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[Update2] Geeknet (LNUX) Elects Kenneth G. Langone Chairman of the Board, Former WWE insiders now control 50% of LNUX Board and are largest controlling shareholders. Full Disclosure and EMH...Story Developing.

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July 10, 2010 – Comments (2) | RELATED TICKERS: GKNT , YHOO , AMZN

Geeknet Elects Kenneth G. Langone Chairman of the Board of Directors 

 

"...MOUNTAIN VIEW, Calif., July 8, 2010 -- Geeknet, Inc. (Nasdaq:LNUX), the online network for the global geek community, today announced that Kenneth G. Langone has been elected Chairman of the Board of Directors. Robert M. Neumeister, Jr., who has been serving as Chairman since December 2007, will remain on the board as a Director.

"We are fortunate to have Ken joining us at Geeknet," said Scott L. Kauffman, President and Chief Executive Officer.  "His experience, wisdom and tremendous business acumen will serve us well as we continue to grow our ecommerce and media businesses."

Mr. Langone is the founder and, since 1974, has been Chairman of the Board, Chief Executive Officer and President of Invemed Associates, LLC, a New York Stock Exchange firm engaged in investment banking and brokerage.  He is a co-founder of The Home Depot, Inc. and was a director and member of the executive committee of its board for 30 years. He also serves on the boards of YUM Brands and Unifi, Inc..."   

Source: (July 08, 2010) Geeknet (LNUX)

 

                                                        and now...the rest of the story...

 

The WWE Entertainment, Langone/Invemed, and Suzanne Present/Solomon/Gladwyne/Marlin Sams Connection.

"...As of August 20th [2009], reported shares [benificially] owned by William M. Sams and Marlin Sams Fund(s) are 13,285,937 *.  Suzanne Present (LNUX) and Michael Sileck (WWE/LNUX) are both affiliated with these Fund(s) and or Company's with a major position held by said Fund(s). See Michael Sileck / Suzanne Present Board Affiliations and 6 month performance of Sams Investments . 

Note: They appear to be in venerable** Company i.e. Gladwyne/Invemed Catalyst Fund was (are) a major investor in WWE (Sileck) and Unify (UFI)Kenneth Langone, is the Chairman and Founder of  Invemed (and Home Depot, et al)..." Source: (1.)

This (8.) is arguably the definitive smoking gun...The February 11, 2010 Conference Call in re: Geeknet (LNUX) fiscal 2009 for year ending December 31, 2009... Q: Why is Geeknet (LNUX) throttling full disclosures and throttling or more accurately [not] engaging The Street, per Douglas Whitman's, Analyst exchange with Scott Kauffman on this conference call? Alleged undue influence? Is a Present-Sileck-Langone-Bowman led takeover of Geeknet (LNUX) imminent? Why has there been and why is there [NO] analyst meeting/investor conferences since Kauffman arrived, 12/2008? Is this [all] about [Insider] shareholder value maximization and ensuring employment for a non-performing management and BoD?

"...Douglas Whitman: "...the valuation of this company is very low, you've got a major eCommerce business that's doing, you know, obviously very well, um, an eCommerce business is probably worth more than the whole market capitalization not even counting the rest of the Company and the cash, um, could you talk a little bit about what the plans are on, uh, away from the press thing, to go back to Wall Street and reestablish a presence on Wall Street?..." Source: Douglas Whitman, Whitman Capital, [13:56] into the Questions and Answers portion of the February 11th Conference Call.

Scott Kauffman: "...It's certainly in the cards, We're very focused on the business, and it'll be a mix of how I allocate my time..."

With all due respect, the problem, Scott's flawed premise/mindset is that the business and maximizing shareholder value are not mutually exclusive. This is a publicly-held company. Scott Kauffman has not embraced this fact yet, of which, is actionable at this point, and why Item 9B was architected?..." Source: [13:56] into the Questions and Answers portion of the February 11th Conference Call (FY/Q4 ending December 31, 2009).

Note: Item 9B link is broken (above). See below:

"...[Update1] Is Scott Kauffman on the right path to maximize Geeknet (LNUX) shareholder value or is he simply an incredibly "Wall Street" naive and non-insider shareholder hostile pawn of the Marlin Sams Hedge Fund wrestlers? This is getting really really old.

In a rather bold move by Scott Kauffman and the Geeknet Board of Directors that would even make the authors of Section 406 of the Sarbanes-Oxley Act of 2002 sweat, it is already too late for Non-insider Geeknet (LNUX) shareholders to submit proposals pursuant to the Annual Meeting being held May 4, 2010

Consistent patterns....

