fan, thank you again for having the courage to speak out as an insider who really sees the malaise and mendacity in this downward spiraling conglomerate.
For years, we always suspected much of the PR-touted "INNOVATION" was faked, and it is good to get confirmation from an intelligent insider who knows. Quarter after quarter, the Empress of Imprelis and her quantitative genius with an M.B.A from the internationally prestigious Grand Valley State College somewhere in rural Michigan, the esteemed DuPont CFO Nicholas FairlyRidikulis, rattle off these big numbers, 500 to 600 spanking "new products" in the past 90 days, but deliberately evade providing a list for verification. Speaks volumes.
It appears DuPont Senseless Research on the banks of the fabled Brandywine in the Kullman regime functions on cheap political games and cheesy political correctness. Where are the blockbusters and breakthrough technologies for which DuPont was justifiably famous in the 20th century?
EDITORIAL CORRECTION: the penultimate sentence should read:
"One might want to revisit the thousands of asbestos cases..."
The brainless software of Yahoo! changed our word to "revise".
THE SUNDAY SIZE-UP CONTINUED
* How many of these touted "1,600 new products" are actually old products, re-worked, re-formulated, re-packaged, re-coloured? Anecdotal evidence gathered from DuPonters over the net suggests alot.
* What is the cannibalisation rate, simply replacing old products with "new products"? Without this ratio, Ms. Kullman's trumpeting is tiresomely meaningless.
* Finally, Ms. Kullman in a sneaky way tries to equate the dreary act of filing patent applications with "INNOVATION", which again is not meaningful in isolation.
Finally, readers notice something strange? Ms. Kullman never tells you what these new products are, never provides a list of her wonderful 1600 innovations for the media or investors to review.
Such is the imperious Empress of Imprelis, her biggest "new product innovation" to date, a serial tree killer now banned by the U. S. EPA, having brought in $7 million in revenue, and slammed DD shareholders with $1.2 billion in losses! Some "INNOVATION", Miss Ellen. Not so pretty.
Like most things these days at Miss Ellen's DuPont, innovation if mostly PR fiction.
Merely THE SUNDAY SIZE-UP digitally penned by one investor at large and long-time student of the dissimulating DuPont in decline...funfun..
1,600 New Products in 2014? What Are They? What's the Cannibalisation Rate?
THE SUNDAY SIZE-UP
Good Morning, Bonjour, Guten Tag,
Readers, we now have gotten in our mail no less than three glossy brochures and lively literature from the Kullman Kamp. We were met with a picture of Miss Ellen, looking 38 or 40, pert, peppy and pretty, with nary a wrinkle or worry, a neat deceptive disguise for the haggard and tired sixty-something CEO with the unhealthy tone in 2015. Never mind she managed to mismanage this shrinking, sinking conglomerate, (Imprelis, Tell Us!) into its first proxy fight in 213 years.
If the self-promoting and primping Ms. Kullman cannot be honest with her appearance in the media and with investors, what else is she hiding; what other deception is she executing? "Let's try 'Innovation' for $500, Alex".
Amongst her many bloated boasts within her plea and demand for votes is the credibility-challenging claim, "Company-wide, we launched nearly 1,600 new products and filed more than 1,650 US patents in 2014 alone. Excluding Performance Chemicals, new products introduced in the past four years delivered 32% of sales in 2014."
But, folks, that braggadocio is meaningless and misleading. Here's why...
[To Be Continued]
Readers, as you can see below in the PR talking points repeated by the DuPont AG employee assigned to the board, DuPont Management and their little known lawyers from little known schools in DuPont LEGAL will be blaming the victims of DuPont's secret pollution of water supplies in Ohio and West Virginia for decades with DuPont's insidiously toxic, cancer-causing Teflon chemical, PFOA or C8.
Call it the Dunkin Donut Defence. Thousands of C8-contaminated women, men, and children with extraordinary quantities of highly toxic C8 in their blood actually made themselves morbidly sick or died because of their "life style" or maybe their grandparents had cancer!
BLAME the VICTIM, and trash their attorneys with cheap personal attacks is the response of DuPont's dirty-playing Management and their PR agents. The cancer of corruption has metastasised and permeated every aspect of this indecent conglomerate.
