While you were grilling…

May 29, 2007

images-13.jpegSome things never change. Like the tendency of companies to wait until Friday afternoon before a holiday weekend to dump all sorts of stuff. After a few days of filings worth a doze in the hammock, companies woke up and realized that it was an ideal time to get some things out in the open, or at least as open as things get late on a summer Friday. In between my own grilling, I found a dozen different things. And I only managed to make it through the stuff filed after 4:30 pm.

Just take a look at the retirement agreement that Van Honeycutt signed with Computer Sciences (CSC). Last Monday, the company had announced both Honeycutt’s retirement and the appointment of COO Mark Laphen to take over as CEO. But it waited until Friday to disclose the details of Honeycutt’s exit package, which include an $11.1 million separation payment plus a 1-year consulting contract that will pay him $500K a year. There’s also full vesting of Honeycutt’s options, continued security services, office space and secretarial services, and a bunch of other goodies that make it impossible to come up with an actual dollar value on the package. At least that helps to explain why the Monday press release devoted a paragraph to all of the positive things that Honeycutt did during his long tenure at CSC. Normally, most companies say little about the guy who’s leaving.

Then there was the preliminary proxy filed by the much-talked about (and much shorted) footwear company Crocs (CROX), whose knock-offs I saw all over the place at the Stormville Market on Saturday. The biggest thing that jumped out at me was how deep the company’s ties to Flextronics (FLEX) are: four of the seven directors, including Crocs CEO Ronald Snyder are either current or former executives or directors and Snyder sits on Flextronics’ board. The proxy also notes that the company spent $215,000 last year to lease space from Flextronics and that the lease expired at the end of March.

One of the latest filings was Activision’s (ATVI) amended K that was filed at 17:26 on Friday. In a long explanatory note, the company noted that it was restating years worth of results going all the way back to the year ended March 31, 1994. Now, that’s a lot of slicing and dicing!

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