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Help wanted…

images-1.jpegNow that Cablevision (CVC) has agreed to be taken private by the Dolans, what are the fine folks who write their proxy (and related SEC material) going to do with all of their time? I ask this because reading some of Cablevsion’s filings requires a scorecard, what with all the footnotes and sub-footnotes. No doubt this is what Christopher Cox had in mind about when he spoke about the need to make these disclosures clearer.

Just look at the amended 10-K that the company filed earlier this week. To figure out what Charles Dolan’s “all other comp” is, you have to read footnote 7, which helpfully takes you to a chart that details various expenses, including perks, and then takes you to another footnote with yet another chart which also has additional footnotes. Want to know how these numbers, which include $396K spent on COO Thomas Rutledge’s personal use of the corporate jet and $153K on James Dolan’s car and driver last year compare with 2005? That’s easier said than done. The correct answer, according to the proxy is $189K for Rutledge and nothing, or at least nothing worth disclosing, for Dolan. Of course, if you really want to do the math, you can probably come close by backing out the number: Dolan’s “other” comp was $188.4K, with $134.4K related to personal use of the corporate jet. That leaves $54K left over. It also begs the question of how the driving expense increased three-fold from last year.

So if you see any ads on Craigslist for a non-disclosure disclosure specialist, you might want to send them Cablevision’s way. There’s some people there who are probably looking for work.