This is a strong statement, but I sincerely think it's time for Mr. Morgenstern, in all due respect, to resign. Lack of credibility, IMHO, is the lead reason for this call.
Oct. 30, 2000
"...Rent-Way expects these matters to have a negative, non-cash impact of between $25.0 million to $35.0 million pre-tax on fiscal year 2000 earnings."
Dec. 12, 2000
"...it is now expected that these accounting matters will have a negative non-cash impact of between $65.0 and $75.0 million pre-tax on fiscal year 2000 earnings."
Jan. 16, 2001
"We continue to expect a negative, non-cash impact on fiscal 2000 earnings in the range of $65.0 to $75.0 million..."
May 24, 2001
"Negative, non-cash adjustmetns resulting from the company's previously announced accounting investigation are now expected to total approximately $127 million, which is $52-62 million above previous estimates."
Given this track record, I think that RWY is without credible leadership at the top. Sad, but true, IMHO.
Nope- I'm not an exemployee either...just a faithful supporter I suppose...Also, the fact that Morgenstern took the company from 75 to 1100 is correct, but you seem to forget, he started at 0. And Failure is defined by most as rock bottom, selling out...which if you haven't noticed yet- Mr. Morgenstern hasn't done, and will not do. The easiest way for him would be to sell out, but he's not. He's much less of a coward than most people.
No I am not a jaded employee. I am a logical outsider. Of course Morgenstern is a #$%$ CEO. This doesn't happen to a good CEO. I never said I could start a company from scratch & make it successful, I don't have the funds. Sure it is impressive that Morgenstern took this company from 75 stores to 1100. But for what? To lose $35 million in the last 3 years? That's not success, that's failure. Half as successful as this (as you say) would be only losing $17.5 million in 3 years. Any of us could do this if given the chance I bet. My story is correct, you are not thinking. Use your head, not your heart. Obviously you are a jaded employee whose past has been improved by Mr. Morgenstern. That deserves some loyalty. But your future he has ruined.I believe there are a lot of people like you. But you are all missing the point. No one trusts him on the street. Without Wall Street's trust it will take years to recover. You should be praying he sells out to restore your future (& present)worth!
What position or power are you to speak of Mr. Morgenstern's job? Are you an employee? I sure hope not, because you'll be figured out soon enough as another "LEAK." Mr. Morgenstern is not a "Sh*tty CEO," if he was, he would be keeping this information from you. And as for the company being a "sh*tty company"...YOU start your own business--find people in this MESSED up world that can run it...Make it go public and have it be half as successful as RENTWAY and if you succeed you will get the golden star for the day and I will ask you HOW YOU MANAGED to keep it under control. Get your story correct before you start running your mouth. MR MORGENSTERN will NOT be out of a job in about a month if the FAITHFUL and TRUE people of Rentway Stick with him... and yes, RWYTORCII there ARE people that will stick with him.
I guess you must be an RWY employee? I will tell you this, Morgenstern has very little credibility on Wall street. Why?
Strike 1 - His CFO apparently was involved in unacceptable accounting practivces. Try to read more carefully, I didn't say M. planned this, rather he is derelict in not preventing/identofying it;
Strike 2 - His statements on the size of the charge were wrong (some might call this misleading even...); as were his assurances that the 10k was coming soon (still hasn't appeared) and that the audit was basically done and wouldn't find anything else - since then we have 100% increase! You only have your reputation and Morgenstern's is shot. Either he lies or, more likely, he lacks judgement about when to make announcemnts and when not.
Why should I care? Because I own the stock and a big peice of whether people buy/sell is the ceo. Once we stabilize, then he needs to resign and let a professional manager take over from here.
Please don't send me any more e-mails in support of my suggestion that Mr. Morgenstern should resign. My mailbox is overflowing so please, no more. Thank you.
P.S. I had no idea there was such great support for Mr. M. to go.
I have stayed off of this message board too long. You little prick!
You are dumber than I thought. You forget one important detail in this whole senario, Bill Morgenstern built this company from the ground up! He grew his business faster than you can spell your name. He employed, what he thought were honorable people who were trustworthy, he is the one who reported the discrepencies. So what is your point. Love kicking someone when they're down? Well don't worry he will survive because no one, not anyone, can build a company as he did. He is correcting all errors so that his company is so squeaky clean no one will ever be able to say something about RWY again!
Why don't you ask about Marini or Conway? Two men who wanted to become bigger than life. Yes, don't ask questions of those who did the wrong, ask them of Bill who is righting their screw ups. You must be a screw up too!
You have no idea what you are talking about and you really need to shut up!