And badly so. Earlier this week, I had guessed that Mr. Conway took in about $7 million in cash from 1999 to 2012. I was wrong -- both on amount, and on the time periods. In fact, his cash haul for that period ('99 to '12) -- according to the SEC-filed Forms 10-K and proxy statements -- was over $10.403 million.From just 2000 to 2011 (or the period that the public has held shares in the companies he leads), his cash compensation (including various forgiven cash loans made to him, footnoted in the Y2K proxy) was over $8.463 million.
Mind you -- this is only the cash paid. If I were to conservatively estimate the equity values (stock options and restricted stock grants) he's also received, over these same periods (using traditional Black-Scholes models), the figure would easily be triple that -- or over $25 million to $35 million.
And that, my friends, is one princely sum for someone who has never turned in one dime of annual GAAP earnings per share -- ever. . . going on 13 years, now.
[Unrelated note: it seems that the Series B tender offer will expire tonight -- no SEC-filed extending amendment on Schedule TO-A.]
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