Posts Tagged ‘dan meyers’
Hater of the constitution and architect of First Marblehead’s (NYSE:FMD and currently trading at 80 cents per share. For the first quarter of fiscal 2014, the Company recorded a net loss of $11.6 million, or $0.10 per share) now-infamous alleged $300 million dollar tax dodge Daniel Maxwell Meyers continues to see his own stock drop. From the Boston Business Journal:
Dan Meyers, the chairman and CEO of Boston student-loan concern First Marblehead Corp., received a 22 percent salary bump last year despite a handful of setbacks that could cost the company $300 million in refunds to the IRS.
The firm is scheduled to hold its annual meeting Nov. 12. Last year, the firm’s board boosted Meyers’ 2013 pay to $1 million, an amount that far outstripped base compensation for the company’s other executives, including its 30-something president Seth Gelber, according to regulatory filings.
FMD’s fiscal year 2013 ended June 30. For the year, the company’s board agreed to pay Meyers $1.75 million in “accrued compensation,” and raise his base salary from about $820,000 to $1 million.
The raise and the accrued compensation goosed Meyers’ 2013 salary to $2.7 million, and his total compensation to $3.1 million after accounting for about $400,000 the company pays for Meyers to use the company jet for “non-business use.” The year before, the company picked up a $507,000 tab for Meyers’ personal use of the company jet….
FMD is scheduled to report its first quarter earnings Tuesday. Sometime this month, the company expects to receive a letter from the IRS demanding the payment of $300 million related to the company’s 2009 sale of its interest in NC Residual Owners Trust.
FMD management is asking shareholders to approve a 1-for-10 reverse stock split to help boost its sub-$1 share price and avoid delisting from the New York Stock Exchange.
Meanwhile, House Speaker John Boehner (pronounced “boner”. Who the fuck does he think he’s kidding?) doesn’t seem to have a problem with Dan Meyers’ reputation; the least popular of all top congressional leaders must not care too much about his own reputation, because he’s having a fundraising party tonight at the hefty student loan baron’s house. From Boston.com:
Boehner will headline an evening reception at the Boston home of First Marblehead CEO Dan Meyers, according to Republicans familiar with the event. Tickets cost $5,000 per person.
- Tags: dan meyers, Daniel Maxwell Meyers, Daniel Meyers, First Marblehead, FMD, fundraiser, John Boehner, loan scandal, NYSE
November 5th, 2013 by admin
Hey, remember when Daniel Maxwell Meyers famously and publicly declared in a pleading in the Meyers v. Sailing Anarchy case that he had “never conducted [his] business or personal life by making false representations to people or anything else illicit in order to obtain money from them.”
That’s interesting, especially considering recent events in the world of finance. Consider:
1) In August, Meyers lost an appeal to the Supreme Court of Massachusetts in a case where the trial court found he had ‘acted in bad faith’ in an arrangement with a former friend. Meyers is now required to be that friend’s estate and foundation around $60 MILLION DOLLARS for screwing that ‘friend’ out of 45 million dollars in stock proceeds (plus interest since 2005). But Dan Meyers has never done anything illicit or unscrupulous, and he’s never obtained money from anyone by “making false representations”.
2) According to the New York Times, Boston Globe, and numerous other ‘real’ news outlets, Meyers was forced to resign from the company he founded after a gift-giving scandal came to light; Meyers was found to have secretly given over $30,000 worth of gifts to a bank official his company did extensive business with. But Dan Meyers has never done anything illicit or unscrupulous, and he’s never obtained money from anyone by “making false representations”.
3) Meyers was brought back into the company after the gift-giving scandal, and later the recession, reduced the value of First Marblehead by over 80%. His biggest move upon his return? Slash his workforce. Meyers even dropped his own salary down to ZERO for 2009, his first year back. What a gem of a guy, right? Such sacrifice! According to SEC filings, Meyers made over $16 million that year in bonuses and options – his biggest payday since he was booted from the company. Remember, though: But Dan Meyers has never done anything illicit or unscrupulous, and he’s never obtained money from anyone by “making false representations”.
4) Meyers’ return to FMD was spectacular. Sure, the US Government had already shut down the shady student loan business that FMD helped create after realizing how it contributed to a trillion-dollar student load debt crisis, but that didn’t stop Dan Meyers. He’s so good at Numbers that he figured out how to get the US Government to pay tens of millions in back taxes to First Marblehead, and when he put that new tax plan into effect, he saved the company! And until a couple of months ago, that move was the main reason that FMD was still sitting on a pile of cash despite having no real products to sell in ages. But then the IRS came calling, and they told Dan and his cronies that their slick tax dodge was against the law. Oh, and now First Marblehead owes the government $300 million – more than twice what the entire company is now worth. But remember: But Dan Meyers has never done anything illicit or unscrupulous, and he’s never obtained money from anyone by “making false representations”.
5) Shareholder Plaintiffs have now filed the first of dozens of lawsuits. We’ll just go ahead and cite paragraph 13 to give you plaintiff Holly Noel’s view: Defendant Meyers knowingly, recklessly, or with gross negligence: (i) made improper statements in the Company’s conference calls, press releases, and public filings concerning the Company’s business prospects; (ii) caused the Company to fail to implement adequate internal controls and procedures to ensure the accuracy of the Company’s disclosures; and (iii) accepted millions of dollars’worth of undeserved bonuses and stock awards. First Marblehead paid defendant Meyers the following compensation as an executive:
But of course, Dan Meyers has never done anything illicit or unscrupulous, and he’s never obtained money from anyone by “making false representations”.
