You know, I'm REALLY sorry. I just realized who those Schrock and Treddennick guys are. You know with all this directing and obligation meeting going on from our board, it's so hard to keep it all straight. OK, OK....here's what I found out:
Tredennick and Scchrock are one of those FIVE people who were so magnanimous, that while PTSC shares were tanking into the single digits they actually agreed to a 20% cut in their board fees! WOW, with that kind of leadership, and heck, with that kind of SAVINGS, I was really worried that Swartz might have to start actually paying his own employee's salary, rather than pawning it off onto the companies on whose board that employee sits. I mean I gotta tell you, with the serious and somber tone with which these pay reductions were announced and the sacrifice that was clearly dripping from the company's language, you really KNEW they were personally feeling the pain with these reductions.
Imagine my releif when I found out that those 20% reductions amounted to only $7,080 per director per year. I know, I know, you're pulling out your abacus to figure how 20% of $142K actually amounts to $7,080, but I had my foresic accountant check it out, and there is no need to restate anything this time, thank goodness. Thanks to our entire BOD's COLLECTIVE sacrifice of $35,400 PER YEAR total, it looks as though they'll have enough money to pay Baroni for the title page and bibliography of his report WITHOUT having to rely on the redemption of any more of the ARS at par.
However, in HINDSIGHT (you know unfortunately no one here had the FORESIGHT to think this one through) if the compensation committee had just not forced these directors into that massive pay cut, they might have, (just might, no guarantees here because as we all know, there are so many obligations being met), have caught those alleged falsehoods presented by the Crossflo executives. Well, I suppose lawyers and accountants and anesthesiologists can't be expected to know what's likely to be realistic and what's not when you're talking about software. Maybe we can get another doctor to help next time around. Anyone know anyone in Health Care that is willing to be a director of a public company? It looks like we can afford to pay at least $35,400 per year!
