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That's the amount that the Myers Board said yesterday it will spend to "defend" agsint GAMCO's slate of directors. $450,000!! GAMCO is not some short term investor - they've held a large stake in Myers for 10+ years. What is there to defend against? Just let the shareholders vote for who they want on the Board and save the half a million to pay the CEO's bonus next year. This isn't about protecting the shareholders, it is about keeping the CEO on the Board.
Anyone else notice that in the proxy Myers posted both last year's and this year's target info for the CEO's bonus? So what do you do if the CEO fails to get a bonus for 2008? You drop the target for 2009 by 50%!! That's right - you make it a lot easier to get that bonus in the following year. That is a true example of "pay for performance" - NOT. Rating :
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| Subject | Author | Rating | Time of Post (ET) | ||
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"On November 20, 2008, GAMCO sent a letter to the Issue...
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myers4u |
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21-Nov-08 02:04 pm | ||
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Is there anyone else who owns this stock? It can'...
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myers4u |
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24-Nov-08 08:53 am | ||
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don't count out Mario Gabelli; he originally ...
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robertnast | (2 Ratings) | 24-Nov-08 03:09 pm | ||
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Good point, I had forgotten about that f...
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myers4u | (1 Rating) | 25-Nov-08 12:05 pm | ||
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So - what is the word on the proxy contest?
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myers4u | Rate it | 9-Feb-09 11:07 am | ||
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I would like to see GAMCO get at least three ...
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robertnast | (1 Rating) | 9-Feb-09 05:31 pm | ||
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Kissel should go. When he ran OM Group he ran it ...
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rjohn6902 | (1 Rating) | 6-Mar-09 08:08 am | ||
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The proxy contest for 4 board seats is now officia...
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myers4u | Rate it | 30-Mar-09 07:53 pm | ||
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Thanks for the heads up; looks like things co...
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robertnast | (1 Rating) | 31-Mar-09 05:55 pm | ||
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"But it seems prudent for directors to h...
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myers4u | (1 Rating) | 31-Mar-09 06:07 pm | ||
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good luck at the meeting and I thin...
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robertnast | Rate it | 1-Apr-09 11:35 am | ||
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$450,000 to "Defend" Us Against GAMCO
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myers4u | Not rated | 14-Apr-09 07:04 am |
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