After filing for Chapter 11 bankruptcy protection in October, former Apple sapphire supply partner GT Advanced is now seeking approval to mete out millions of dollars in executive bonuses as part of an employee retention program.
Judge says, “That’s a good one guys. But April Fool's Day is not for another 3 months…
As both an AAPL and GTATQ stock holder, I say pay their bonus according to the bonus/performance schedule calculation BUT pay them in company stock equivalents evaluated at 50% of pre bankruptcy valuation. So an executive who was calculated to receive a $500,000 bonus would get 90,497 shares which at today's close would value at closing of $0.361 would be $32,699.68. If you wish to verify my calculations closing price on Friday 10/3/14 was $11.05 and an intraday high of $11.27 and volume of 7,240,987 for bonus purposes and my premise stock was valued at 50% or $5.525/shr. Since stock was trading around $5.00 avg prior to GT Advanced's agreement with Apple if the executives stay and return the company to stability they will get their full $500,000 bonus down the road and then only have to pay long term gains on the increase. IMHO that is the best deal for the company and the long term stockholders.
Hire me, hire me. For 10% of the bonus I will run the company into the ground 10 times faster. That's 100x more efficient that your chimps with MBAs. Your MBAs teach you all about efficiency right?
this is not surprising coming from the oligarchical USA. the rich have always been able to get more money. even after the bank debacle that crippled the country and shook the world bank heads still made impressive bonuses.
Maybe GT mgmt is trying to emulate the financial industry. Hey - it worked for them!
I'd rather see Apple buy the entire company, sue mgmt for malpractice, then fire them without severance, and create their own sapphire unit. At least they could rely on the business.
This is rather perverse but all too common. I'm sure you'll find many similar cases from the 2008 financial crash where the architects of the crisis were granted bonuses despite their supreme ineptitude and lack of performance. In my mind this is like granting death row inmates early release and a free assault weapon and box of ammo as a going away present.
GTA is messed up in so many ways, I'm surprised Apple contracted an equipment manufacturer to run material manufacturing in the first place. What were they thinking? I think the iPhone 6 was originally planned to feature a Sapphire display, they're now using something else, and I don't think its Gorilla glass, because of the easily scratch-able screen.
Man these guys are real 'tools'!! If I was the judge I'd take that money and decide it up amoung the workers that lost their jobs because of these idiots that ran the company into the ground and stole the assets!! Employee Retention, give me a break this is nothing more than top management trying to steal more money from the company they screwed up!!
Then it was apt that he received no bonus during 2014, in the light of iOS 8.0.1.
If you're a supervisor I expect you say things like "No raise for you this year, since you came to work a half hour late one day back in August (sure it was the first day of the mass transit strike, but so what?). I admit that you were more productive than ever before, but I just can't overlook this critical error. And I fully expect you to fail next year too when your new Apple Watch only brings in half a billion dollars in revenue. And if somehow that watch thing is a success, I'll find something else to harp about (maybe I'll re-use this year's complaint)."
"This is rather perverse but all too common. I'm sure you'll find many similar cases from the 2008 financial crash where the architects of the crisis were granted bonuses despite their supreme ineptitude and lack of performance."
And the best part: regulations for those were just signed away....
Comments
After filing for Chapter 11 bankruptcy protection in October, former Apple sapphire supply partner GT Advanced is now seeking approval to mete out millions of dollars in executive bonuses as part of an employee retention program.
Judge says, “That’s a good one guys. But April Fool's Day is not for another 3 months…
So, really, why are you here?"
You fucking sure about that?
SOG!!!! Where are you??!??!
As both an AAPL and GTATQ stock holder, I say pay their bonus according to the bonus/performance schedule calculation BUT pay them in company stock equivalents evaluated at 50% of pre bankruptcy valuation. So an executive who was calculated to receive a $500,000 bonus would get 90,497 shares which at today's close would value at closing of $0.361 would be $32,699.68. If you wish to verify my calculations closing price on Friday 10/3/14 was $11.05 and an intraday high of $11.27 and volume of 7,240,987 for bonus purposes and my premise stock was valued at 50% or $5.525/shr. Since stock was trading around $5.00 avg prior to GT Advanced's agreement with Apple if the executives stay and return the company to stability they will get their full $500,000 bonus down the road and then only have to pay long term gains on the increase. IMHO that is the best deal for the company and the long term stockholders.
this is not surprising coming from the oligarchical USA. the rich have always been able to get more money. even after the bank debacle that crippled the country and shook the world bank heads still made impressive bonuses.
sad. now you can't even have profanity on threads. what a bunch of babies. i'd like to use profanity, but it would just show up as ass-terisks.
You fucking sure about that?
I'm always the last to find out this shit!! /s
Maybe GT mgmt is trying to emulate the financial industry. Hey - it worked for them!
I'd rather see Apple buy the entire company, sue mgmt for malpractice, then fire them without severance, and create their own sapphire unit. At least they could rely on the business.
What a joke of a company
Working at McDonalds. He 'invested'.
Then it was apt that he received no bonus during 2014, in the light of iOS 8.0.1.
This is rather perverse but all too common. I'm sure you'll find many similar cases from the 2008 financial crash where the architects of the crisis were granted bonuses despite their supreme ineptitude and lack of performance. In my mind this is like granting death row inmates early release and a free assault weapon and box of ammo as a going away present.
GTA is messed up in so many ways, I'm surprised Apple contracted an equipment manufacturer to run material manufacturing in the first place. What were they thinking? I think the iPhone 6 was originally planned to feature a Sapphire display, they're now using something else, and I don't think its Gorilla glass, because of the easily scratch-able screen.
Then it was apt that he received no bonus during 2014, in the light of iOS 8.0.1.
If you're a supervisor I expect you say things like "No raise for you this year, since you came to work a half hour late one day back in August (sure it was the first day of the mass transit strike, but so what?). I admit that you were more productive than ever before, but I just can't overlook this critical error. And I fully expect you to fail next year too when your new Apple Watch only brings in half a billion dollars in revenue. And if somehow that watch thing is a success, I'll find something else to harp about (maybe I'll re-use this year's complaint)."
Meanwhile, Tim Cook always rejects his bonuses and extra stock, no matter how many financial and performance records Apple smashed that quarter/year.
Are you being sarcastic? I don't remember any examples of Cook doing this.
update: perhaps you're referring to this: http://fortune.com/2013/06/22/tim-cooks-bonus-is-now-tied-to-the-performance-of-apples-shares/
It's an impressive/honorable change to his compensation, but it's hardly a "rejection" of bonuses and extra stock.
And the best part: regulations for those were just signed away....