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February 25, 2008 at 4:27 pm by Michelle Leder

Of body armor and lots of Ipods…

images-4.jpegEvery now and then, I come across a disclosure that really makes me scratch my head, which is exactly what I did when I caught this amended 10-K filed by Point Blank Solutions (PBSO.PK) last week. Not familiar with Point Blank? They provide body armor to our troops in Iraq and Afghanistan. And judging by the filing, their former Chairman and CEO, David H. Brooks, who’s being sued by the company, was unusually fond of Apple’s (AAPL) 30-GB Ipod. Since I don’t think I can do this disclosure justice, I’ll let the filing speak for itself:

In addition to the foregoing, in 2005, Mr. Brooks purchased 375 30-GB Apple iPods with a corporate American Express card which were not for company use. The cost for these iPods totaled approximately $122,000.

Granted, the company initially disclosed this back in October in the 10-K it filed then. But you have to wonder how screwed up things were at the company that someone, say the CFO, any of his deputies, not to mention a few board members, missed a $122,000 charge from Apple on the corporate Amex card. No wonder that Steel Partners has nominated five people to the company’s board.

This entry was posted Monday, February 25th, 2008 at 4:27 pm written by Michelle Leder and is filed under Buried treasure, Perk city with the following tags: , , . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “Of body armor and lots of Ipods…”

  1. Peter Says:
    February 25th, 2008 at 9:24 pm

    It was a research project.

    See, we know how much our Army and Marine forces love their iPods while they’re running around. So if Point Blank Solutions could come up with a vest that could protect an iPod–or, better yet, be made out of iPods, they would earn the gratitude of soldiers everywhere.

    See? Nothing to it…

    :^) :^) :^) :^) :^) :^)

  2. Patrick Says:
    February 26th, 2008 at 7:59 am

    Here’s a copy of the complaint from the SEC’s October 2007 AAER release. One of the most interesting reads about a complete tyrant.

    http://www.sec.gov/litigation/complaints/2007/comp20345.pdf

    If I recall correctly, the iPods went into gift bags for the guests at Brooks’s daughter’s Bat Mitzvah. Oy vey!