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Hi Jim,Found the Galloway on the Eddie Bauer board.Notice the statement in this article about Galloway and Firebrand.Eddie Bauer board gets two new members representing lenders
Eddie Bauer's board to drop down to seven next month.
By Amy Martinez
Seattle Times business reporter
Map data ©2009 Tele Atlas - Terms of UseSee more mapped stories
Bellevue-based Eddie Bauer said Wednesday its board of directors has taken on two new members as part of a recent agreement with lenders.
The new members are Jerry Comstock, head of Strategic Restaurants Acquisition, and Scott Galloway, founder of Firebrand Partners, a private investment firm.
Both additions were proposed by a group of hedge funds and other financial companies that hold a $225 million term loan, of which $193 million is outstanding.
Earlier this month, Eddie Bauer agreed to the additions, as well as a substantial increase in interest rates and warrants for its common stock, in return for new financial covenants CEO Neil Fiske said would give the outdoor-apparel company much-needed breathing room.
Comstock's San Ramon, Calif.-based company is an affiliate of Cerberus, the private-equity firm that bought Chrysler in 2007.
Galloway, who teaches brand strategy at New York University's business school, also is a board member for The New York Times Co., a position he has held for the past year.
His Firebrand firm targets publicly traded, consumer-oriented companies with a brand it believes is bigger than its stock price. "We then acquire a strategic block of equity and begin a dialogue with management," Firebrand says on its Web site.
Eddie Bauer's board now has grown to 12 members, though it will drop to seven after the annual shareholder meeting May 8.
To make room for the two new board members, John Brouillard and Laurie Shahon will not stand for re-election, the company said in a regulatory filing.
Both have been on the board since Eddie Bauer emerged from the Spiegel bankruptcy as an independent company in 2005.
As previously announced, Eddie Bauer is reducing the size of its board to cut costs. As a result, three board members already said they would not stand for re-election.
Shares of Eddie Bauer closed up 2 cents, or 7.6 percent, at 29 cents. It has a market capitalization of $8.94 million.
Obama calls for credit card reforms
Thu Apr 23, 2009 5:32pm EDT
Credit card controversy
WASHINGTON (Reuters) - President Barack Obama urged U.S. credit card company executives on Thursday to stop unfair rate increases and be more transparent and accountable, tapping into popular outrage over abusive lending.
"We want to preserve the credit card market but we also want to do so in a way that eliminates some of the abuses and some of the problems that a lot of people are familiar with," Obama told reporters after a White House meeting with 13 executives from top banks and companies that issue the cards.
The credit card issue could be a political winner for Obama, with many Americans saying they are angry over lending practices.
Obama said he wanted new legislation being considered by the U.S. Congress to protect consumers against unfair rate increases and ban "abusive fees and penalties."
"The days of any time, any reason rate hikes and late fees has to end," he said, as he sat at a long table surrounded by the credit card executives
He also wants the legislation to ensure that credit card forms and statements are in plain language. "No more fine print, no more confusing terms and conditions. We want clarity and transparency from here on out," Obama said.
"We need more accountability in the system. That means more effective oversight and more effective enforcement so that people who are issuing credit cards and are violating the law will feel the full weight of the law," he said.
The American Bankers Association trade group said executives carefully listened to Obama and agreed to try to address industry practices. They also told Obama that the Federal Reserve's sweeping new rules "directly address" many of the issues raised by the administration and Congress.
BILL OF RIGHTS
Executives from Bank of America Corp, American Express Co, Citigroup Inc, Wells Fargo & Co, JPMorgan Chase & Co, Capital One Financial Corp, Visa Inc and MasterCard Inc were among those invited to the White House meeting.
The meeting came a day after a House of Representatives bill to curb credit card fees and limit penalties cleared a key panel.
The legislation -- dubbed the Credit Cardholders' Bill of Rights -- would codify into law restrictions on deceptive practices issued by the Federal Reserve in December.
The legislation would stop credit card issuers from imposing arbitrary interest rate increases and penalties, while halting certain billing practices. A separate version of the bill is under review in the Senate.
White House spokesman Robert Gibbs said Obama supports congressional action that goes beyond the Fed rules and will be working with lawmakers so that he can sign into law a final bill "very soon."
