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| New SCO Directors Granted Stock Options |
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Friday, July 01 2005 @ 06:25 AM EDT
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SCO has been quiet as a tomb.
I haven't seen a word about the annual shareholder meeting or any announcement about the two new directors. I noticed the stock seemed to have dipped under the usual $4 level it seems to hover at a good deal of the time, so I was starting to wonder. But there are now some SEC filings that show the new directors getting 45,000 shares each, non-qualified stock options (right to buy) at $3.93, exercisable on 6/28/06,
Omar T. Leeman
and
J. Kent Millington. Under "Remarks", it says, "Grant to new director of non-qualified stock options to buy shares of Common Stock under the company's 2004 Omnibus Stock Incentive Plan," so we can assume they were voted in. If you can't remember who they are, you can review the bios SCO filed in a Schedule 14A Information which listed the meeting and listed the two as candidates.
The old directors were not overlooked. The following each got 15,000:
Darcy Mott, as well as
Edward E. Iacobucci, and
Duff Thompson and
Daniel W. Campbell. Under remarks, it says
"Grant to Director of non-qualified stock options to buy shares of common stock under the company's 2004 Omnibus Stock Incentive Plan for service in fiscal 2005."
Ralph J. Yarro got 15,000 too, but the "Explanation of Responses" line is left blank on his form. I don't see any grant to Darl McBride, who is a Director as well. But if you review the 14A filed with the SEC, you'll see his arrangements. All of this is in harmony with what the filing said directors get: Director Compensation
The compensation and benefits for service as a member of the Board of Directors is determined by the Nominations Committee. Directors employed by us or one of our subsidiaries are not compensated for service on the Board or on any Committee of the Board. Our non-employee directors currently receive $25,000 for each year of service as a director plus an additional $5,000 per year for each committee of the Board on which such non-employee directors serve. Additionally, the chairpersons of each of the Compensation Committee and the Nominations Committee receive an additional $5,000 per year and the chairpersons of each of the Audit Committee and the Litigation Oversight Committee receive an additional $10,000 per year. In addition, Board members are reimbursed for expenses incurred in connection with attendance at Board and committee meetings. Non-employee directors also receive stock option awards under our stock option plans, which awards currently include an initial option to purchase 45,000 shares of common stock upon joining the Board as a director and thereafter each non-employee director who continues to serve on the Board automatically receives an annual grant of an option to acquire 15,000 shares upon his or her election at the annual meeting.
If you are interested in a chart of
historical prices, to see how the price compares and the ups and downs of the stock, Yahoo makes it easy. Just plug in the dates that interest you and whether you want to see daily prices or weekly or whatever. So, there are still some folks left on planet Earth who have faith in SCO, or something. Here's a 13G dated June 16 which lists Scoggin Capital Management, L.P., Scoggin International Fund, Ltd., organized and located in the Bahamas, Scoggin, LLC, Craig Effron, and Curtis Schenker, who now own enough SCO stock to have to file with the SEC. Here's the complete list from the filing: Item 2(b). Address of Principal Business Office or, if None, Residence:
Each of the Reporting Persons, other than Scoggin International Fund, Ltd., has
a business address at 660 Madison Avenue, New York, NY 10021.
Scoggin International Fund, Ltd. has a business address at c/o Vincent King,
Swiss Financial Services, One Montague Place, 4th Floor; East Bay Street;
Nassau, Bahamas.
Item 2(c). Citizenship or Place of Organization:
(i) Scoggin Capital Management, L.P. II --
Delaware
(ii) Scoggin International Fund, Ltd. --
Commonwealth of the Bahamas
(iii) Scoggin, LLC --
New York
(iv) Craig Effron --
USA
(v) Curtis Schenker --
USA
Mr. Effron and Schenker are listed, along with various Scoggin entities, on this shareholder.com document from a SEC filing regarding another company (Advanced Medical Optics), and in footnote 1 it explains who is who: The general partner of Scoggin Capital Management, L.P. II is S&E Partners, L.P., a limited partnership organized under the laws of Delaware. Scoggin, Inc., a corporation organized under the laws of Delaware, is the sole general partner of S&E Partners, L.P. Craig Effron and Curtis Schenker are the stockholders of Scoggin, Inc. That filing lists a Scoggin Worldwide Fund, Ltd. also, located in the
Cayman Islands. This hedge fund database lists "SCOGGIN INTERNATIONAL FUND LTD." And here's [PDF] a company Scoggin invested in, one of the California energy companies involved in the 2000 California energy "crisis", Mirant Corporation, (see page 27, a list of the top 50 shareholders). Mirant ended up in bankruptcy court, filing a voluntary petition for Chapter 11 as part of a reorganization, after the Enron collapse. You can read all about it here. Mr. Leeman, as you'll recall, used to work for WorldCom, although the bio SCO filed with the SEC doesn't tell us that.
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| Authored by: TiddlyPom on Friday, July 01 2005 @ 06:36 AM EDT |
Check your links
---
"There is no spoon?"
"Then you will see that it is not the spoon that bends, it is only yourself."[ Reply to This | # ]
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| Authored by: fudisbad on Friday, July 01 2005 @ 07:12 AM EDT |
If required.
