Glenn Scheriff and Jeffrey Franklin are BEHOLDEN to Horowitz.
These disgraceful men have betrayed their moral and fiduciary obligations to P&F shareholders! What could possibly justify setting up a bonus plan in 2012 that gave Horowitz $1.6 million in total compensation? This, when P&F's net income, adjusted for a full 40% tax effect (instead of corruptly giving Horowitz "credit" for the one time tax credit) would have resulted in adjusted net income of a mere $2 million...which amounts to a Return on beginning equity (ROE) of a pathetic 6%. Even in 2006, when Horowitz was paid $1.7 million, the ROE was higher, at 8.2%.
I can't fathom how the newer board members (Brownstein and Randalll) could tolerate this kind of outright THEFT from the shareholders of P&F. This company continues to be BLATANTLY and brazenly operated as a private fiefdom for Richard Horowitz.
Is this some kind of sick "parting gift" from Robert Dubofsky and Alan Goldberg (along with socialite board members Scheriff and Franklin), on behalf of their bosum buddy and Glen Oaks Country Club "pal", Richard Horowitz? It certainly seems that way.
The 2012 compensation for Horowitz, incredibly and incredulously, is the most LARCENOUS and DISGRACEFUL and shameless yet. Some things just NEVER change at P&F Industries. All the shareholders continue to get screwed, while Horowitz gets his, and these socialite board members take their
measly $20K or so a year, in exchange for giving Horowitz exactly what his lifestyle needs require, irrespective of any notions of fairness or fiduciary responsibility. THIS IS OBSCENE.