Now, with Sailing Anarchy nearly in the home stretch against Meyers in the frivolous, harrassing lawsuit that has cost us hundreds of thousands of dollars and made it impossible for Sailing Anarchy to report on the half the sailing events we’d like to, Meyers is trying to delay discovery in the hopes some of this bad press will die down until a few quiet settlements can be reached. We are not letting up, and we hope the IRS, the shareholders, and the SEC have the balls to keep Meyers’ feet to the fire until the full truth comes out.
If nothing else, we understand the price continues to drop for those looking for a sick deal on Meyers’ schooner right now, though we might suggest a bit of due diligence on any of the seller’s statements…even though Dan Meyers has never done anything illicit or unscrupulous, and he’s never obtained money from anyone by “making false representations”.
- Tags: bad faith, dan meyers, Daniel M. Meyers, Daniel Maxwell Meyers, Daniel Meyers, First Marblehead, FMD, IRS, shareholder derivative lawsuit
October 28th, 2013 by admin
With thanks to the Minister of Multihull Propoganda, add your own thoughts in the thread.
As much as Scoot and Clean can be complete fucking idiots, the community here has been amazing through the years. Here’s what it means to me.
Waaaay back, in the original forum, Solo emailed me a link to it. I don’t think I actually physically met him at that point, but our friendship took off from there. That was what 12 years ago, I reckon? I’m spending this weekend with him and his family as part of my family’s vacation.
At that time a lot of industry big players were openly posting. I remember friending one (who I won’t name) who was going threw a nasty divorce and talking him off the cliff and simply providing a fresh prospective to what he shared as his view of life at the time. I remember it because I could feel his frustration and pain and I think I may have relieved it a bit.
A while later, I became friends with a local to me. My wife spent last weekend with his wife for a girl’s weekend. He and his wife are my son’s god parents. He is one of my best friends today. He lives 1 mile away from me. Hadn’t met him before SA.
Yachtwoman. The old school will remember her, is still a close friend of mine, although we’ve met once and she’s lived on 2 different continents since we met. We’re still solid.
I was lucky enough to be in the right business at the right time to help the Ocean Planet 2002-2003 campaign which brought me to England to work as a team member of Bruce’s shore team. Met lots of Anarchists on that trip! I still go back and forth with to this day. Sorry I missed you Ash last week….
When I was between jobs, I found my tiller torn off my boat. Money was really tight. Ned in Hawaii told me to mail it to him, he took my broken wooden laminate tiller and sent me back a carbon beauty!
I’ve had people over the years join me on Wednesday night series, cause they posted an interest while they were visiting Boston.
During a business trip to San Diego, I met up with Scooter at SDYC. He hosted me and we had a blast! He had just picked up his FT, along with a vicious bar tab I left him with….. (You’re still a douche for not giving me a lift back to my hotel, you douche!)
SA hooked me up when the Extreme Sailing Series was in Boston a couple of years back. I got a ride sailing with a bunch of Brits in the final race on Boston Harbor on the 4th of July! That felt weird…… We/they won! Main sheet Girl would have been a great wing man, if I were single! (She would be laughing at this)!
So, yea, it’s easy to shit on the gate keepers here for their antics. Where’s the value of this site to you?
If you don’t know, we are under legal attack from one Dan Meyers who lives a very different life than the rest of us. We can’t compete with that kind of money in any circumstances, but with the support of the community, we can at least defend ourselves in a court of law. Do what you can to help. – ed.
June 30th, 2013 by admin
We Need Your Help
For 13 years, we’ve helped to bring you the most entertaining sailing content on the internet. Between our network of contributors, thousands of active SA Forum community members, and hundreds of companies that have supported us over the years, we’ve been able to break more stories, feature more exciting parts of sailing, and contribute to more teams and sailing charities than any other publication.
We’ve seen amazing developments in our sport since the birth of Sailing Anarchy in 1999. Boats keep getting more exciting, while racing has seen an important evolution to smaller, less complicated boats. The top of the sport is closer to Formula 1 than ever before, the magic of monster multihulls and round-the-world racing has reached further than ever before; even the Olympics are finally climbing out of the 20th century.
But there are still a few folks out there that think yachting should be the exclusive and private domain of theirs and a couple of their pals, and one of them – a close friend of Ernesto Bertarelli through the America’s Cup 33 debacle – decided to make it his personal goal to bankrupt us for speaking our mind. He’s Dan Meyers, and you can read a good summary of what’s happened here, and what kind of guy Dan is here.
We believe we’re 100% in the right, and we are confident that we will prove it beyond any doubt. We also believe we’ll prove that we’re not the first website nor will we be the last that Dan Meyers has bullied or intimidated with the threat of piles of money and firms full of nasty lawyers. Most do not have the resources or the will to go the distance, and that’s exactly what Dan Meyers is counting on in this case.
Read the rest of the story here, and at the end of the article, please click on the donate button. We can’t win without you.
June 26th, 2013 by admin