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gnulaw (53.79)

[Update3] Kenneth Langone, Takes Over as CEO of Geeknet (GKNT) fka (LNUX)...controls 30% of common, 57% of the Board...1:10 reverse stock split, Trojan Horse on the Board? Story developing...

Recs

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August 07, 2010 – Comments (2) | RELATED TICKERS: GKNT , BBY , YHOO

Geeknet (GKNT) fka (LNUX) Announces Ken Langone as new CEO and departure of Scott Kauffman, CEO and Director, 1:10 Reverse Stock Split, continuing losses, and a decrease of another $5.2M in cash. Q2 numbers ending June 30, 2010 as reported on August 4th on the Q2 ending June 30 conference call...1:56 / 18:09 2nd quarter 2010 Financial Results Conference Call "…my partners and I bought about thirty (30%) percent of th...... over a period of time…" announced Kenneth Langone, CEO, Geeknet (GKNT), August 4, 2010 as he introduced himself to Geeknet (GKNT) shareholders...SEC Form 10-Q filed August 5th, 2010.

Was Langone's "partner", Suzanne Present, sent in as a trojan horse in 2008 to take accumulate shares while destroying/failing to create shareholder value allegedly contemporaneously with her Board seat, allegedly undue influencing a  campaign to [not] work with "The Street" i.e.not attending investor conferences, analyst meetings, etc. through the present, as a baseline shareholder value maximization strategy for any publicly-held company, except SourceForge/Geeknet. Is Geeknet (GKNT) accordingly going private as the "partners" accumulate more shares as they maintain said alleged consistent "Street" hostile  closed-loop patterns ensuring further shareholder value destruction/share accu......? (*Item 2).

 

Q: So why a reverse split with Geeknet (LNUX, GKNT) (shares outstanding: 60,000,000 (1.) and not Unify (NYSE:UFI) (shares outstanding: 60.17M (2.))?

 

Footnotes:

1. The Registrant had 60,635,497 shares of Common Stock, $0.001 par value per share, outstanding as of July 30, 2010, Source: Geeknet SEC Form 10-Q for the quarterly period ended June 30, 2010.

2. Shares outstanding is taken from the most recently filed quarterly or annual report and Market Cap is calculated. Source:NYSE.com.


References:


1. Geeknet (LNUX) Smoking Guns or An Open Letter to the Geeknet (LNUX) Management and Board.......

2. [UPDATE1] Efficient Market Hypothesis and the Implications of Non-[full]disclosure 

2 Comments – Post Your Own

#1) On August 22, 2010 at 7:30 AM, gnulaw (53.79) wrote:

Langone & "partners" now control sixty seven (67%) percent of the Geeknet  (GKNT) Board of Directors.

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#2) On January 11, 2011 at 7:03 PM, gnulaw (53.79) wrote:

Langone & "partners" now control seventy eight (78%) percent of the Geeknet (GKNT) Board of Directors.

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