MPET: Piggy Bank for Directors? Does anyone else think management is overpaid? I've been a MPET investor since about 1967. I go back to when Mereenie oil was first discovered. I held MPET through resolving aboriginal claims, building an Alice Springs refinery, Palm Valley gas discovery and building a pipeline to Darwin etc. For what return on investment? Officers and Directors have come and gone. It seems each group wants to over pay management and sign long term contracts with management that makes it expensive to get rid of them. When there was a management dispute, I called one of the dispute participants who told me I owned more MPET stock than most if not all directors. I checked it out and he was right. Now the sweetheart deals management votes for each other gives me an impression they overpay each other with cash and give bonus and stock option money to each other without earning the value of it. They talk about building investor value, but then give each other so much stock it dilutes the value of those of us who invested and held company stock for decades while the stock value has fallen. Heck, I even borrowed money in the 1970's to buy more at $13 per share only to see it fall immediately while I repaid the loan. The stock is undervalued based on cash in the bank and other assets. However, it has always been that way and then management has managed to pay themselves so much as overhead there has not been anything paid to stockholders. The company seems to exist to serve management rather than management serving stockholders. I'd like to see the management team cut in half, the gross income of remaining management cut in half, employment contracts for terms longer than a year eliminated, and no stock incentives issued unless the exercise price is triple the price when the option is issued instead of to be exercised near the issue price . THEN they would have true incentive to produce for us outside investors. Then I'd buy more MPET instead of becoming so disillusioned I sold most of my stock to prevent it wasting away even more.
