An unauthorized collection of the records of Alternate Energy Holdings, inc., its principals and subsidiaries, and their antics, trials, and tribulations


Please, Please, Please, Everyone! Just Calm Down! And Stop Whining!

Thursday, November 17, 2011

AEHI CEO Turning Failure Into Success: How to Not Do Your Homework and Still Get a Big Fat Raise

The Dog Keeps Eating Our Homework, part...what, 5?

This has been covered before, but now it's starting to look like a bad habit:

April 1, 2011:  Instead of the Annual Report due the day before, AEHI filed a "Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405"  Why? Because they were "not able to timely compile the subject report without unreasonable effort or expense."

May 17, 2011:  Instead of the Quarterly report due the day before, AEHI filed a "Notification of inability to timely file Form 10-Q or 10-QSB." Again, they offer up the half-assed excuse, "Registrant was not able to timely compile the subject report without unreasonable effort or expense."

June 13, 2011: On the heels of these two failures by CEO Don Gillispie to effectively  manage his company so as to comply with rudimentary SEC filing requirements, the AEHI board takes decisive action:   "On June 10, 2011, the Board of Directors of Alternate Energy Holdings, Inc. approved a fifteen percent (15%) increase in the monthly salary of Donald L. Gillispie, the Company’s President and Chief Executive Officer, from $40,000 per month to $46,000 per month, to be effective as of July 1, 2011."

Taking the Board's clear signal in the form of his 15% raise,  AEHI CEO Don Gillispie and his staff continue as usual, blowing off the next two SEC reporting deadlines:

August 16, 2011:  Instead of the Quarterly Report due the day before, AEHI filed a "Notification of inability to timely file Form 10-Q or 10-QSB" Why again? You guessed it: "Registrant was not able to timely compile the subject report without unreasonable effort or expense."

November 15, 2011:  Instead of the Quarterly Report due that day, AEHI filed a "Notification of inability to timely file Form 10-Q or 10-QSB"  Yeah, they did.  Again:  "Registrant was not able to timely compile the subject report without unreasonable effort or expense."

Four consecutive SEC filing dates deadlines, known well in advance.  Four consecutive failures on the part of the CEO to ensure his company filed those reports by the deadline.

What should we expect? -  he does only get $552,000.00 a year in cash compensation for all that hard work, after all.

1 comment:

  1. 4 cents a share today. Going to worthless soon. So, how does the board figure the CEO pay? Obviously not of stock performance.

    ReplyDelete