joevacus, thanks. I looked up the original press release - OUCH!
WALTHAM, Mass., December 7, 2009 — ModusLink Global Solutions™, Inc. (NASDAQ: MLNK), which provides global execution of multichannel supply chain processes for the world’s leading technology brands, announced that it has acquired Tech for Less LLC (TFL), a leading processor and marketer of customer-returned consumer electronics and business technology products. The all-cash transaction is valued at $30 million, plus additional performance-based consideration of up to $10 million if certain financial performance measures are met in calendar year 2010. The transaction is expected to be accretive to ModusLink’s cash flow and neutral to earnings in fiscal 2010 and accretive to cash flow and earnings in fiscal 2011.
In real life people are fired for this stuff not paid retention bonuses...Crane and Board??? I wish I realized I could ask a questions at yesterdays CC (figured there would be many more and was just listening online)...
Question: Why would you (Crane the CFO) not have made costs cuts in 2009 and are you not ashamed to take a bonus for losing our money? You did nothing for 4 years...except throw away $30M...I may go to the Annual Meeting...anyone else?