I was a bit surprised by the failure of resolution 6 (which I also voted against) and on top of that was passing bemused by the reaction of the board by their letter today.
When will they understand that the pain has to be shared regardless of the causes. The CEO Craig Kipp gets around 3mil per year with all the bits included. The board of five shares about a million between them. They are not on poor street.
Dividends suspended, market cap half what it was, pretty simple.
Don't get me wrong, I think they are doing a good job. But that doesn't mean they are worth an extra mil or so just because they are "high calibre executives" during tough times and the so-called marketplace for these people 'demands' these incentives regardless of overall conditions.
BLY Price at posting:
$3.40 Sentiment: Buy Disclosure: Held