As for our speculative opinion these 2545 lawsuits may constitute a massive litigation liability, we have shown our accounting methodology in past comments. One might want to revise the thousands of asbestos cases which sent Johns Manville reeling and into bankruptcy more than three decades ago. That's what can happen dealing in vilely toxic chemicals and materials, and in DuPont's case denying it, and lying about it for decades.
The under-educated resentment of this admitted bonus-paid DuPont AG employee is so obvious and uncontrollable. We can't stop laughing. She's the perfect picture of the arrogant inferiority which infects DuPont AG and most of the rest of the declining DuPont Company. Ms. Kullman should be embarrassed over the gross misconduct of her avowed DuPont employees operating over the net on PR damage patrol.
GASP! We are under attack for using "adjectives"? What's next? "Adverbs"? "Nouns"?
Folks, we're not about to degrade our literacy to countenance the lower mental class.
Oh and one final joke: This DuPont AG employee protests,
"I've never claimed to be intelligent..." Her restraint is deeply anchored in reality, indeed.
Funny, how the big bosses in the Fortress assiduously evade any mention of these 2545 toxic Teflon chemical lawsuits, just as they did with Imprelis, Tell Us. Does the imperious Empress of Imprelis and her little known lawyers from little known schools in DuPont LEGAL blithely assume they will win every last case? No jury awards? No settlements? No punitive damages? No impact? Not-to-worry?
In the meantime, Ms. Kullman gushes and promises to build a glorious future for her "world-class science and technology" bio-boutique and feed and seed operation on the graves of the chemical businesses and their hapless employees and plant neighbours.
Fill your tank with DuPont Corn Cob "Gasoline", anyone?
But, asbury, even more alarming is SHAMours has the contractual legal obligation to indemnify DuPont for these towering liabilities, already fixed or potential, in the event DuPont is compelled to pay them. And the DuPont Company could enforce its legal right to collect indemnification from SHAMours against SHAMours, right up to the point of forcing SHAMours into insolvency, and ultimately bankruptcy. We perceive a sinister plot indeed from the mendacious minions of Ms. Kullman bunkered down in the Fortress!
Sick and gravely ill plaintiffs suing for injuries they claim have been caused by the covert and callous contamination of their drinking water supplies with cancer-causing Teflon chemical C8 by a corrupt DuPont Management for decades, SHOULD WATCH OUT!
Master Politician Would Have Quietly Worked Out A Deal With Peltz, Man To Man
THE WEAK IN REVIEW
Good Morning, Bonjour, Guten Tag, Buon Giorno,
Readers, As an investor at large, we are appalled at the magnitude of the costly firefight waged by DuPont Chieftess, Ellen Jamison Kullman, with DD shareholder money against Nelson Peltz and his Trian Fund owning circa 3% or all DD shares. Seems so unnecessary and destructive.
Last night we began to speculate what the glad-hander from Nashville, Tennessee would have done. While Chad Holliday, former DuPont Chief, did not possess much business or financial sense, he "sure as shootin'" was a master politician who knew how to work people and work with them. We think Chad, the Football Captain of Overton High School in Nashville, would have put Peltz on the team and struck a deal quietly and efficiently.
In contrast, an obviously emotional and agitated Ms. Kullman continues to wage a hate-campaign against Mr. Peltz, determined to block him from any access to "her" enterprise. She's pulled up the drawbridge of Fortress Wilmington, tightly vertical, and sneers at him from the highest turret. Ultimately, she will pay for her overriding hubris and disrespect. For example, let's see what unfolds, what inaccuracies (lies) and misrepresentations generated in the Fortress, deceptive if not inconceivably fraudulent, in the presentation to the S.E.C.
Merely THE WEAK IN REVIEW digitally penned by one individual investor and long-time student of the dissimulating DuPont in decline...funfun..
From "one investor who understands that active ingredients and product names are not the same thing." Then if you are as literate as you claim, you will have observed that it is DuPont Management who constantly refer to DuPont AG's commodity insecticide as DuPont™ RYNAXZYPYR. They use this ridiculously customer-hostile name which customers cannot spell, pronounce or remember at order time in media and investor communications, like it or not.
We did not say "Chemours is a huge potential liability". We said two and one-half thousand personal injury lawsuits involving DuPont's cancer-causing toxic Teflon chemical C8, pending in federal court in Ohio is a staggering potential liability whether it is assigned to SHAMours or DuPont (or split, who knows?)
Finally, we take it from your sneering tone, you must be associated with DuPont, an active or erstwhile member of DuPont Management in the ranks. What have you contributed to this board over the years, other than distracting ad hominem attacks, trash talk?).