---
See my bio for copyright details re: this post.
Darl McBride, show your evidence![ Reply to This | # ]
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| Authored by: cbc on Friday, July 01 2005 @ 09:44 AM EDT |
From the Bob Mims article linked above:
"SCO spokesman Blake Stowell, citing the ongoing status of his company's
lawsuits involving IBM, Novell, DaimlerChrysler, AutoZone and RedHat, declined
comment on the study's findings. "
That did not seem to stop him in the past.[ Reply to This | # ]
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| Authored by: stats_for_all on Friday, July 01 2005 @ 10:25 AM EDT |
| I am reposting this from an OT thread in a recent article to concentrate the
information under relevant headings
The SCO 14A claims on page 4 that new
director
J. Kent Millington has doctorate in business. This claim is also found
in Bio
where he is listed as adjunct professor at Univeritas 21 (an Asian
business
school). Millington claims to have a Doctorate in
Business
Administration
issued by the California Coast University.
"California Coast University" of Santa Ana
shows up in a GAO report on
diploma mills and federal subsidies of unaccredited
schools. The California
Coast University legalized its status in January 5,
2005 with the Distance
Education accrediting body, but was forced to suspend
its "doctorate"
programs
on account of non-accreditation.
(Here
youmust
navigate to faculty-adjunct-Millington to get through javascript to
bio)
or
alternatively, no picture
bio in SCO's Proxy statement
GAO report on
diploma
mills:
Quackwatch.org
GAO Document
Millington shows up in a lawsuit filed by
Register.com against Verio.
Basically
Register charged Millington and Verio
with signing a contract to
access the
DNS database, and then using the
information to spam the account
holders to
change to Verio hosting. The lawsuit
notes some email where Verio
referred
to themselves as "the Fox" in the
Register "hen house". sweet.
ICANN report on spam
On Oct. 15, 2004, the appointment
of
Kent Millington to the Directory.net
board of directors was announced. It
not
obvious why this affiliation is not
featured in the SCOX
bio.
Directory.net
dba Web Evident, LLC is a Utah start-up in the Search
Engine
Optimization
business. It was seeded by the Utah-native (not MSFT) Paul
Allen.
Web
Evident acquired solutions from 10xMarketing and Sandlot, two
other
Utah firms
with convoluted links back into Bob Bench's consulting biz
BayHill
Group, and
in the Utah Paul Allen's orbit. The CEO of 10x, for example,
is
Curt Porritt
former Caldera VP for "Strategy".
The CEO of Directory//Web
Evident is Dane
Robertson whose bio prominently
features his executive role at
Dynix (the
Utah
document
archivers)
+++++++++++++++++++++++++++++++++++++++++++++++
++
++++++++++
Omar T. Leeman last real gig at "Talk2" was a late-to-the-party
dot com.
Bert
Young escaped bankruptcy at MarchFirst by heading back to Utah,
and
employment
as CFO there.
Bert Young transfered from MarchFirst to
Talk2 on Oct 31,
2000. He had
planned to leave starting in Summer 2000, as a
CFO news item talks
about
him training a replacement.
Talk2 got venture
capital from "Blue
Vector" which was the venture capital
arm of MarchFirst.
Blue Vector was
involved in many of the unusual round-
trip investments of
MarchFirst (ie
MarchFirst made investments, which were
later returned as
consulting fees by
the receiving entities).
Leeman left WorldCom as "VP of
Special Markets" in
Jan. 2001 to work at
Talk2. Talk2 changed its name to
Spontaneous Technologies
by April 2002
(at the same time Leeman and possibly
Young left). Spontaneous
was
acquired by Pumatech [PUMA] in 2003, and in 2004
Pumatech changed its
name
to Intellisync [SYNC].
Leeman was added as a
director of TeleGea (a private
telco logistics firm) in
May of 2000 while still
a VP at WorldCom. TeleGea has
been acquired by
Ensim in May 2005. Leeman is no
longer listed on the TeleGea
directors list.
Teleg
ea immediately pre-acquisition
Official bio states:
"Omar
T.
Leeman is President and Founder of Pinebrook Management Group,
L.L.C."
Utah
helpfully has a "Business Entity search" but none of the 19
Pinebrook-
named
business correspond to this name.
Other web hits link
Leeman to Texas
residency, so his partnership may of
been paying taxes
there.
Business Entity
search-Utah [ Reply to This | # ]
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| Authored by: Anonymous on Friday, July 01 2005 @ 11:39 AM EDT |
There are some interesting questions unanswered that SCO should have routinely
reported by now.
Why did Darl McBride not automatically get an option for 15,000 shares of SCOX
when he was re-elected a director at the annual meeting? Was he not re-elected
as a director at the annual meeting?
Why has SCO not reported the election of the current directors, including Omar
T. Leeman, J. Kent Millington, and Darl McBride at the June 28, 2005 annual
meeting?
Did SCO confirm the appointment of Tanner as their external auditors at the
annual meeting? Whatever happened with Tanner at the annual meeting should be
reported to the SEC.
----------------------
Steve Stites
[ Reply to This | # ]
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