Text Size:   A A A

Archive for the 'Buried treasure' Category

A well-heeled exit

Wednesday, April 30th, 2008

When Steven Madden Ltd. (SHOO) first announced the exit of CEO Jamieson Karson in March, I didn’t think much of the boilerplate in the 8-K stating that
Mr. Karson’s resignation was not the result of any disagreement with the Company’s operations, policies or practices. For the purposes of determining any payments to which Mr. Karson [...]

Strip-Mining the Company Coffers

Tuesday, April 29th, 2008

Mining giant Freeport McMoRan Copper & Gold, Inc. (FCX) doesn’t have to keep scouring the world for new mineral properties – it’s got a juicy trough of gold that the Company’s Directors have been exploiting for years.
Near the end of the 2008 proxy FCX recently filed, there are several paragraphs describing Freeport’s “services agreement” with [...]

Wachovia pays up…

Friday, April 25th, 2008

Last Tuesday, we footnoted about an interesting disclosure in Wachovia’s (WB) 8K announcing first quarter earnings. There was new language about a potential restitution involving a former Wachovia customer called Payment Processing Center that had bilked lots of people — many of them elderly — and that at least some Wachovia executives seemed to know [...]

John Malone’s tax bill doubles…

Friday, April 25th, 2008

One of the more interesting footnotes in the proxy that Liberty Media (LMDIA) filed yesterday was a footnote — in Enron Beelzebub typeface, naturally — that disclosed “$745,832 of tax payments made on behalf of Mr. Malone”. That would be John Malone, Liberty’s Chairman, whose net worth was estimated at $2.2 billion by Forbes last [...]

Another sour merger…

Thursday, April 24th, 2008

Sometimes, a disclosure in a recent filing prompts you to dig a bit deeper and look back. That’s exactly what happened when I caught the following disclosure in Brandywine’s (BDN) proxy filed yesterday:
Represents (i) $516,685 for the cost for use of a private aircraft that we provide to Mr. Prentiss as a continuing benefit under [...]