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Red Hat, Inc. Message Board

  • yanks23232000 yanks23232000 Sep 30, 2003 6:01 PM Flag

    Typical...

    Not I my friend, not I. Just tired of hearing whiny Shareholders such as cpa battering Management because their investments don't double over night. I did well with RHT and in a short time, I'll do even better.My guess is Right goes private with a bid of $21.00-$22.00 and the Yanks win in 5. Then on to hearing whiny Red Sox fans.

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    • cpa,
      Yes, I did receive my bonus. Thanks for asking. Bonus checks are distributed every February for the previous year, in this case it was for 2002. They are based on performance in 3 different areas. Prior to the February bonus distribution there was a spending freeze and hiring freeze. Maybe the bonus structure is was what hurt RMC(possibly the combination of the bonus structure and recent acquitions). The sales goal for the office that I worked at for 2003 was increased dramaticly. I know that additional changes were made after I left in April. Believe me I would of skipped my bonus to keep my job, no question on that one. I loved what I did and the people. However, I have moved on. Have a great weekend!

    • biz925,

      They also mention in that conference call that they borrowed an ungodly amount of money to pay bonuses for '02. Hope you got your bonus before they showed you the door.

    • mogulone,
      Yes, they did give me outplacement for 6 months. You will never guess with who? yes
      with them. Which I did use some of their help in the beginning, but it became very awkward.
      I felt it best to let things go and move on which is what I am doing now. Remaining in constant contact was not helping me to move forward, which one of the things I learned from working there was that it is very difficult for people who were let go from a company to stay in contact with them. I had to do what was best for myself. Thanks for letting me know that they did mention it in the 1Q conference call. It is nice to know that it was acknowledged. A large number of very good employees were let go back in April.

    • biz-

      Sorry about your layoff. Regarding its being "kept quiet", however.....wrong, wrong, wrong. I happen to recall that they mentioned it in the 1Q conference call and quantified the cost. Did they give you outplacement at least?

    • Hi cpa38,
      You are so on target!!!
      I worked for RMC until they did a layoff of their own on April 23, 2003(notice how this was kept quiet). They got rid of 84 of RMC employees around the United States.
      It was so poorly done, they did not even practice what they had preached to their own clients. I meet Rich Pinola earlier this year and he had said to a group of us that anything could happen to RMC, they could be bought tomorrow! He also said that he had the power, of all of our jobs,at RMC in his hands. Well...he sure had mine and 83 others across the USA.
      He only cares about himself, not the employees of the company and surely not the shareholders!!!

    • Yanks,

      You're just full of shit. The stock was undervalued because the mgt team had their arm in the cookie jar. They stole all the damn cookies and left none for the shareholders. They paid themselves too much. They took even more in benefits. They stole the company through lavish stock options. And you're scratching your head wondering why no one appreciated the stock. Wake up son.

      Richard isn't tyring to take the damn thing private because he wants the stock to be fairly valued. The weakling is protecting his job, his salary, his benefits. He knew another offer was coming. That's the only reason he got off his butt and put a deal together.

      The effort is deemed "greedy" because a muti-million salary, 20% options dilution, 37.5% deferred comp match, and 37.5% 401K match for a company with less than a $500 Million mkt cap is just PLAIN GREED, HUBRIS and PISS POOR CORPORATE GOVERNANCE. Pure and simple. What rock have you been hiding under?

    • Mogulone_99 - I seriously doubt Richard put RHT in play. I'm sure he wanted to protect his multi-million salary, unbelievably high deferred comp match, huge retirement contribution. The man would be a fool to bring a halt to the gravy train.

      And Yanks - yes I have worked for a living. Which is why I bitch so often about the disgraceful compensation and benefits paid to the executives of this company. You're a fool for whining about this stock being taken out. The market would never fairly value RHT. It's widely known that RHT is nothing but an executive gravy train of compensation and benefits. Companies like RHT are never fairly valued until they are taken out. Which is why I moaned and groaned for taking the damn thing private. It was the only change of realizing a decent return on this POS stock.

    • >>With all that said, why is this effort deemed "greedy"? Or is that just a label Management gets saddled with time and again and not stock holders?<<

      Stock holders greedy??
      Shareholders obligation is to themselves, to maximize the return on their investment. Management's obligation is to run the company and get the best results for shareholders. Director's obligation is to make sure management is doing their job for shareholders and that shareholders' interests are served above all others.

      Everyone needs to fulfill their obligations here.
      I plan to do mine my making sure that everyone else does theirs. Or, if not, to see that they don't get away with it.
      A threat? Sure, why not..

      It is very interesting, the point about the insiders overhang artifically depressing the stock price of late.
      Something to keep in mind as we proceed...

    • You let the cat out the bag Yanks. It is so obvious that you work for the company.

      You must not have much commercial savy since you think that the special committee should look at factors other than the best interests of shareholders. Nonsense about passion, etc. What are you thinking?

      Since you do work for the company, you also know that the business is dismal right now and furthermore, bad financial news is coming. Once the bad news is out, Adecco will have more information that they need. By the way, any recent management trips to faraway places?

    • Done.
      The Yanks versus the Cubs it is. An awesome Series indeed.
      Good luck.

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