• Writing paper checks.
• Mailing checks in U.S. mail.
• Building big branches.
• Luxury offices.
• Calling local banker for a loan without shopping around for better terms.
• Buying CD in bank office when you can get phenomenal interest online.
• Using a real estate agent to sell or buy a house.
• Commuting long distances with one driver in big cars without paying tolls.
• Opening office in Westminster Canterbury ... like senior citizens do a lot of wheeling and dealing!
• Pushing banking and investing "local" ... so how did that work out for Gateway, HMPR and CWBS customers and investors?
You've been warned ... when you run out of chips and beer, don't blame me!
Poor CEO wrote so much explaining CFO retirement ... but it's not a problem in these circumstances. One step closer now to a buyout.
Think about it: How much cash could RCII cough up before they have to declare bankruptcy?
Still discussed eight years later in Press Release regarding CFO retirement.
If he was close to retirement anyway. Acquiror would already have a CFO, so he would be harder to fit in.
RICK has to be thinking about Sutherland v. Ernst & Young LLP, recent Second Circuit case. But arbitration agreement still has to be a valid contract. Why would anyone agree to arbitrate something that a court has already ruled on and said it's illegal? Arbitration agreement like duress if signed now. So I am telling you ... they don't have it fixed by a changed policy!
Facts were different because every worker had a different manager with discretion, so the facts and damages were different for every worker. Here it's just one club; one manager; one common issue for all workers. Only the damages are different per worker, but that's okay in the Second Circuit. Looks pretty hopeless to decertify ... another fantasy with no basis in reality.
U.S. Supreme Court case was in 2011. Even if he was talking about recent Aug. 2013 California regional case ruling, it still involved multiple stores and managers: “Though plaintiffs succeeded in illustrating attitudes of gender bias held by managers at Wal-Mart, they failed to marshal significant proof that intentional discrimination was a general policy affecting the entire class.”
Purpose of arbitration is to avoid costs and hassles when the answer is in doubt ... now NY Federal District Court has ruled that dancers are employees, no if's,and's or but's ... so arbitration probably doesn't work in the Second Circuit. So idea that problem is fixed with changed policy ... good luck! That will be the next case.
"Prepare For Tough Times If Your Job Has Anything To Do With Real Estate Or Mortgages
If you have a job that involves building homes, buying homes, selling homes or that is in any way related to the mortgage industry, you might want to start searching for alternate employment. Seriously. Interest rates are starting to rise dramatically, and mortgage lenders such as Bank of America, Wells Fargo and JPMorgan Chase are all cutting thousands of mortgage-related jobs. Last week, mortgage refinance activity plunged to the lowest level that we have seen since June 2009 and total mortgage activity dropped to the lowest level since October 2008. Unfortunately, this is only the beginning. Mortgage rates closely mirror the yield on 10 year U.S. Treasuries, and the yield on 10 year U.S. Treasuries has nearly doubled since early May. But it is still only sitting at about 3 percent right now."
CFO taking a hit for the team ... thanks!!!! But he's not really losing because he's going to make more on his stock!
Market underestimating seriousness of NY Labor Case ... just like the cruise ship in the Med that hit the rocks and people followed instructions to stay in their rooms ... and then drowned.
Wouldn't worry about the CFO ... CEO is on top of everything. HBKS isn't one of those banks where they have a Conference Call and the CEO turns the financial discussion over to the CFO.
More expenses than they can fund.
without one joke or pun. Market isn't taking NY opinion seriously enough ... there could be some significant bucks at stake. That's probably why he didn't want to make light of it ... you know, laughing while the defendant goes bankrupt.
Statute of limitation is not running out on the Pole Tax collection, because the time while it's being argued in court doesn't count under the Texas Admin. Code:
"Sec. 111.207. TOLLING OF LIMITATION PERIOD. (a) In determining the expiration date for a period when a tax imposed by this title may be assessed, collected, or refunded, the following periods are not considered:
(1) the period following the date of a tax payment made under protest, but only if a lawsuit is timely filed in accordance with Chapter 112;
(2) the period during which a judicial proceeding is pending in a court of competent jurisdiction to determine the amount of the tax due;"
You can find the CFO's employment contract online. If there is a change in control, his contract would automatically be extended for two years. I am guessing he didn't want to continue to work that long for a new company.