View Full Version : Barclay Knapp Takes the money & ?
See;
The Times (http://www.timesonline.co.uk/article/0,,5-766292,00.html)
Barclay Knapp feels its time to cash in his shares, $1.4 million (£874,0 00). Wasn't this what happened at Enron? Just for legal purposes no connexion intended.
:eek:
[Edit] -I've fixed your link (Andre) :)
Originally posted by Andre
Is it only me that finds this staggering? :shrug:
This is the man who took the company 15 billion into debt, & nearly into bankruptcy......:rolleyes:
Thanks for fixing the link Andre.
Current business management thinking seems to be that failure must be rewarded generously!
:spin:
grum1978
04-08-2003, 13:17
Originally posted by Andre
Is it only me that finds this staggering? :shrug:
This is the man who took the company 15 billion into debt, & nearly into bankruptcy......:rolleyes:
but didn't he then steer the comapny out of it as well, that in itself is quite an achievement as many thought he would not be able to.
If he owns shares and feels that he wants to sell i cannot see a problem with that.
*waits to be slapped down* ;)
Originally posted by grum1978
but didn't he then steer the comapny out of it as well, that in itself is quite an achievement as many thought he would not be able to.
If he owns shares and feels that he wants to sell i cannot see a problem with that.
*waits to be slapped down* ;)
I think the rescue came from the bondholders. Mr. B. Napp has everyright to sell his shares, agreed and indeed so have the other executives who likewise have cashed their shares in. Now, do these executives believe that ntl stocks will not rise any further and are they aware of why those stock prices may not rise?
What do they know that we don't? By the way is Mr. B. Napp using his personal jet again?
:spin:
grum1978
04-08-2003, 14:35
Originally posted by Gogogo
I think the rescue came from the bondholders. Mr. B. Napp has everyright to sell his shares, agreed and indeed so have the other executives who likewise have cashed their shares in. Now, do these executives believe that ntl stocks will not rise any further and are they aware of why those stock prices may not rise?
What do they know that we don't? By the way is Mr. B. Napp using his personal jet again?
:spin:
maybe he just wants to sell and there is no other motive.
as regards to the private jet he now lives and works in London as far as i am aware so i doubt he would have use for it now
Originally posted by grum1978
maybe he just wants to sell and there is no other motive.
yep i agree with grum he wants to sell his shares as anyone else would at sometime whats wrong with that ?
however i dont agree with the huge payoff he will recieve if he leaves the company thats just way too much but he is in one of the top positions in any company
Originally posted by kronas
yep i agree with grum he wants to sell his shares as anyone else would at sometime whats wrong with that ?
From The Times story above link:
"...Mr Knapp and other NTL executives formally notified investors that they were considering the unrestricted sale of their shareholdings..."
No one disputes he has a right to sell his shares, but isn't a little strange that other senior executives are following likewise. As a group did they meet to decide yeah it's Friday, ntl stocks are good let's sell! Or did they miraculously decide to pick the same time to sell! Assuming that sources of The Times story are correct.
Is company about to hit an unseen iceberg, like The Titanic!
:eek:
For him to still be in a job maybe he should be referred to as 'Diamond' Barclay Knapp....
Originally posted by Gogogo
From The Times story above link:
"...Mr Knapp and other NTL executives formally notified investors that they were considering the unrestricted sale of their shareholdings..."
No one disputes he has a right to sell his shares, but isn't a little strange that other senior executives are following likewise. As a group did they meet to decide yeah it's Friday, ntl stocks are good let's sell! Or did they miraculously decide to pick the same time to sell! Assuming that sources of The Times story are correct.
Is company about to hit an unseen iceberg, like The Titanic!
:eek:
i dont think there is a need to worry about the companys status im sure the debts it still has will be cleared in due time as they have a good subscriber base and have profitable services ofcourse im not an accountant or have access to the books but thats what i see and think
the bit about others wanting to sell i shares i dont know why they are following suit cashing in maybe ? :shrug:
He shouldnt get a payoff under the new rules, because under his management NTL became bankrupt and hasnt progressed back into the black, no payoff for poor old Barc... No proverbial Plump Feline for you mr Knapp
grum1978
04-08-2003, 15:18
Originally posted by Gogogo
From The Times story above link:
"...Mr Knapp and other NTL executives formally notified investors that they were considering the unrestricted sale of their shareholdings..."
