In nov2011 insiders received excessive shares of stock at no cost. Sherman himself over 4.16million. This is what i term a robber baron-style plundering of a public company. It is particularly egregious in failing business model, where the future source of income is the unfair swindling of mom-and-pop retail investors.
Does this factoid not bother anyone? As a fairly smart and competent college graduate, I am willing to do this man's job for 1/100th his stock compensation and 1/10th his $400 annual salary. My point: a company operating at loss should not be paying out such oversized compensation.
I am only doing due diligence on what i wish was a contrarian value equity. But i cannot find any redemption.
I certainly agree with you. My communications to the company have gone unanswered.
The bottom line is that unhappy investors did what they can best do - exit the company. The price decline from $23 to $17 is evidence that plenty did.
I personally think this decline is excessive because I do not believe the distribution cut will be as large as some believe. I urged the company to cut the distribution by 50% and end the speculation and provide some stability to the unit price. That too fell on deaf ears.
This management team has been remarkably tone deaf to unitholder concerns.