Democratic Senators Christopher Dodd and Charles Schumer sent a letter to federal regulators, urging them to take swift action to halt interest rate hikes on existing balances.
"It is long past time for the regulatory agencies to act with the same sense of urgency to protect consumers from the behavior of those same financial companies," they wrote.
Lawmakers have expressed outrage that many of the card-issuing banks are the same ones that have received government bailout money, paid for by the U.S. taxpayers who use the cards and are being saddled with the high fees.
The House of Representatives is expected to vote on the bill next week, possibly with changes that Obama wants.
The effort to tighten the rules on those companies is part of a broader regulatory reform agenda Obama is pursuing after taking office in January amid the worst economic crisis in decades.
Banks say the tighter rules for card issuers would hurt fee income when they are trying to climb out of a financial hole created by the collapse of the housing boom.
Hey Biggie,Been busy this week.Playin around with psun and ebhi.I see the developers are swingin as usual cbl~ddr~pei~grt.Ebhi had a little after hours buying also:After Hours Trade Reporting
Pre-Market Charts | After Hours Charts After Hours
Last: $ .39 After Hours
High: $ .39
After Hours
Volume: 13,600 After Hours
Low: $ .38
After Hours
Time (ET) After Hours
Price After Hours
Share Volume
18:32 $ .39 2,500
17:54 $ .39 300
17:54 $ .39 4,700
17:53 $ .38 4,500
17:41 $ .39 1,000
16:53 $ .39 100
16:52 $ .38 500
Hey Biggie,Been busy this week.Playin around with psun and ebhi.I see the developers are swingin as usual cbl~ddr~pei~grt.Ebhi had a little after hours buying also:After Hours Trade Reporting
Pre-Market Charts | After Hours Charts After Hours
Last: $ .39 After Hours
High: $ .39
After Hours
Volume: 13,600 After Hours
Low: $ .38
After Hours
Time (ET) After Hours
Price After Hours
Share Volume
18:32 $ .39 2,500
17:54 $ .39 300
17:54 $ .39 4,700
17:53 $ .38 4,500
17:41 $ .39 1,000
16:53 $ .39 100
16:52 $ .38 500
After Hours Trade Reporting
Pre-Market Charts | After Hours Charts After Hours
Last: $ .39 After Hours
High: $ .39
After Hours
Volume: 13,600 After Hours
Low: $ .38
After Hours
Time (ET) After Hours
Price After Hours
Share Volume
18:32 $ .39 2,500
17:54 $ .39 300
17:54 $ .39 4,700
17:53 $ .38 4,500
17:41 $ .39 1,000
16:53 $ .39 100
16:52 $ .38 500
Only 11 mill market cap.I know they are in progress of turning biz around but that is way to low based on just about any retailer.I don't know how second q sales are going to pan out yet for all the specialty retailers(too early yet).I do know they are all cutting wages/positions along with closing non performing stores.I think balance sheets will start looking a little better.Gotta run
Pretty cool Blog:http://blog.firstascent.com/
Outstanding is relatively small and insiders/instituional holdings are rather large.Happy enough at this point.http://www.nasdaq.com/aspx/InfoQuotes.aspx?symbol=EBHI&selected=EBHI
Holding up well so far.
Definitely has room to continue.
Thanks Glassy :))
Hey TM,Eddie bauer is in the LL Bean type sector.It is a niche and they are finally starting to be more aggressive in sales/cuts.Another company late to the discounting party was Pac Sun.Now both are cutting payroll~closing non performing stores and being more aggressive on the sales front.It took a while for some to understand sale is the only way.That is why companies like American Eagle and Aeropostale took Abercrombies customers and are doing great.