No one disputes he has a right to sell his shares, but isn't a little strange that other senior executives are following likewise. As a group did they meet to decide yeah it's Friday, ntl stocks are good let's sell! Or did they miraculously decide to pick the same time to sell! Assuming that sources of The Times story are correct.
Is company about to hit an unseen iceberg, like The Titanic!
:eek:
maybe they had to wait a set amount of time from when they came out of chapter 11 before they can sell and maybe that has just elasped.
what i dont understand is, didn't all employees shares disapear when we filed for chapter 11. why did it not in this case?
grum1978 saidbut didn't he then steer the comapny out of it as well, that in itself is quite an achievement as many thought he would not be able to.
I guess the bondholders had a better chance of dragging the company out of the smelly stuff with his help than without it, wether they actually wanted him still onboard is only something they know.
I remember him selling a load at the same time as he was telling everyone to keep them as they were going to top $300 a share.
I managed to get rid of mine at $93 shortly after this statement from him because I didn't believe the hype, by the time I had filled in the forms they had dropped fom the magical $130 to $93.
There were managers who were given two lots of 1000 free shares as golden handcuffs because too many were jumping ship at the time. I even know of managers who bought shares, some even borrowed the money because they believed knapps hype.
Some were close to tears because they had been boasting how they would be retiring when the shares went over $150 with a nice big half a million pounds in their pockets.
He told everyone they were going to break $300 and within no-time he was selling a huge amount, we questioned an ntl director about it in a meeting at the time. It seemed odd this guy was sounding so convincing to many that they were going to go through the roof, but he was selling his.:rolleyes:
What does that tell people?
col d saidwhat i dont understand is, didn't all employees shares disapear when we filed for chapter 11. why did it not in this case?
The employee shares were options to buy, you buy at a set price.
most of mine were around the $37 ish, sold at $93 made a nice profit on the difference. I pocketed over £5K on the deal and was happy not to be greedy like people who ended up with nothing, and debts on money borrowed in some cases.
I think the ntl people will be able to confirm, if it was possible now to buy the old shares at the agreed value it would make many of us bankrupt on the losses!
Undisputedtruth
05-08-2003, 01:18
Looks like Barclay is cashing in his chips and making a run for it.
Could this be the trigger for the demise of NTL.
grum1978
05-08-2003, 08:44
Originally posted by Undisputedtruth
Looks like Barclay is cashing in his chips and making a run for it.
Could this be the trigger for the demise of NTL.
Indeed, contrary to the statement in the Times article that says: "Mr Knapp said that he was ready to sell his entire holding", which is inaccurate and misleading, Barclay Knapp, CEO of NTL Incorporated has informed the company that he has no intention of selling any shares in the Company. In fact any sale of stock by an Officer of the Company would have to comply with both insider trading laws and NTL's own internal procedures.
the above was taken from http://money.iwon.com/jsp/nw/nwdt_ge.jsp?news_id=cmt-216b2514&feed=cmt&date=20030804
or not as the case my be ;)
quote:
Indeed, contrary to the statement in the Times article that says: "Mr Knapp said that he was ready to sell his entire holding", which is inaccurate and misleading, Barclay Knapp, CEO of NTL Incorporated has informed the company that he has no intention of selling any shares in the Company. In fact any sale of stock by an Officer of the Company would have to comply with both insider trading laws and NTL's own internal procedures.
The problem for customers is which NTL is Barclay talking about? He could truthfully be saying he is not selling shares in NTL Incorporated but he could be selling his shares in one of the other NTL incarnations.
NTL is not one company. Even in the UK it is broken into regional companies to prevent the domino effect of one region bringing down the whole company. And NTL UK is different from NTL America.
It'll be interesting to see how this all pans out.
Times correspondent Dan Sabbagh continues to develop the story and no hint of Mr. B. Knapps denials. In fact it really looks as if Dan Sabbagh has had detailed information. The fact is that if senior executives including the said Mr. B. Knapp have notified their intention to sell shares it might imply insider trading, for legal reasons no such intention is implied by me:
The Times 5 August (http://www.timesonline.co.uk/newspaper/0,,171-767780,00.html)
As I'm registered the link may not come up, try looking ast today's Times and head for the business section.
:eek:
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