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gnulaw (49.85)

[UPDATE1] Geeknet (GKNTD) Names Scott [Ohloh] Collison as President and GM, Media and Announces Move from Silicon Valley to ThinkGeek's HQ, Virginia, CFO to Resign.



November 18, 2010 – Comments (3) | RELATED TICKERS: GKNT.DL , BBY , AMZN

(November 18, 2010) Geeknet Names Scott Collison* as President and GM, Media

* Langone, Geeknet (GKNT) Q3 numbers Disappoint, Management overviews on Conference call Embarrassing...Reverse Split Effective November 10th [17:33 into CC]...Langone's UFI effected 1:3 reverse split today...Story Developing...

[7:09] Scott Collison…"...I want to talk about 3 things today….

1. Getting the fundamentals right 

2. Increasing download pages..unique visitors increased 29% YoY to 40M unique  

3. Focusing on our core business… [8:29] …One of the key things in regaining momentum for the media business at geeknet is focusing product efforts on our core business.  To that end in q3 we sold our ohloh assets to blackduck software. We did this because SourceForge is in the business of software development  and distribution and not in the business of providing data on  open-source software development and use.  As such Ohloh was no longer part of that core mission…" 

Back to reality...See  [Update1] Geeknet Divests ohloh (for $1.4M after paying $2.6M , in addition to associated operating, administrative, R&D from 5/2009 - 9/2010 (geek math)). The Minds Failed to Turn Geeknet GKNTs World Class Open Source Assets Into Something Extraordinary. What's Next for and #FAIL, #FTW... 



1. Geeknet Chairman Kenneth Langone, dumps @jeff clavier funded Ohloh as an asset sale

2. [Update1] ThinkGeek (GKNT) President Files 8-K Minutes Before Market Close [on a Friday] - Sticking it to Non-insider Shareholders...Confirmed at Nov 4 Q3 Conference Call.

3 Comments – Post Your Own

#1) On November 18, 2010 at 8:07 PM, gnulaw (49.85) wrote:

See ThinkGeek Delays TK-421 iPhone Qwerty Flip-Out Keyboard 1-3 weeks. Was to ship today, November 18th...

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#2) On November 19, 2010 at 8:13 PM, gnulaw (49.85) wrote:

Patricia Morris, CFO, Geeknet, resigns...

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#3) On November 19, 2010 at 8:16 PM, gnulaw (49.85) wrote:

Resignation of Patricia S. Morris, Senior Vice President and Chief Financial Officer

On November 17, 2010, Patricia S. Morris, Senior Vice President and Chief Financial Officer of the Company, notified the Company of her decision to resign from such office, with her resignation to be effective as of March 1, 2011, the date on which the Company plans to relocate its corporate headquarters as described in Item 8.01 below.  Subject to Ms. Morris executing a release of claims agreement in a form reasonably acceptable to the Company, she will receive (i) a lump sum payment of $50,000 in December 2010 and a lump sum payment of $50,000 on March 1, 2011, (ii) six months severance at her current base salary, (iii) Company-paid coverage for her existing medical, dental and vision benefits for a period of six months following March 1, 2011 and (iv) three months acceleration of vesting of stock options that are unvested as of March 1, 2011.

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