Item 9B. Other Information

The annual meeting of stockholders for 2010 is scheduled to be held on May 4, 2010. Under our bylaws as currently in effect, because we did not hold an annual meeting of stockholders in 2009 as a result of the change in our fiscal year, notices of stockholder proposals must be received no later than the close of business by the 10th day following the date on which public announcement of the date of such meeting is first made in order to be timely. Accordingly, notices of stockholder proposals with respect to the 2010 annual meeting of stockholders must be received by March 8*, 2010 in order to be timely... [emphasis added]

Source: SEC Form 10-K Filed February 26, 2010 and goberhofer, Geeknet, Inc (LNUX) Yahoo Message Boards, March 7, 2010

Note: To exacerbate the significance of this shareholder hostile gesture Geeknet filed this 10-K February 26th, a [Friday] in an arguably deliberate move to minimize the available time a non-insider shareholder would have to prepare and submit their proposal, esp. given the deadline was March 8th, a [Monday]...[only] [one] [week] later..." 

Source: Wed Mar 10, 2010 Geeknet Continues its Non-Insider Shareholder Hostile Campaign, Item 9B SEC Form 10-K

 


Footnotes/References:

(1.) (August 23, 2009) Follow the Money:Gladwyne/Sams (Present/Sileck) SourceForge (LNUX) Control Exceeds 22%* (shares) 28% (Board)

(2.) (March 03, 2010)  Hedge Funds on a Buying Spree for Underperforming Management?

(3.) (February 21, 2010) Is a former Director, a former COO, and former majority shareholder of World Wrestling Entertainment about to throw a triangle choke hold on Geeknet (LNUX)

(4.) (November 25, 2009) Why is Yahoo! Deleting Messages* with Profound Legal Implications From Geeknet (LNUX) Message Board?

(5.) (December 24, 2009)  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.

(6.) (June 12, 2010)  Geeknet (LNUX) Smoking Guns or An Open Letter to the Geeknet (LNUX) Management and Board.......

(7.)  (May 14, 2010) Geeknet (LNUX): Money Never Sleeps.

(8.) (March 26, 2010) [UPDATE1] Efficient Market Hypothesis and the Implications of Non-[full] disclosure 

(9.) (March 24, 2010)  Geeknet (LNUX) Files SEC FORM DEF 14A - WWE Directors to Assume 42% Control Of Board  

2 Comments – Post Your Own

#1) On July 10, 2010 at 1:23 PM, gnulaw (51.39) wrote:

>>This (8.) is arguably the definitive smoking gun...The February 11, 2010 Conference Call in re: Geeknet (LNUX) fiscal 2009 for year ending December 31, 2009... Q: Why is Geeknet (LNUX) throttling full disclosures and throttling or more accurately [not] engaging The Street, per Douglas Whitman's, Analyst exchange with Scott Kauffman on this conference call? Alleged undue influence? Is a Present-Sileck-Langone-Bowman led takeover of Geeknet (LNUX) imminent? Why has there been and why is there [NO] analyst meeting/investor conferences since Kauffman arrived, 12/2008? Is this [all] about [Insider] shareholder value maximization and ensuring employment for a non-performing management and BoD?

"...Douglas Whitman: "...the valuation of this company is very low, you've got a major eCommerce business that's doing, you know, obviously very well, um, an eCommerce business is probably worth more than the whole market capitalization not even counting the rest of the Company and the cash, um, could you talk a little bit about what the plans are on, uh, away from the press thing, to go back to Wall Street and reestablish a presence on Wall Street?..." Source: Douglas Whitman, Whitman Capital, [13:56] into the Questions and Answers portion of the February 11th Conference Call.

Scott Kauffman: "...It's certainly in the cards, We're very focused on the business, and it'll be a mix of how I allocate my time..."

______________________________________________

Note: On February 10, 2010 the day before the FY/Q4 2009 conference call, LNUX shares closed at $1.29/share. They closed at $1.25 on Friday, July 9th, 2010.

 

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#2) On July 11, 2010 at 7:27 AM, gnulaw (51.39) wrote:

>>6. (July 8, 2010) Form 8-K for GEEKNET, INC. In Re: Kenneth Langone elected to Geeknet Board of Directors. "...Mr. Langone is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K...". Source: [Update1] 13D Shareholder Appointed to Board [but] SourceForge (LNUX) Fails to Disclose this Fact. Story Developing.


Q: Does Kenneth Langone have any material interests in any transactions or proposed transactions with Registrant viz-a-viz item 2, below?


>>2. (September 22, 2008) US SEC FORM 8-K. In Re: Suzanne Present elected to SourceForge Board of Directors, signed by Patricia M. Morris, Senior Vice President and Chief Financial Officer, SourceForge (LNUX).  "...There are no family relationships between Ms. Present and any executive officers, directors, or other employees of Registrant. Ms. Present has no material interests in any transactions or proposed transactions with Registrant...". See SEC Rule 10b-5, Item 404 of Regulation S-K, and Section 406 of the Sarbanes-Oxley Act of 2002. 

Source: [Update1] 13D Shareholder Appointed to Board [but] SourceForge (LNUX) Fails to Disclose this Fact. Story Developing.

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