Honestly,If you want to watch the most Government corruption unravel keep an eye on Luzerne/Lackawanna county.Daily arrests from the school districts~Judges and government officials.Really amazing.http://www.wnep.com/
Drift How about a answer to my previous post:Don't you think the big seller knows a thing or two about whats going on?Why sell if you could get.10+?Did you talk to Mark lately?Sticking by my earlier statements.Signed contracts to back up over 100m in rev and full disclosure of the share structure will move the stock.When are 1st q earnings supposed to be released?Even if unaudited.Thanks Bob :))
I take things one step at a time in retail.I am a retail biz owner for a long time.I looked at pei/cbl/ddr/ggp/grt/psun/bont and a few others.Most have doubled or tripled and are miles off their 52 week highs.I try to find the survivors and from dd and talking with managers/dms establish what is going on with the company aka Peter lynch.Maybe Old school but if you look at my posts from a month or two ago you would have made a small fortune.Sometimes in retail going to daily operations helps more than looking at all the bad.These companies always had their debt when they traded in the 20's-50's.The difference now is the banks not being so easy with negotiating.Bob :))
Hey Glassy,You know all about my NBC "The Office" project.Well yesterday I recieved a email from NYC that we won a 1st place visual victory award for best props for kiosks in the whole country.Pics are not up yet on the website because the issue just came out.http://www.specialtyretail.com/news/2008/10/the_mall_at_steamtown_gets_office_kiosk
Agree the games are played at all levels.I know as I played them as a investment banker back in the day.No bk means a lot to shareholders.The rest of the scum can do what they want.The trick is playing the game with them and exiting before a bomb drops.If you want to talk big boy games pm me as I do not like to clutter boards with ot posts.The longs were already burned here as the stock was at 8 bucks a few short months ago.Bob :))
Don't you think the big seller knows a thing or two about whats going on?Why sell if you could get.10+?Did you talk to Mark lately?Sticking by my earlier statements.Signed contracts to back up over 100m in rev and full disclosure of the share structure will move the stock.When are 1st q earnings supposed to be released?Even if unaudited.Thanks Bob :))
Obama better pressure the credit card companies Thursday.The current situation is not good for businesses or personal card holders.Obama will seek changes to credit card bill-Frank
April 22, 2009: 11:39 AM ET
WASHINGTON (Reuters) - U.S. President Barack Obama will seek changes to House legislation aimed at curbing high credit card rates and charges, the chairman of the House Financial Services Committee said.
Barney Frank, at a meeting Wednesday to consider sweeping changes to the credit card industry, did not provide details of Obama's proposed changes.
Frank, a Massachusetts Democrat, said he planned to introduce Obama's proposals possibly during a vote on the bill by the full House next week. The committee must first approve it before the full House can debate it.
"The president of the United States informed me through his chief of staff that they were going to propose some changes to this bill," Frank said.
Frank said he had refrained from introducing Obama's proposals during the bill-writing session Wednesday because they could slow the committee's work on moving the bill, called the Credit Cardholders' Bill of Rights, to the full House.
The committee's session was taking place one day before top executives of big banks and credit card companies meet with Obama, who campaigned for credit card reforms.
Executives from Bank of America Corp, American Express Co, Citigroup Inc, Wells Fargo & Co, JPMorgan Chase & Co, Capital One Financial Corp, Visa Inc and MasterCard Inc will be among 14 credit card companies meet Obama early Thursday afternoon at the White House.
These ceo's amaze me.I live within my means and could work at bk to pay my bills if my biz went belly up.Then you have this:U.S. atty gen'l: 'no idea' on Freddie Mac death
Wed Apr 22, 2009 5:14pm BST
Email |Print | Reprints
[-] Text [+] WASHINGTON, April 22 (Reuters) - U.S. Attorney General Eric Holder said on Wednesday he had no idea whether the apparent suicide of a senior official at Freddie Mac (FRE.P: Quote, Profile, Research) (FRE.N: Quote, Profile, Research) was related to investigations of the troubled mortgage giant.
"It's obviously tragic but I don't know anything more than what I've read," Holder told reporters at an Earth Day event when asked about the death of Freddie Mac's acting chief financial officer, David Kellermann.
Holder answered "no idea" when asked if Kellermann's death might be related to any probe of Freddie Mac.
(Reporting by Randall Mikkelsen; Editing by Doina Chiacu)
Same here.Popular name.The full 8k is out and looks like no bk.
Hey Jim,Could you see if you could find info on Galloway?After hours:Comstock looks good.Basically watchdogs for the lenders.Could mean no bk.Thanks Form 8-K for EDDIE BAUER HOLDINGS, INC.
