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gnulaw (52.98)

[UPDATE1] Will Hurricane Langone Drive GKNT Shareholders To Evacuate as Patients Did at Langone Medical? Q3 Ending Sep 30

Recs

2

November 11, 2012 – Comments (4) | RELATED TICKERS: IACI , AMZN , GKNT

(Geeknet:GKNT) still reporting continuing losses Q3 FY2012 ending September 30th. Stock free falls to $15.98.

As the corporation formerly known as VA Linux Systems reported continuing losses Langone [1] Medical was evacuating patients given their backup generators failed during Hurricane Sandy [2,3,4].

Will Hurricane Langone drive GKNT shareholders to evacuate Fellini Satyricon Meets Barbarians at the Gate?

There is simply nothing more to say about this preposterous clusterf**k of a company and faux Board and management, which has not already been meticulously reported on this Blog over the years [5][6][7][8][9].

Recommendation:  FTW meh

 

References:

[1]  Ken Langone is also Chairman, CEO of (NASDAQ:GKNT)

[2]  Oct 30 Backup Generator Fails; NYU Langone Medical Center Evacuated

[3]  Oct 31  N.Y. Langone hospital staff carry sick babies down 9 flights of stairs during evacuation

[4]  Oct 30 Patients Evacuated From Langone City Medical Center After Power Failure

[5]  Aug 04 $GKNT Q2 Ending June 30 - Thinkgeek, Bucky Balls Consumer Complaints and continuing losses (incl comments 1-3)

[6]  May 05 (Geeknet:GKNT) A Geek Tragedy...Turnaround? - Q1/FY Ending 03/31/12 (incl comments 1-11)

[7]  Feb 18 (Update2) (Geeknet:GKNT) A Geek Tragedy - Q4/FY Ending 12/31/11 (incl comments 1-18)

[8]  Dec 27 2011  (NASDAQ:GKNT) A Geek Tragedy (incl comments 1-6)

[9]  Nov 15 2011 (NASDAQ:GKNT) Q3 Ending Sep 30: Fellini Satyricon meets Barbarians at the Gate (incl comments 1-8)

4 Comments – Post Your Own

#1) On November 18, 2012 at 11:45 AM, gnulaw (52.98) wrote:

From the "You can't make this stuff up Dept"

(Oct 31 2012) Langone Was Patient at Namesake Hospital Amid Evacuation - Bloomberg [1]

 

[1]. Source: bloomberg. com/news/2012-10-30/chairman-langone-was-nyu-hospital-patient-in-storm-evacuation.html

 

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#2) On February 20, 2013 at 7:05 PM, gnulaw (52.98) wrote:

{Update} Timeline

(Feb 20 2013)  Geeknet Reschedules Fourth Quarter and Full Year 2012 Financial Results Conference Call For Wednesday, February 27th, 2013 [Formally disclosed]. Unprecedented.

(Feb 13 2013) Carol DiBattiste, General Counsel, Chief Administrative Officer, and Executive Vice President of Geeknet, Inc. (the “Company”), notified the Company that she will resign from her position effective March 1, 2013 [NOT Formally Disclosed]

(Feb 7 2013) Geeknet Announces Leadership Changes. Geeknet Names Kathryn McCarthy as President and Chief Executive Officer and Ali Sorbi as Chief Financial Officer [Formally Disclosed]

(Feb 4 2013) Geeknet Sets Fourth Quarter and Full Year 2012 Financial Results Release Date for Wednesday, February 20, 2013. [Formally Disclosed]

 

 

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#3) On March 11, 2013 at 6:42 PM, gnulaw (52.98) wrote:

[Update] TImeline

Is Geeknet:GKNT Falling apart? Imminent Sale? ...

 Breaking  (Mar 11 2013)  Effective March 6, 2013, Mr. Ali R. Sorbi, the Chief Financial Officer of Geeknet, Inc. (the “Company”), resigned from his position with the Company.  In connection with his resignation, Mr. Sorbi entered into a separation letter that provides that, in exchange for a mutual release of claims and agreeing to a three month covenant not to compete, [Promotion was just announced Feb 7, 2013 (see below)].

(Feb 20 2013) Geeknet Reschedules Fourth Quarter and Full Year 2012 Financial Results Conference Call For Wednesday, February 27th, 2013 [Formally disclosed]. Unprecedented.

(Feb 13 2013) Carol DiBattiste, General Counsel, Chief Administrative Officer, and Executive Vice President of Geeknet, Inc. (the “Company”), notified the Company that she will resign from her position effective March 1, 2013 [NOT Formally Disclosed]

(Feb 7 2013) Geeknet Announces Leadership Changes. Geeknet Names Kathryn McCarthy as President and Chief Executive Officer and Ali Sorbi as Chief Financial Officer [Formally Disclosed]

(Feb 4 2013) Geeknet Sets Fourth Quarter and Full Year 2012 Financial Results Release Date for Wednesday, February 20, 2013. [Formally Disclosed]

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#4) On April 12, 2013 at 7:11 PM, gnulaw (52.98) wrote:

...and finally we must poignantly return to that pre-Langone Feb 14 2008 (comment #12 and here) letter from a Hedge Fund demanding the Board unlock obvious shareholder value. The stock closed at $1.78 (pre-1:10 split) or $17.80 at the close of the day preceding the demand letter to the GKNT (fka LNUX) Board of Directors.

GKNT shares closed at $13.99 today, April 12, 2013, > 5 years or appx 62 months since said demand letter where non-insider shareholders have sustained 21.4% in shareholder value destruction under Langone's reign while additionally establishing a Board comprised of (and with all due respect) ten of his (aging/irrelevant to the business of Geeknet) friends each of whom are effectively provided a personal ATM machine and $50k+ annual pension in the form of options and in some cases millions due to wreckless hirings, Langone has taken the concept and verb Grasso (comment #7) to the next level with Geeknet (GKNT). And to the point that the meticulous coverage provided on this blog over all these years (as cited in all above references and incorporated comments in main blog above) should simply be the basis for a Harvard Business School Case Study [and] should trigger and be the basis for sweeping Federal Securities Legislation to prevent this alleged criminal gross negligence and insider ATM machine from being replicated. Unfortunately it appears to be a rampant practice to varying degrees as has also been documented viz-a-viz the Pervasive Software debacle (blog, all references, comments).

These alleged pervasive fraudulent behavior(s) and practices must simply stop NOW.

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