Not so fast mhptaxdr, your calculations don't include net debt at about $7B, fully diluted shares inclusive of the extra 6.5M immediate shares they are asking to be combined there, plus 50M new shares for "authorization" totaling 343,333,333 million little piggies GOING TO MARKET!
There's a rights offering in there which I haven't read yet either, tied to the "NOL's" supposedly, but that might be a red herring for retail investors unwilling to keep up with this giant debt filled erector set which refuses to pay any homage to straight equity owners. :-(
I think Walter learned from Warren and by default Ben Graham, a whole new interpretation of "Mr. Market is there to serve you; not instruct you."
His continues to be, "Mr. Market is there to SOAK YOU with SHARES; INSTRUCTING you to never come back for a lick of his company again!"
I'll bet CPA likes this:
In determining the 2011 bonus compensation for the Named Executive Officers, the Compensation Committee considered these Named Executive Officers' performance as a group against the objectives described above. For 2011, the Compensation Committee determined to enhance the bonus payment to Messrs. Crowe, Miller and Patel. The Compensation Committee determined to enhance Mr. Crowe's bonus payment for his 2011 performance to recognize his contributions of overall leadership to the company in connection with both (i) the company's completion of the Global Crossing Acquisition and the significance to the company's future prospects that the Global Crossing Acquisition represents as
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well as (ii) the various capital markets transactions during 2011 that are summarized above and the significance to the company's future prospects that derive from the continued efficient management of the company's debt maturities. The Compensation Committee determined to enhance Mr. Miller's bonus payment for his 2011 performance to recognize his contributions to the company in connection with leading the company's negotiating team for the Global Crossing Acquisition. The Compensation Committee also determined to enhance Mr. Patel's bonus payment for his 2011 performance to recognize his contributions to the company in connection with leading the company's team that accomplished the various capital markets transactions during 2011 that are summarized above.
Based on the successes described above, the Committee approved the payment of bonuses as indicated in the table below:
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|
|
|
|
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James Q. Crowe
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$ |
4,000,000 |
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Sunit S. Patel
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$ |
1,750,000 |
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Charles C. Miller, III
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$ |
3,000,000 |
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Jeff K. Storey
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$ |
1,500,000 |
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Thomas C. Stortz
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$ |
1,250,000 |
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