Entries by Patrick Harden

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All’s Not Well at Mannatech

Dietary supplement maker and multi-level marketer Mannatech (MTEX) is feeling pretty sickly. Just days after slashing its dividend by 77%, the company disclosed that its CFO and Audit Committee Chairman have received a Wells Notice from the SEC. The Notice stems from a seemingly innocent auditor change in October 2007, which normally involves a routine […]

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Just Noise at NetApp?

Last week, Barron’s reporter Eric Savitz was mystified by the sudden stock price surge in storage and data management solutions provider NetApp (NTAP). Apparently there have been persistent market rumors that Cisco (CSCO) or IBM (IBM) might make a play for the Company. Cowen & Co. analyst Louis Miscioscia addressed the rumors, saying that an […]

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SEC & DOJ Drop Hammer on Former Halliburton/KBR Executive

What is the punishment for bribing Nigerian officials and violating the Foreign Corrupt Practices Act? Apparently it’s seven years in the pokey and a $10.8 million fine. Jack Stanley, the former chief executive of KBR Inc. (KBR), a former Halliburton (HAL) subsidiary, agreed yesterday to plead guilty to participating in a decade-long scheme to bribe […]

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My Kind of Gardening

Resource Capital Corp. (RSO) has redefined the concept of gardening. In a recent 8-K filing, RSO disclosed new employment terms for Vice President David Bloom. Of course, the terms aren’t that new — the agreement was reached in December 2007. Maybe Resource Capital was tending to its vegetables and forgot about its filings. It’s a […]

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A Generous Goodbye

Regular Footnoted readers know that we target holiday filings as being especially juicy. So it’s no surprise that we had plenty of contenders for today’s post. However, this golden goodbye (as spotted by eagle-eyed reporter Sonya) easily took the cake. White Electronic Designs (WEDC) is sending off President and CEO Hamid R. Shokrgozar with quite […]

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FBR: Old dog, old tricks

Friedman Billings Ramsey (FBR) is still up to the same shenanigans as always. We first spotted their family ties way back in 2004, when the in-laws were feeding at the FBR trough. This time, it’s CEO Eric Billings’ sons who are lapping away. In FBR’s latest proxy, the Company discloses that three of Eric Billings’ […]

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Crocs & the Craftsmen Truck Series

Until today, I had no idea that NASCAR sponsored a truck racing series (the Craftsman Truck Series). I was further puzzled as to why footwear maker Crocs, Inc. (CROX) was a sponsor of the event. Fortunately, Crocs’ latest proxy solved the Crocs – Craftsman Truck mystery. Turns out that Crocs’ $600,000 sponsorship of Germain Racing […]

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A well-heeled exit

When Steven Madden Ltd. (SHOO) first announced the exit of CEO Jamieson Karson in March, I didn’t think much of the boilerplate in the 8-K stating that Mr. Karson’s resignation was not the result of any disagreement with the Company’s operations, policies or practices. For the purposes of determining any payments to which Mr. Karson […]

Comments turned off…

Quick note to let you know that comments on Michelle’s postings will remain in moderation while she’s on vacation. If you have a note about anything I post this week, please send it along. She’ll be back soon enough — and so will your comments!

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Strip-Mining the Company Coffers

Mining giant Freeport McMoRan Copper & Gold, Inc. (FCX) doesn—t have to keep scouring the world for new mineral properties — it’s got a juicy trough of gold that the Company’s Directors have been exploiting for years. Near the end of the 2008 proxy FCX recently filed, there are several paragraphs describing Freeport’s —services agreement […]