Sophist:Well said and This Is What Concerns ME
Sophist wrote (in part): "It is a fact of life and part of equity investing in the current market culture that shareholders face the RISK of share value "dilution" in any number of ways, "excessive" compensation, ineffective BOD's, "excessive" insider selling, etc., etc. This is the background "noise" in the equity market and many investors have abandoned this market for such reasons as well as the many other signs of corruption, dishonesty, thievery that we have witnessed on a grand scale."
I think it is damaging to that intangible factor of CONFIDENCE that there is so much management bashing and accusations aimed at IDCC management/BOD, most of which IMHO is entirely baseless and in any event, stated without providing perspective or relativity (corporate relativity--what is the standard for this competitive space).
So much of this discussion portrays IDCC management/BOD as if they were Ross Johnson of RJR in 'Barbarians at the Gate' (the James Garner role).
And I just don't think that is accurate or fair. As I've said, I see nothing in the history of IDCC administration of these plans that is anywhere near over the top. I see nothing to indicate that there is an intention to unjustly enrich themselves or engage in self-dealing violative of their fiduciary duties and obligation to maximize shareholder value.
While I MIGHT agree that corporate compensation GENERALLY is excessive, I won't participate in an effort to make IDCC the 'example' for others IF I believe that would hamper their ability to compete effectively in the competitive space in which they exist.
I think the bashing of management/BOD and the overstated hyperbolic and often baseless accusations, are damaging to the confidence of investors in this stock. The last thing any company needs right now is rumors, innuendo or a suggestion or hint of scandal. And IMHO all this stuff about IDCC is blown smoke where there's no fire at all.
The 'background noise' that you refer to is now a background to IDCC. And that is wrong and unfair and very unfortunate IMHO
This is NOT GE's deal with Jack Welch. It is NOT Halliburton giving Dick Cheney $35 M (in addition to his severance package). It is NOT wcom, enron, rite aid, tyco, adelphia, sunbeam or anything like it. And the suggestion that it bears any relation whatsover to any of those things, is just plain wrong.
I agree too that if they're not gonna sell, they've made a decision that the value of the IP outweighs the management problems they perceive. I don't see how all the management bashing helps their investment?
And personally IF I felt about management/BOD the way some have said they do, I wouldn't hold this stock--I don't care if this company invented sliced bread---poor management could ruin even that.
JMHO, joel
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