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gnulaw (51.82)

[Update2] There's no "Team" in "I". ThinkGeek (GKNTD) President Files 8-K Minutes Before Market Close [on a Friday] - Sticking it to Non-insider Shareholders and a No Confidence Vote in President, Media/Media Division.

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November 22, 2010 – Comments (4) | RELATED TICKERS: GKNT , BBY , AMZN


[Update1] Breaking News...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.

The smoking gun that says it all? "...Bright, but not bright enough, Sherlock. Roll the dice and play Monopoly...

(NASDAQ:GKNT)  "...On October 6, 2010, the Compensation Committee of the Board of Directors of Geeknet, Inc. (the "Company") approved a change in the bonus percentage allocation under the Company's cash incentive bonus program for Ms. Caroline Offutt, the President and General Manager of the Company's E-Commerce business, ThinkGeek, Inc. As previously disclosed in the Company’s Current Report Form 8-K Statement dated March 24, 2010, Ms. Offutt participates in the Company’s cash incentive bonus programs which provide for variable incentive awards. Prior to such change, the bonus percentage allocations for Ms. Offutt for the third and fourth fiscal quarters of 2010 were based forty percent (40%) on meeting Media revenue targets, forty percent (40%) on meeting E-Commerce revenue targets and twenty percent (20%) on meeting Company adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) targetsFollowing the change, which is retroactive to the beginning of the third fiscal quarter of 2010, Ms. Offutt’s bonus percentage allocation shall be based eighty percent (80%) on meeting E-Commerce revenue targets and twenty percent (20%) on meeting E-Commerce EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) targets. The other provisions of Ms. Offutt’s variable incentive awards remain unchanged and are summarized in the Company’s Current Report Form 8-K Statement dated March 24, 2010..." Source: SEC Form 8-K dated October 6th, Filed October 8th, hits the wire 12 minutes before market close Friday October 8, 2010. [Emphasis added].

Questions:

1.  ThinkGeek (GKNT) President Files 8-K Minutes Before Market Close - Sticking it to Non-insider Shareholders? or are all Media Assets (Slashdot.orgSourceForge.net (now pushing 3.5M-4M d/l's / day), Freshmeat.net) about to be Divested? Note: Ohloh was divested effective September 30, 2010, the last day of Geeknet's fiscal Q3. But then what is going on with Feedery, Geek.com (another outstanding site with superior editors/journalists). Does Langone realize the media-side could dwarf ThinkGeek market capitalization? 

2. Does this 8-K filing confirm why Offutt and Langone and the approving Board have no confidence in the media side of the business (Collison and Feedery?) and ignominiously further confirmed by the Q3 conference call , q3 numbers (ThinkGeek margins) and management's misguided mantra "Thinkgeek, Thinkgeek, Thinkgeek". 

 

References:

1. [O]n the first day God says, "Let there be light!" and light appears. 

On the second day God creates an expanse (firmament) to separate the waters above (the sky) from those below (the ocean/abyssos). 

On the third day God commands the waters below to recede and make dry land appear, and fills the earth with vegetation. God then puts lights in the sky to separate day from night to mark the seasons and creates the sun and stars on the fourth day.  

On the fifth day, God creates sea creatures and birds of every kind and commands them to procreate.

On the sixth day, God creates land creatures of every kind. Man and woman are created last, after the entire world is prepared for them; they are created in the image of God, and are given dominion and care over all other created things.

God rests on the seventh and final day of creation as Sabbath, which he marks as holy.

[On] the 279th day, Caroline Offutt asked God to nullify all creation created on the 4th and 5th days and have three days of rest...but stopped short of the sixth day, being a smart geek, to ensure her corporealness ensuring that she be in a position to make said request...and on the 279th day Gods' Board of Directors and Compensation Committee approved Caroline's request retraoctive to the 3rd seventh day. 

2.  (November 4, 2010)  [Update1] Langone, Geeknet (GKNT) Q3 numbers Disappoint, Management overviews on Conference call Embarrassing...Reverse Split Effective November 10th...Langone's UFI effected 1:3 reverse split today...Story Developing... 

3.  (October 30, 2010) [Update1] Investing Disrupt - Investing for Ten Baggers, Hidden Gems, Buried Treasures...in 2010 and Beyond

4. See ThinkGeek Delays TK-421 iPhone Qwerty Flip-Out Keyboard 1-3 weeks. Was to ship November 18th. Offutt nails compensation amendment misses key iPhone shipment.

4 Comments – Post Your Own

#1) On November 22, 2010 at 3:01 PM, ikkyu2 (99.40) wrote:

Key employees need to be well compensated or they'll leave.  What exactly is your problem here?  Is it that you don't like the way the  company's being managed, or is it something else?

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#2) On November 22, 2010 at 4:45 PM, gnulaw (51.82) wrote:

I agree with that Ikkyu2 but that is not the case here. 

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#3) On November 24, 2010 at 12:20 PM, gnulaw (51.82) wrote:

(November 24, 2010) Now Available: ThinkGeek's TK-421 iPhone Case With Flip-Out Keyboard 

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#4) On December 09, 2010 at 8:18 PM, gnulaw (51.82) wrote:


@engadgetEngadgetThinkGeek TK-421 iPhone keyboard case review http://engt.co/eRQKgs

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