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Thursday, May 01, 2003 3:31:07 AM
I am surprised that you are surprised by management's behavior. If you were in their shoes, I expect you would take the same actions and you would also continue asking investors for more ISO shares as long as investors continued to transfer their wealth to you in the form of more ISO shares upon request. The key is for investors to finally draw the line, vote NO, and thereby improve management behavior.
An analogy would be if you and your son (or daughter) mutually agreed in writing to an allowance of $10 [i.e. 10M shares = 20% of your total wealth] for the next ten days [10 years] and this amount is mutually understood and agreed in writing [the 2000 ISO Plan]. But, after 2 days, your son indulged himself by depleting over $5 of his budget so he is way ahead of the agreed spending plan [granting ISO shares]. So, on day 2 your son asks you for another $2 [2M shares = 4% of your hard earned wealth mind you] to pay for his extravagances, which you reluctantly agree to provide [the 2002 Plan]. Then, on day 3 you discover that your son also took another $2 [2M shares = another 4% of your wealth gone] but this amount was taken out of your wallet without your consent (without your approval, see proxy]. Now on day 3 [2003] your son informs you that of the $14 [14M shares = 28% of your wealth] he obtained, there is still almost $6 remaining, however, he is enjoying the wealth and therefore he requests another $5 [5M shares = 10% more of your wealth] to make things even better for him. So now, after just 3 days [years] have gone by, you are asked to transfer a total of $19 [19M shares = 38% of your wealth], i.e. DOUBLE the original 10-day [10 year] agreement, all in just 3 days [years].
Of course, your son will naturally act to indulge and continue to ask for more wealth UNLESS and UNTIL you [investors] say NO, enough is enough, you blew your wad, good for you, I don't want to transfer anymore of my wealth to you since I already significantly increased our mutually agreed allocation. So you spent it fast and early, that is NO reason to transfer more of my wealth to you. Can’t you see the excess involved and the obvious solution??
Shame on us shareholders for approving the additional 2M ISO shares in 2002. And, IMO, shame on management for this insulting request for yet another 5M more ISO shares (= another 10% of our company), and shame on you for even considering another ISO increase.
Anyway, I don't want to waste your time if you are not open to common sense on this issue.
I have always enjoyed your posts and I respect your opinion and your views. Apparently we don't agree on this issue.
Best Regards,
Corp_Buyer
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