With Rima Senvest near 10% of the outstanding, have they become vocal? Third Point (Dan Loeb) took a 10% stake in Sothebys and demanded 3 BOD seats. Maybe Rima pushed for his ouster.
well, he did quit on a Sunday. Anyone else notice that? Maybe he got arrested over the weekend for DUI or something like that
Or was there a regularly scheduled BOD meeting over the weekend?
I think his resignation was entirely due to Avis. did you also notice on the VMS presentation that ZIPCar is no longer a customer?
isn't outlook more important than what happened over 2+ months ago?
I want to hear Ehrman's take on Avis. No more spin. Just tell it like it is. If Avis still wants a royalty free agreement as long as they continue to "pilot" then screw them. Sue them. Stop the pilot. Put out PR every day for weeks. Ask for $500M in a lawsuit. I'm sure that would get the attention of credit agencies for Avis and put them in potential default of covenants. Go for the jugular. Taking it up the pooper like Jagid was doing (and caseyboy dreams of doing) got them no where.
"expected to continue his term as a director of the company but will no longer serve as chairman of the board of directors"
His term expires June 20, 2014 when the next Annual Shareholder Meeting occurs. Why would they want him to continue his term? Makes no sense.
FYI - they just fixed Ehrman's title on web site and it does say interim-CEO. Still nothing on Jagid on BoD. He might be gone, gone
deals announced in Q4
$1760K various companies on Dec 20
$450K food company
??? BMW at 3 sites
So that's $2.61M + 3 BMW sites (another $1M in total? maybe more, auto sites are typically larger)
Add in recurring revenue and I get $8.2M in deals already announced.
3 months. Jagid has 3 months to exercise from date he leaves. If he is still on the BoD, I am not sure if the clock even started yet.
I've been at companies where you had 30-90 days after leaving and then options were cancelled. I've been at some where they stayed until open until they expired (which would be up to 10 years in this case). I would like clarification on this issue.
mjw - time to fire off a letter to Liolios.
how bad could it be? They get $4.6M in recurring rev. They announced almost $2M in deals in Q4 for VMS. Even USPS did $400K. You had some DoD money as well. So what is the worst they did, $10M? They've done less than that and didn't fire Jagid.
This has to be Avis being dead. The BoD probably regrets now now getting more in your face to Avis with patent lawsuits and such.
nice find. I have been checking that almost every day, BTW. Did not check yet today. The PR did say he was still on BOD. Maybe they just did not move him down to just on BOD yet. His bio needs rewriting
so of the 425K shares Jagid has
175K forfeited or under water
164K in the money options at prices from $2.84-$4.55 (company would net $550K)
68K options at $5.93
only 18K shares are unaccounted for. Maybe he just owns those outright
so essentially getting rid of Jagid undiluted the company by 2%.
I wonder if he was forced out and keeping him on the BOD for a short time to vest some more options was a way to avoid severance. Some restricted shares vest early next month
AI could easily be the first piece sold off for $30M-$40M. Plenty of buyers for it.
The whole company could easily be sold for $8. I think Jagid was looking for $20
I hope my posts helped push him out
I find 72,000 under water options
These options are in the money:
should he exercise IDSY would get $550K