Insiders perpetuate the fasod that incentives keep key personnel. How many of you shareholders out there in small business keep getting pay and incentive increases for poor 4+ year performances? Insiders laid off l7% work force which probably includes some Marshalltown insiders now spending HMN shareholder money in Palm Springs. The insiders thru automatic pay icreases and incentives coupled with their pathetic decisions are breaking this company. Why should insiders profit each year from their mistakes and stupidity while all the shareholders suffer daily? Insiders are legally stealing so this investor hope some other shareholders wake up before it is too late. The main reason this stock is in such sad shape is that the insiders have not made one smart move in 5 years. Long term is no longer a good excuse for stealing and stupidity. It is long overdue that insiders put shareholders first and admit if they are not good operators then just plain leave. If HMN has such a bright future then why dont the insiders put their money where their mouth is rarely than continually rewarding themselves for their stupidity. Life is too short to put up with these injustices.
One way the insiders at HMN could restore a little confidence in themselves is to put their money where their mouth is and make some personal open market purchases. I purchased 3000 shares after the split all at higher prices than current trade and I really feel like a fool knowing the insiders have not bought any after split even at these low prices. The insiders have not done one thing to promote shareholder value and if they ever do I will be the first to compliment them. So tell me whose getting hurt the insiders or the shareholders?
I would not expect any existing managment to make any open market purchases with their money. Why not use other peoples money! From a balance sheet stand point, they get the options, they exercise the options, they sell the stock to cover costs and they get rich in the process.
It's to bad management cannot be impeached! In my book, what they have done to this S&L qualifies as 'high crimes & misdemeanors'