASDAQ

5. Closing price of GKNT March 31, 2011.