22-Apr-2009
Change in Directors or Principal Officers, Financial Statements and Ex
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 20, 2009, the Board of Directors of Eddie Bauer Holdings, Inc. (the "Company") elected Jerry M. Comstock, Jr. and Scott Galloway, nominees proposed by our term loan lenders pursuant to the terms of the First Amendment ("First Amendment") dated April 2, 2009, to the Amended and Restated Term Loan Agreement between the Company and the lenders named therein. On the same date, the Board expanded its size to twelve members to open new seats for the newly elected directors. The Board size will reduce to seven following the 2009 Annual Meeting of Stockholders ("Annual Meeting"), as previously announced.
To accommodate the reduction in Board size pursuant to the First Amendment, two members of the Board - John Brouillard and Laurie Shahon - have volunteered to not stand for reelection at our Annual Meeting. Both have been integral and respected members of the Board since the Board's appointment in 2005 as the Company emerged from the Spiegel bankruptcy. The Company has previously announced that three other Board members have decided not to stand for reelection at the Annual Meeting.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
4.1 Warrant Agreement dated April 2, 2009, among Eddie Bauer
Holdings, Inc., and the Holders of the Warrants listed on
Schedule A thereto.
10.1 First Amendment dated April 2, 2009, to Amended and Restated Term
Loan Agreement between the Company and the lenders named therein.
10.2 Registration Rights Agreement dated April 2, 2009, among Eddie
Bauer Holdings, Inc., and the Holders of Warrants listed on
Schedule A to the Warrant Agreement.
Comstock has some good retail experience.This is all I could find quick:Jerry M. Comstock, Jr. Chief Executive Officer and Director
...
Mr. Comstock was appointed by the Board on June 13, 2002 to serve as Director filling the vacancy created by the resignation of Jonathan Gallen.
...
Jerry M. Comstock, Jr., Chief Executive Officer and Director since June 13, 2002.Mr. Comstock joined Wherehouse as Chief Executive Officer in June 2002 and was appointed by the Board to serve as Director filling the vacancy on the Board created by the resignation of Jonathan Gallen on June 13, 2002.
...
From March 1998 through May 2002, Mr. Comstock was with the Metromedia Restaurant Group where he served as President of the Bennigan's Restaurant chain.Prior to joining Metromedia, Mr. Comstock was a Group Vice President for Auto Nation from September 1996 through February 1998.Mr. Comstock served in a number of executive positions with Blockbuster Entertainment Group from January 1992 through August 1996.He first served as Vice President of Blockbuster Video, where he was responsible for operations throughout the Midwest and Canada, and later as President of Blockbuster Music.Mr. Comstock served as Vice President of various divisions of National Convenience Stores prior to his association with Blockbuster.
Afterhours:Ebhi just appointed two people to the board because the lenders wanted it that way.I could be wrong.What I see is the lenders saying we will change the terms as long as we have watchdogs on the board.Form 8-K for EDDIE BAUER HOLDINGS, INC.
22-Apr-2009
Change in Directors or Principal Officers, Financial Statements and Ex.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 20, 2009, the Board of Directors of Eddie Bauer Holdings, Inc. (the "Company") elected Jerry M. Comstock, Jr. and Scott Galloway, nominees proposed by our term loan lenders pursuant to the terms of the First Amendment ("First Amendment") dated April 2, 2009, to the Amended and Restated Term Loan Agreement between the Company and the lenders named therein. On the same date, the Board expanded its size to twelve members to open new seats for the newly elected directors. The Board size will reduce to seven following the 2009 Annual Meeting of Stockholders ("Annual Meeting"), as previously announced.
To accommodate the reduction in Board size pursuant to the First Amendment, two members of the Board - John Brouillard and Laurie Shahon - have volunteered to not stand for reelection at our Annual Meeting. Both have been integral and respected members of the Board since the Board's appointment in 2005 as the Company emerged from the Spiegel bankruptcy. The Company has previously announced that three other Board members have decided not to stand for reelection at the Annual Meeting.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
4.1 Warrant Agreement dated April 2, 2009, among Eddie Bauer
Holdings, Inc., and the Holders of the Warrants listed on
Schedule A thereto.
10.1 First Amendment dated April 2, 2009, to Amended and Restated Term
Loan Agreement between the Company and the lenders named therein.
10.2 Registration Rights Agreement dated April 2, 2009, among Eddie
Bauer Holdings, Inc., and the Holders of Warrants listed on
Schedule A to the Warrant Agreement.