Don't take it out on the undersigned because your beloved bosses in the drab grey, century-old DuPont Building have sent this one-time great company into an irreversible death spiral, shrinking
and sinking! ...funfun..
Trian puts the lying and DuPlicity of DuPont Management in far more diplomatic terms than we can muster for such ethically crippled executives in Fortress Wilmington:
"Trian has a long record of improving the operating results of the underperforming companies in which it invests. Over the years, Trian has found that underperforming companies often rely on rhetoric to obfuscate their performance issues. Trian's nominees, if elected to the DuPont Board, will be focused on enhancing DuPont's operating performance by ensuring both management and the Board consider issues in a clinical and objective manner and that decisions by the Board are based on analysis that is grounded in reality and free of “spin.”
The Cornucopia of Corruption at 1007 Market Street, Wilmington, Delaware 19898 Will Be Exposed
Readers, we suggested some days ago that the Trian Fund should file a complaint and ask for an investigation by the U. S. S.E.C and state securities commissioners with respect to blatant inaccuracies and deceptive information put out by DuPont's mendacious Management and their PR con artists and lubricious lawyers, not to mention their admitted DuPont employees/Managers on the internet. Now it appears they may be doing just that, we are happy to report.
The Trian Fund announced today, April 24, 2015, it will make a presentation to the SEC pertaining to inaccurate and misleading statements made by DuPont.
Whom do these fakers in the Fortress think they are fooling? Such consummate arrogance from this hubris-heavy crowd in the executive suites on the ninth floor of the pigeon-stained, 108 year-old dreary grey DuPont Building!
DuPont Management Appears To Dump Possible HUGE Legal Costs
Good Afternoon, Bonsoir, Guten Abend,
Readers, for some time now we have been wondering which entity, the DuPont Company or its murky spin-off, Chemours or SHAMours, will be flagged with huge potential liability for 2545 toxic Teflon chemical lawsuits for personal injury pending in the U. S. District Court in Ohio. Opining speculatively, if each case is ultimately settled or awarded an average $2 million, the total tab could be a staggering (and we will write this sum out because it has mysteriously been CENSORED here before) five $ billion...$5,000,000,000.00.
Here's what Moody's has to say today in assigning Chemours a Ba3 "family" rating with respect to risks:
"The ratings are currently constrained by the high financial leverage, a high anticipated dividend payout relative to earnings and cash flow, weak industry conditions currently in TiO2 markets, which tend to be volatile as well as cyclical, and expectations of limited free cash flow initially. Other credit weaknesses include limited diversification as TiO2 and Fluoroproducts account for roughly 95% of EBITDA, albeit these two segments don't necessarily move in tandem. The lack of a track record as an independent company, the challenges associated with transitioning to a freestanding company, exposure to ongoing environmental costs and numerous environmental sites; and significant near term litigation risk stemming from the upcoming personal injury trials associated with PFOA, all represent additional risks in the credit profile, according to Moody's."
So who gets holding the potential multi-$billion bag? DuPont or SHAMours? It is hard to believe plaintiffs' attorneys would let DuPont's slippery Management get out of financial responsibility for the ultimate legal outcome. No parent guarantees?
Inquiring investor minds want to know.
Merely the afternoon commentary of one investor and long-time student of the sneaky-run DuPont Co...funfun..
A Perverted Construction of the Operation of DuPont's Corporate Governance
The Continuing Trashing of Nelson Pelltz & Trian
Good Morning, Bonjour, Guten Tag,
Readers, like other commentators here, we were a bit surprised at the summary observation of this slick Madison Avenue consulting firm, Proxy Mosiac, as reported by Bloomberg, yesterday, April 23, 2015:
"'DuPont’s board is one of the few areas of the company that isn’t broken, and it is unclear how the rest of the dissident’s underwhelming candidates will add any value,' the New York-based advisory firm said in a report Thursday."
Mosiac claims a belief in "good corporate governance" on its web-site.
Folks, if CEO Ellen J. Kullman reporting to herself as Chair of the very Board of submissive Directors (cronies constructively hand-picked by Ms. Kullman and her predecessor the bumbling Chad O. Holliday, Jr.) who rate her performance and enrich her with a massive personal fortune in pay and perks each year, seemingly with no hard questions (Imprelis, Tell Us!), is not corrupt corporate governance, we don't know what is.
