Loss Of Corporate Jet Made It Too Hard To Get To Corporate Fishing Camp

Every now and then, we come across something in a filing that just makes us slap our head and say, "What the heck were they thinking?". And that's exactly what happened when we skimmed the proxy that A. Schulman (SHLM) filed yesterday. Here's the head-slapping part:

During fiscal 2008, the Compensation Committee determined that maintaining a lease on a private airplane was no longer a cost-effective method for providing business-related transportation to our Named Executive Officers and Directors. The airplane was used only for business-related travel, and personal use was not permitted. With the termination of the lease on the airplane, it also became increasingly difficult and cost prohibitive to access our Canadian fish camp. Consequently, the fish camp, which was only used for business entertainment purposes, was offered for sale during 2008. The only offer to purchase the fish camp came from Terry L. Haines, our former Chief Executive Officer and President. Ultimately we negotiated with Mr. Haines to sell the fish camp for a purchase price of $55,000 and the transaction closed during fiscal year 2009.

Read the full story here

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Comments

[dadw5boys]

Well if it takes debt for the FEDERAL RESERVE DOLLAR to have value then the U.S. DOLLAR has a lot of value now.

Thanks, Bush !!

[max08]

Canadian fish camp? Bought by the company in 1952, I see. That thing was worth millions, and they sold it to the CEO or prez for $52,000.

[BrettnCalgary]

http://www.lanerealtycorp.com/feature_sheets/ne_jan_lake_2.jpg

This looks like a pretty typical fishing camp to me. I would love to buy a fishing camp for 55k.

[truthyguy]

If the government doesn't sue them for this sweetheart deal, then the shareholders should.

[truthyguy]

Oh, that's right. We are the shareholders.

[TrooAmerican]

Fish Camp. This is a great phrase to use from now on in SNL or comedy news shows.
its a requirement obviously to bribe your customers with Fishcamp fun before they'll agree to sign up with your company.

[strangerinthenight]

And I am so broken up. Bwahahahah­ahahahahah­ahahahahah­a.

[walk0nwalls]

If i had the means to replace this computer screen my head would've fractured it by now.

[haval2]

talk about sacrifice ... oh the suffering, oh the humanity. it's a three hankie cry no doubt.

[Stilts9]

Pigs at the trough.

[RJII]

in China, someone unknown is going around terminating the life of executives of companies that laid off large numbers of employees yet are ridiculously rich themselves.

[CaliforniaBirdwatcher]

WRONG!....­..........­.......the­re ARE no ridiculously rich executives in China. I've lived there for years and can assure you, getting rich and practicing usury on the common people is AGAINST ALL LAWS AND VERBOTEN. You sound like Guns & Roses, ALL WRONG, ALL MISINFORMED STUPIDITY... SHOWING complete lack of knowledge of what China is REALLY LIKE.

[TrooAmerican]

You are seriously one of the dumbest most insane turds thats ever posted here. I have personal experience in Dongguan provice and my parent also has personal experience in numerous other locations as he currently lives there and does business there.
China is just as rife with local, and provincial corruption as the US is. As a matter of fact, you cannot do business there without some handgreasing. As well there are so many upper level execs making ridiculous money off the big business thats been going on there for near a decade, you have no idea what you are talking about and your insultively ranting lunatic sounding post should never have been posted.

[Sumocat]

I'm not up on current values of fish camps but $55k sounds really low. I'd say they took a bath on that, except the buyer was their former CEO, so it's more like a deferred perk. Sink the company, buy its fish camp for cheap. Is it any wonder why these corporations sink when there's so much incentive to fail and hardly any to succeed?

[jalyn]

My father was a fishing guide years back in the 50's in Province of Quebec and many Americans came to this specific camp. I would believe it would only be valued at $55,000, as some are on leased land, and are no more than log cabins near lakes.

[spiderbucket]

String them ALL up.

[Tom95134]

One thing that got buried in the Big 3 news coverage was the fact that one of the CEOs used the corporate jet to fly home to Seattle from Detroit... EVERY WEEKEND!!!

[doublels]

Betcha the company paid for the apartment he'd need to stay in during the week. The rest of us mere mortals would have to actually MOVE to where our jobs are.

They live in a different world they feel entitiled to. The government needs to lay some serious smack down on anyone looking for money to save the business. Maybe if they didn't spend such gross amounts of money on perks...they wouldn't be in such a mess. It's pretty disgusting really!

[quiviran]

Boeing guys never leave Seattle. Back in the '80s there were a number of Boeing Seattle types posted to the Boeing division in Wichita, KS. Many of them didn't ever move their families. You never saw so many excuses for travel to Seattle. Since the top execs in Wichita at the time were ex-Seattle themselves, most were approved.

[wagadog]

All together now:

AWWWWWWWW!