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P&F Industries Inc. Message Board

  • longtimefollower longtimefollower Dec 27, 2013 9:41 PM Flag

    Corruption runs rampant on the compensation committee at P&F.

    Was out of the stock for several months. Having recently gotten back in, and reviewing the proxy from last spring, along with Lawndale Capital's filing, I must say that Kenneth Scheriff and Jeffrey Franklin are morally and ethically DEBASED, DEGRADED, and CORRUPT as fiduciaries. The structure of Richard Horowitz's bonus plan, determined by these two mere shells of men, is unseemly, egregious, morally criminal....and directly INTENDED to feather Horowitz's nest, at the DIRECT EXPENSE of the broader shareholder base.

    This board will have credibility when it puts Randall and Brownstein on the Compensation Cmte, and not one minute before. Scheriff and Franklin are clearly in this FOR Horowitz, for whom they are schills. These odious figures are functional IMPOSTORS on the P&F board. They are flim flim artists and charlatans..."lowering" Horowitz's base salary, and then, with bald faced effrontery, showering him with ungodly bonuses, that are in no way justified by ROE, or other measures of value creation.

    This company's "oversight" is a joke....and the entire Street knows it. Which is why it sells at such a steep discount to book and such a low multiple of earnings.

    Were Mr. Horowitz to leave the company, retire, or expire, I'm fully comvinced the company would be worth $12-15 in a sale. But, until that happens, the board will continue to REFUSE to explore legitimate M&A opportunities...because Horowitz is addicted to the "prestige" of running a public company.

    I have no idea why the company doesn't just buy in stock over time, rather than its current strategy of making acquisitions, with a POOR long term record of value creation.

    tragically, Richard Horowitz lives in a grandiose BUBBLE....and the board continues to, astonishingly, bless this "out of control" situation.

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    • E-mail sent to Scheriff and Franklin....

      Gentlemen:

      I am up to x.x% ownership, roughly.

      I am disturbed, and sickened, by your fiduciarily corrupt behavior, on the compensation committee.

      [link to this Yahoo post]

      You were clearly "posturing," and MANIPULATING ME, when you "sought my guidance," a couple years ago, on Horowitz's pay package.

      You are in Horowitz's back pocket, and have no self-respect. Either that, or you are incompetent boobies. Neither one is edifying.

      Tim Stabosz

    • Very well put!!

      • 1 Reply to tete92660
      • Indeed. For a microcap company that is earning only $1.6 million in the past 6 months, I agree that it is obscene for the CEO Horowitz to take a salary of $1.6 million/yr. I would join any effort in stopping this greed. The company has cash and equivalents of only $0.47 million in the most recent 10Q. The milking by the CEO and board is detrimental to the company's operation and growth.

        Sentiment: Strong Sell

 
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