Finjan Holdings Inc (FNJN)

[Det_Robert_Thorne]

Thanks, but hardly changes my point

Thanks for finding that PR. I recall reading something like that awhile back, but the DEF 14 reports didn't indicate a reduction in 2011 of anything close to the 20% to 50% specified in the PR.

I think I figured out why.

The DEF 14A from April 30, 2012 says that Gildea's salary was $221,800 in 2010, and $198,900 in 2011. That 2011 salary is about 10.3% lower than what he was paid in 2010.

Since the PR came out on June 28, or halfway through the year, that could indicate that the "second half" salary was about 20.6% lower than his "first half" salary, so he made $110,900 in 1H and $88,000 in 2H, for a total of $198,900.

If that holds for 2012, then he should receive a salary of $176K in 2012, which is a 20.6% reduction from his 2010 salary.

Using the same methodology, and calculating that Allen was subjected to a 22.8% decrease, then his salary should be approximately $136K in 2012.

So rather than Gildea and Allen's salaries totaling $360K in 2012, they'll likely total closer to $312K, or $78K/quarter.

That's still WAAAAY too much for an unprofitable company with less than $1.8M in projected 2012 revenue.

Cut their salaries by 50% from 2010, and I might think a little differently.