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Black Diamond, Inc. Message Board

  • neglectedstock neglectedstock Apr 26, 2009 12:28 AM Flag

    Warren Kanders has presided over decreasing stockholder value

    Warren Kanders has presided
    over decreasing stockholder value at most of the companies with which he
    is or has been involved:
    -- Stamford Industrial Group (formerly Net Perceptions). Warren
    Kanders served as executive chairman of Net Perceptions from April
    2004 to October 2006 and continues to serve as its non-executive
    chairman. Since 2004, under Warren Kanders' leadership,
    Stamford Industrial Group was delisted from NASDAQ (while still
    known as Net Perceptions), underwent a 1-for-5 reverse stock split,
    and changed its name and stock symbol. Today the company still
    trades on the OTC Pink Sheets. Since Warren Kanders took over in
    April 2004 through April 1, 2009, the company's stock price is
    down approximately 5%, far worse than the S&P Steel Index, which
    was up 47% over that same time period.
    -- Langer, Inc. Warren Kanders has served as chairman of Langer since
    November 2004. Since that time through April 1, 2009, Langer's
    stock price has fallen approximately 95%, materially underperforming
    the S&P 500 Index, which was down only approximately 28%. In
    addition, in a span of two months during 2008, Kanders oversaw the
    sale of two of Langer's businesses at a loss:
    -- In June 2008, Langer sold its Regal Medical Supply business for
    only $501,000 - approximately one-third of the $1.4 million
    purchase price paid by Langer in January 2007 (only 15 months
    prior). Langer recorded a loss of $1.9 million in 2008 on the
    sale of Regal.
    -- In July 2008, Langer sold its Bi-Op Laboratories business for
    $2.4 million. Langer recorded a net loss on the transaction of
    approximately $660,000, which includes transaction costs of
    approximately $335,000.
    -- Furthermore, with Warren Kanders as chairman, Langer sold both of
    these businesses in "insider" transactions:
    -- Regal was sold to John Shero and Carl David Ray, two of the
    original owners of Regal from whom Langer acquired Regal in
    January 2007. In addition, Mr. Shero served as a vice president
    of Regal while Regal was owned by Langer.
    -- Raynald Henry was a shareholder of 9199-9200 Quebec, Inc., which
    acquired Bi-Op Laboratories. Mr. Henry was among the prior
    owners of Bi-Op that sold Bi-Op to Langer in January 2003 and he
    also served as a Bi-Op employee under Langer's ownership.
    -- Clarus Corporation. Warren Kanders has served as executive chairman
    of Clarus since December 2002 following a proxy contest at that
    year's annual meeting. Under Warren Kanders' tenure,
    Clarus sold all of its revenue generating assets, and in October
    2004, was delisted from NASDAQ. Clarus now trades on the OTC Pink
    Sheets and continues to have no operating business. From December
    2002 through April 1, 2009, Clarus' stock price is down
    approximately 25%, almost twice as bad as the performance of the
    S&P 500 Index, which is down approximately 13%.

    -- Warren Kanders has a history of self-dealing transactions extracting
    millions of dollars from the companies with which he is or has been
    involved. For example:

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