Stillwater Mining Co. Message Board
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McAllister on the CC - what a jackass!
WHAT WILL IT TAKE for Frank McAllister to get fired from SWC? At the curretn share price, SWC is now down more than 70% from the price it closed at the day he became CEO/Chairman (Feb. 12 2001, clossing price $36.00/share that day). What value has McAllister added to SWC since becoming CEO/Chairman? Why was he even named CEO/Chairman in the first place (he has a background in finance, not mining or engineering of any kind)? And after the obvious Peregrine debacle, why is he still CEO/Chairman? The guy is nearly 70, if he were the CEO of IBM he'd have been forced into retirement 3-4 years ago, maybe that mandatory age 65 retirement for CEOs is a really good idea.
But seriously, how bad do things have to get for McAllister to be fired? Or is McAllister just CEO/Chairman for life, no matter what he does, much like Kim Jong-Il of North Korea? Does someone have to die as a result of working at SWC for McAllister to be fired? I guess not, since that actually happened a few months ago (RIP Dale Madson). Smoke forced the mine to clear twice that same month too; I guess McAllister was so focused on his South American folly that he forgot about the Montana operations. What a clown!
Watching that bozo in the you-tube video (linked below) shows a white-haired old fool, out of touch with reality as he gives himself the "thumbs up", despite having crushed the share price via his Peregrine folly, just the month before.
http://www.youtube.com/watch?v=qBJnePVOalU&feature=related
So Frank's an old fool, that's obvious. The guy is dumber than Chumley on "Pawn Stars", and a lot more harmful. What I don't understand though is why the board of directors not only keeps him as CEO/Chairman, but keeps paying him $1 million year for this. Does ANYONE have a clue as to why McAllister is still on the job?-
>>.."The guy is dumber than Chumley on "Pawn Stars", and a lot more harmful.."<<
Oh don't be so hard on Chumley. Repulsive as he is, at least even CHUMLEY would not buy something for the Pawn Shop at THREE or FOUR times it's market value and ruin the store's entire future by saddling them with the need to go in to debt for years to come to buy the item....when they had a formerly best thriving and profitable Pawn business around!
Frank the Destroyer. Ruined the best potential global commodity producer play in the entire market, single handed with his arrogant ego and buffoonery.- 1 Reply to letxequalx03
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<<<< >>.."The guy is dumber than Chumley on "Pawn Stars", and a lot more harmful.."<<
Oh don't be so hard on Chumley. Repulsive as he is, at least even CHUMLEY would not buy something for the Pawn Shop at THREE or FOUR times it's market value and ruin the store's entire future by saddling them with the need to go in to debt for years to come to buy the item....when they had a formerly best thriving and profitable Pawn business around!
Frank the Destroyer. Ruined the best potential global commodity producer play in the entire market, single handed with his arrogant ego and buffoonery. >>>>
Lol, good point Letx. Even in his dumbest moments, Chumley of Pawn Stars probably wouldn't have been stupid enough to do what Frank McAllister did to this company. Also, Rick and the Old Man would never have signed off on a Chumley plan to pay 3-4 times the market price for something, which would in turn cost the pawn shop their entire net worth (and then some) and many years, just to get a few initial dollars out of it. But instead of Chumley, Rick, and the Old Man running the show, SWC has Jackass McAllister and his bozo board of rubber-stamping directors mucking things up royally.
Extremely sad that after finally getting to the point where the Montana PGM assets could have paid off VERY handsomely, senile old Frank had to ruin it all. Frank's ego got in the way of profit, and the bonehead board thinks they are working for Frank instead of the shareholders. SWC is CRYING for a hostile buyout; it's the only way shareholders will see a price at or above $15 again, IMO. Of course, SWC could have done so much better on it's own, without McAllister, but unfortunately Frank is CEO/Chairman for life, no matter how bad his performance has been or will be. SWC's "Whatever Frank wants, Frank gets" directors have seen to that.
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