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Posts Tagged ‘FMD’

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Fuck You!

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.

I’m coming for you

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.

 

November 5th, 2013 by admin

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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”.

 

October 28th, 2013 by admin

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