Navy, your posts raises another issue, if the entire industry was struggling why were these clowns continuing to hire with gusto. Why didnt they do a structural review of their business and sell the ones that are now recognised to be poor.
Nothing that i hate more than the some group of people (minus the CEO) who made all the wrong decisions can come and now and call it unaccpetable and pass the blame on. If it was the CEO who was responsible, why do we pay millions for the other clowns, that should all be sacked.
How many times did people on HC question the continual growth and expansion push in he face of decreasing work and margins. Good Managment teams stress test thei companies and plan for lean times. where did they expect to find the money to pay the previous owners of the business. Didnt they discuss what would happen in late 2010 in 2009 if revenue and margins were not better. Good leaders plan 3-5 years out and plan for different outcomes
Sorry but these guys can not be excused. the 6 million may have been the straw that broke the camles back, but the decisions or lack thereof that destroyed this company were many execue dover years
NMS Price at posting:
8.4¢ Sentiment: None Disclosure: Not Held
