What Bob is lining out, here — day by day — is that this board of directors egregiously overpays (in highly dilutive equity, to boot — vis a vis all the public shareholders) for increasingly awful performance.
Month after month… Quarter after quarter; year after year. Decade (now almost) upon decade…. And the pilfering is accelerating, over the last 20 quarters.
The details are below; the summary is at right — but any sentient board would have ended this, long ago.
Now it seems the shareholders will have to do so. [Click to enlarge:]
“…Not only did MATR’s rate of loss mushroom relative to ELOY from -18.27% to -44.48%, a 2.4x increase, but when you look at non-cash compensation (stock/option awards) awarded for performance as a percent of revenue, it also mushroomed from 5.2% of revenues to 14.1%, a 2.7x increase.
The compensation committee of the board of directors, that is supposed to operate in the best interests of the shareholders, concluded that for dramatically worse performance, the management and employees of the company deserved a massive increase in stock awards, relative to revenues?
WTF is going on here?…”
What, indeed?! Time to lawyer up, Mr. Conway.