Looks like the opposite to me Sheep.Ebhi just appointed two people to the board because the lenders wanted it that way.I could be wrong.What I see is the lenders saying we will change the terms as long as we have watchdogs on the board.Form 8-K for EDDIE BAUER HOLDINGS, INC.
22-Apr-2009
Change in Directors or Principal Officers, Financial Statements and Ex.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 20, 2009, the Board of Directors of Eddie Bauer Holdings, Inc. (the "Company") elected Jerry M. Comstock, Jr. and Scott Galloway, nominees proposed by our term loan lenders pursuant to the terms of the First Amendment ("First Amendment") dated April 2, 2009, to the Amended and Restated Term Loan Agreement between the Company and the lenders named therein. On the same date, the Board expanded its size to twelve members to open new seats for the newly elected directors. The Board size will reduce to seven following the 2009 Annual Meeting of Stockholders ("Annual Meeting"), as previously announced.
To accommodate the reduction in Board size pursuant to the First Amendment, two members of the Board - John Brouillard and Laurie Shahon - have volunteered to not stand for reelection at our Annual Meeting. Both have been integral and respected members of the Board since the Board's appointment in 2005 as the Company emerged from the Spiegel bankruptcy. The Company has previously announced that three other Board members have decided not to stand for reelection at the Annual Meeting.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
4.1 Warrant Agreement dated April 2, 2009, among Eddie Bauer
Holdings, Inc., and the Holders of the Warrants listed on
Schedule A thereto.
10.1 First Amendment dated April 2, 2009, to Amended and Restated Term
Loan Agreement between the Company and the lenders named therein.
10.2 Registration Rights Agreement dated April 2, 2009, among Eddie
Bauer Holdings, Inc., and the Holders of Warrants listed on
Schedule A to the Warrant Agreement.
Nice quick flip sheep.Bidwacking last half hour.Swings pretty easy with 78% insider/institutional holders. http://www.nasdaq.com/asp/Holdings_new.asp?symbol=EBHI&selected=EBHI
If she goes bk insiders/institutions lose everything.
Ebhi .33+.06~Psun 3.35+.33 Only two I am playing so far this week.
Yep Dfly,Best car I ever had.Bob
Ebhi getting some love today .31+.04 off yesterdays lows of .24.Over 5 million traded yesterday.Maybe a capitulation of sorts.
Hi Davo,One of my biz locations has a Eddie Bauer that is doing quite well.One of my friends that trade took a position today.I also talked to management staff and their is no signs of bk.Like I said before well stocked and biz as usual along with future internal paperwork sent.The last two prs were important.The first being about debt being negotiated giving ebhi time and the second being third party sales being good.I did notice they are starting to discount more which is good along with the new product line.My only thoughts are someone is pushing the price down for a better warrant price during the negotiations going on.It does not look to me like Eddie Bauer is going down the bk way.Proceed with caution.Bob
Most would not even know what the words meant if you listened to Pennsylvania slang over the last 50 years.Still trying to find a good list with translation.Eat some kielbasi and stuff ya know.lol Bob :))
Razor,Like I stressed when we were at .02 and couldn't hold.025.We needed the big signed contracts~Defined share structure to keep the price up.Jared's cc eased the share structure situation but did not address it as a matter of fact.Audited financials later this year will make the shares rise.The projection/estimate game is done.Just speaking the truth as always.Bob :))
Gar,In defense of Value.It looked like it would hold .30/.33 technically.Still not sold they go bk.
You can not get away with anything these days.When I was growing up and got caught by the cops drinking they would say throw it out.I knew the one cop and he had a frig full of every beer you could imagine.Now its all about fines and money.The kids did not change at all.My one is 17.I know.lol
The good ole days.I loved racing the motorheads with new cars.They would spend hours under the hoods of their earlier versions and get oil blown in their faces.Ahh now I see where my craziness started.lol
Nice wheels.My friend had a 79 trans am when I had the 78 firebird.It blew my little 305 away.It wouldn't have beat my mustang though.Now I want a Vanagon.lol http://www.vanagon.com/
Nothing beats my first car.1978 Firebird.Then my second favorite car was a 1989 4.0 mustang gt convertible.Then I had kids.lol