Right, but for 6 months of not being a real CFO they paid her:
$300K (half her yearly base salary)
$250K signing bonus
$600K FY guaranteed bonus
Plus reloc expenses and whatever other benefits. The average American would have to work most of his life to earn that.
All restricted stock Smith received were forfeited when she resigned. (The $20/restricted share in cash was forfeited also).
Why GME would hire someone who bounces from company to company is another matter.
"No end user\gamer is selling games to them as far as I know regardless of any web links you can find off of their website."
This was my first comment after you initially mentioned Game Trading Technologies. Seems self explanatory. I saw the reatil link a month ago. Good luck on Thursday.
"Old CFO was scheduled to leave\retire on 3/1/10. New CFo leaves a week earlier than that retirement date. Has nothing to do with financials at all in my mind. Scared CFO, probably over her head, could not step up in time and needed more hand holding."
Well, the 'dumb management' paid her around $1.15M for not even being a real CFO and bailing after 6 months, and they were so pleased with her they gave her another 51,000 stock grants with an additional guarantee of $20/share cash bonus for each vested share. That was after 6 months, not including whatever grants and options given out when she started. So, dumb CFO, dumb management, or both?
Koz, I don't disagree with anything you just posted so I don't understand where the miscommunication is coming from between us. I posted their link when you said initially that they didn't have a retail site. I read their background and they initially had 11 stores and failed at the brick and mortar model and are now trying, in addition to the wholesale trade, the retail online storefront. They happen to be in my backyard and the founder dates back to the Interact/Recoton days. The company was started in 2003 and just recently started the retail site.
They are tiny, not even a rounding error to GME for sure, and with all the talk of DLC and publishers trying to thwart the used market, probably not a good time to get started, but still a potential threat and it seems like GME has nothing but threats lurking around every corner these days.
Personally, I think these guys are trying just to get noticed and hope someone buys them out while they are so small and would be able to be done by a larger company for an amount meaningless to them, but worthwhile to Game Trading.
Anyway, thanks for the DD even though you give me way to much credit for "getting it out of you."
Listen Homer. I don't have time for your denseness. I think you are smarter than that. I stated that I know of NO ONE no gamers\users who are selling to them. They get their games in bulk from store liquidations if at all. That's how they started, with a Blockbuster liquidation. They are partnered already with Gamestop who send the used stuff to them for refurb and pricing advice. They've tried retail, buying direct and it did not work for them. So now you have all your DD from me without lifting a finger. They are no threat to Gamestop just a partner in services as I mentioned. Smart to get me riled enough to give you all this DD but other than that, man, forget you seriously.
Correct, maybe that is why the prices, at least in my experience is so much better than the others. And I don't mind waiting a couple of days for my money when do everything for me including sending me the prelabled tracked packaging, which I know comes at a price, but again, I have no problem paying for convenience when I still come out ahead and get cash.