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Skechers U.S.A., Inc. Message Board

  • muellerfund muellerfund Feb 1, 2012 8:09 PM Flag

    Smart Move

    It appears that on 03 JAN 2012 the Jeffrey Greenberg transferred a total of 4160 shares of SKX to 2 separate trusts in the amount of 2080 shares each. Share price in the open market at that time was about 12.5. Using that as a valuation, we have 2080 x 12.5 = $26,000 to each trust.

    My guess? Crummey trusts. The $26,000 amount is exactly twice the amount of the annual $13,000 gift tax exclusion. Each spouse can make the gift; hence, the doubling up to $26,000 for each trust.

    Smart move to do this early in 2012. Why? The shares are at their multi-year lows. Assuming the shares are worth much more by the end of the year, this move was brilliant!

    I'm not sure, though, on the valuing a Class-A share on the market price, though, since a Class-A share would arguably be worth more than Class-B.

    Anyway, this was a brilliant bit of planning assuming the stock price goes up, which I'm sure Mr. Greenberg thinks it will. As do I.

    Just my 2 cents. I could be way off on my theory, but the numbers make me think I'm not.

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    • Micheal, Jeffery and their wives usually move $13K worth to each child, every year, so Micheal filing might not be far behind. I would agree with your thoughts and that it is certainly a good move if the share price increases.

      As I understand it the Class B and Class A shares would be worth the same amount, since Class B must be converted unless transferred to certain individuals (if I understand it correctly) and they always must be converted before selling. The best I can figure the children's and even the Greenberg Family Trust must not be on the selected list to hold Class B. Robert Greenberg and his wife converted and moved a million shares each last year to the Greenberg Family Trust, if I read the form 4s correctly.

      One other bit of information. Jeffery seemed to be the largest seller when the insiders dumped right before the ShapeUps mess began, so he might (maybe) be an indicator of price direction.

      • 1 Reply to catch83sails
      • Thanks for the info about the shares and also about Jeffrey's good timing on selling before the shape-up fiasco. Yes, let's hope Jeffrey has good timing again, now, gifting presently undervalued shares. In thinking about it, he could have given anything presently worth 13k. It would make no sense for him to give something that he thought would depreciate. Rather, it would make sense for him to give something that he thought would appreciate. As a Greenberg, there likely would be few things for which he would have a better ability to prognosticate about value than shares of SKX.

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