But Mosiac has nary a word about DuPont's conflicted and corrupt governance.
Finally, we are more than mildly curious: Has the DuPont Company or its Management retained Mosiac in the past, or presently, or will do so in the future for services or consultation? If the answer is "No", it should be disclosed.
Merely the query and morning opinion of one individual investor at large and long-time student of the ethically deflated DuPont Company in decline...funfun..
Oh, and we're not responsible for the geographic reality that the tiny state of Delaware, with only three counties, is the second smallest state in the nation, with Rhode Island Plantations being the tiniest.
Perhaps, we should more accurately describe the venue as the Ethically Dwarf State of Delaware, whose statutory laws and case law definitively coddle CEOs and Directors at the expense of owners, the shareholders of corporations.
Readers, take note of the fact that practically all of the some dozen posts of this sleazy heckler are aimed at yours truly. In short, he/she is a shill for DuPont's dirty-playing Management with the mission of distracting your attention from critical DuPont issues and discrediting whom they believe are "ring-leaders" of dissent.
If this isn't cheap PR damage control, we don't know what is. And this bumbling shareholder-hostile heckler by his serial misconduct proves the existence of CYBER-STALKING and CYBER-HARASSMENT. How clueless and stupid are these DuPont Management-protecting junkyard dogs?
Gotta laugh at the desperation these days in Fortress Wilmington under fire!
Rather than be distracted by the PR prattle of puerile plants of DuPont Management here in this forum, legiti
mate investors might want to read a little about a genuine and superior-managed chemical and materials and seeds enterprise, Dow Chemical. From Winning Strategies, published this morning, April 24, 2015 by Seeking Alpha:
"In Q1, it [Dow Chemical] generated record operating cash flow of $1.2 billion, an increase of more than $660 million over the past year quarter. Dow also returned $977 million to shareholders through buybacks and dividends. On its strong cash position and portfolio adjustments, Jim Cramer predicted Dow's share price to double in the coming two years. Jim Cramer further said that the latest deal will bring a lot of cash, which the company can use to buy back its outstanding shares. In my recent article, I recommended investors to buy this stock on dip, as the company is set to make big profits and short-term headwinds could not raze its performance."
Dow Chemical is now the only giant chemicals and materials corporation left in America, other than ExxonMobil Chemicals.
This avowed, bonus-compensated DuPont AG employee, notthatblind, is not being paid by DuPont Management "to do nothing". She is paid well to be a PR plant here, constantly spouting the PR talking points from Fortress Wilmington verbatim and engaging in the dirty-play of cyber-stalking and cyber-harassing investors who dare question the quality and performance of the DuPont "leadership" team. What a sick, corrupt operation. And a complete waste of DuPont personnel resources.
The robust earnings performance put forth by Dow Chemical Management is quite a contrast to the shabby first quarter results delivered by the under-performing Management of their much smaller rival in the dwarf state of Delaware. DuPont's big bosses tried frantically to cover themselves and their lousy showing under a tarp emblazoned "currency" translations and "volatile global environment".
It is hard to believe that for practically all of the last century, Dow Chemical was the much smaller, little sister to the mighty DuPont Company, the largest and premier chemicals and materials enterprise on the planet. Now Dow Chemical has clearly seized the momentum (that's upward momentum, the momentum of growth and value appreciation, not the fake "momentum" of the dishonestly deceptive Ms. Kullman and her PR flim-flam artists) and stands twice the size of the much shrunken and continually shrinking DuPont Company by a number of metrics.
Dow Chemical ranks number two in the world; only BASF ranks higher as number one.
In an unexpected moment of truth, DuPont's customarily dishonest and dissembling Management actually got it right. They are "building momentum" as Q1 shows: That momentum is DOWN, DOWN, DOWN.
The desperation exhibited by the deceptions and disinformation otherwise put out by DuPont's dirty-playing Senior Management should be investigated by the S.E.C. and state securities Commissioners, those who have not been politically corrupted and in conflict. We believe the Trian Fund should demand an investigation by DuPont's independent Directors into the misconduct of the top executives of this shareholder-hostile conglomerate. And that misconduct should include the systematic personal attacks launched by admitted DuPont Managers and DuPont employee/agents over the internet, thousands of sleazy attacks on Nelson Peltz and his Trian Fund and other supporting DD shareholders and investors over the past 20 months.