[Update1] Did Geeknet Directors Plunder Geeknet as Geeknet reported Q4 2010 and Q1 2011 Continuing Losses?
Did Geeknet Directors Plunder Geeknet as Geeknet reported Q4 2010 and Q1 2011 Continuing Losses? - Kenneth Langone Awards $345,000 to Recently Elected GKNT Directors Exercised May 9th at a $0 Price.
As Geeknet reports continuing losses for fiscal 2010 ended December 31, 2010 and q1 ending March 31 2011 Kenneth Langone and his friends allegedly wielded a blow to Geeknet's non-insider shareholders specifically and integrity, in general, while raising the bar on alleged unbridled greed as he and [his]* Board initiated another allegedly egregious and gross negligent [self-serving] "Grasso" (1) stock option award to his Board of Directors [themselves] not only not tied to performance (bottom-line earnings) but was exercisable at a price of $0 on May 9th 2011. Matthew Blank, for example, cashed in appx. $53,000 ** after only 90 days serving as a Geeknet Director. Said $345,240.00 (2) stock option awards were issued at a $0 price and a $26.60/share (3) value exercised on 5/9/2011 *** the day before the annual shareholder meeting which was held May 10th.
Note: Most of Geeknet's directors have been with Geeknet less than one year.
Comment: All the Geeknet (or any publicly-held) non-insider shareholders expect is the best management team in place maximizing insider and non-insider shareholder value with integrity, including but not limited to insider options [tied] to performance including sustained quarterly bottom-line earnings.
1. (October 18, 2004) Fortune, THE FALL OF THE HOUSE OF GRASSO.
2. Source: NASDAQ
3. Closing price of GKNT March 31, 2011.
* Langone & "partners" now control eighty (89%) nine percent of the Geeknet (GKNT) Board of Directors. (Anker, Neumeister out, Sir Ronald Hampel in).
** Based on a closing price of $ 25.32 May 9th.
*** SEC FORM 4s filed May 11, 2011.