I had never heard of Schulman until today – but then Footnoted led me to a proxy disclosure. I won’t adorn this:
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.
That's classic. I've got to get me a "fish camp" - purely for business purposes.
ReplyDeleteMeanwhile, I just heard on the radio that Bronte made the news for being too expensive:
"
"The highest average mortgage size for loans that are defaulting is in Bronte, on the eastern beaches of Sydney, where the average loan defaulting is $1.1 million," Mr McCarthy said.
"
See "Households struggling as 'mortgage stress' spreads":
http://www.abc.net.au/news/stories/2008/11/26/2429866.htm
Contrasts well with today's SMH which is full of no recession in Aus and Housing Soft Landing stories..
--Q