Re: Fung's Bonus ..... $150,000
in response to
by
posted on
Jan 23, 2012 03:30PM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Jack I suggest you actually read some of my posts before mixing up my stance.
Since you are so concerned about RF having received a bonus but have no idea whatsoever why he took it, why not email or call him and find out the reason before you condemn him? He is accessible.
I'm not very concerned about the bonus from a business or bankruptcy point of view. Try reading the first paragraph from
I have my own criticisms of management but they are baseds upon facts.
Pretty hard for me to have facts on my opinion that "Taking the bonus just before filing is certainly a slap in our faces." As I have already said what Fung did by taking the bonus wasn't legally wrong but in my opinion it was morally wrong to take the bonus money when so many other people on the creditors list didn't get paid let a lone a bonus. Would you like to share the facts that have you criticizing management and what your criticism is?
Sure I would have liked all of management to have been heavy buyers of shares in the open market, sure I would have liked RM's and others' salaries to have been significantly lower, but the company also took steps to reduce its expenses, such as moving into much less expensive office space.
I think we all would have liked management to invest some of their own skin in the game since they are taking skin out. I don't think you can find anywhere that I have said Fungs $400,000 salary is to high. Please show me if you can.
Your comments about reducing expenses might be tongue in cheek I'm not sure. They reduced their office rent to $12,000 a month from what I remember. They still have RM and Andrea on salary which seems redundant to me but what the hell do I know. You make it sound like Fung should be given a pat on the back for cutting some expenses. I think that is part of his $400,000 plus bonus a year job. Right now it is up to the court and monitor to decide what are reasonable expenses.
Have you or anyone else mentioned the things that RF did (that maybe no one else could have done), such as raising 100 million dollars to keep the company afloat in a ridiculously bad economy, wowing the Chinese into becoming partners, making numerous, if not dozens of trips to Vz. to personally speak with officials (something not many CEOs would have personally done). and so on.
Yes, many people have supported Fung in the job he's doing. Again I suggest you actually look at some of my previous posts to see how much I have supported him. The things you list above are again what a CEO is suppose to do. It hasn't been easy for Fung to deal with Hugo and VZ and I believe he has done as good or better than anyone else could do but don't ask me to pat the man on the back for doing his job. Also keep in mind that so far we don't have the $100 million yet and the deal with the Chinese didn't help us with VZ.
On balance, I think RF earned his salary and bonuses. His life during this time was turned around. I know this from having talked to him and others.
I didn't say he hasn't earner his salary and bonuses if that is how his compensation package was set up. I said to take his $150,000 bonus days before filing for CCAA is a slap in the face to shareholders, noteholders and all creditors. I said it was about perception and judgement. In my opinion taking the bonus when he did considering how little of his own money is invested in the company shows a lack of respect of the people who have and are supporting the company. (SHAREHOLDERS)
You have also criticized his decison to wait so long to file for arbitration when there were many valid reasons to do so, which you later recognized.
This is why I know you haven't checked into where I'm coming from. Please check past posts. Nothing could be further from the truth. I have been one of the few people who believe Kry has followed the proper process and in turn it will help our arbitration case. To suggest otherwise you are either trying to mislead us here on purpose or you didn't do the research. Please show me where I say I think Kry should have filed back in 2008.
Furthermore, what is done is done. If you disagee with any current decisions, then write to the judge as a shareholder and let him know or, as I say, call or email RF and ask him why he did what he did.
Again you are barking up the wrong tree. Other than saying in my opinion Fung should not have taken the bonus just before filing CCAA what decisions do you have me disagreeing with? As for contacting Fung, I have spoken to Fung in person and on the phone. I have flown in to Toronto for 2 AGM meetings since 2008 because of my concerns. None of this changes the fact Fung took a $150,000 bonus. As our leader I would have hoped he would have shown more concern for shareholders and creditors who are owed money. It makes it look like in case everything falls apart at least he got paid. Like I said it is perception of what is right and wrong in my opinion.
Now is the time, if you have lost money, to focus on other things, such as determining the pluses and minuses of buying shares at the current levels to make up for your losses, what affect that paying off the noteholders will have on the SP, etc. History is history and there are so many positive things to discuss now that might lead somewherer whereas beating a deadhorse to death will solve no problems.
I continue to focus on the positives but there aren't many. Buying shares right now to make up for my losses is what I did all the way from $4 to .12. Hasn't worked out real well so far. I have enough shares right now but I will be happy when the share price moves north.
Not sure what dead horse I'm beating. I commented on the fact that Fung took a bonus the day before filing for CCAA. I think it was the wrong move on his part from a shareholder view point. No dead horse around here.
JJ