In the past few days, Eric Massa has been endorsed by the Democratic Committees in the Monroe County towns of Chili and Mendon. All of the town of Mendon, and all but a little slice of Chili lie in the 29th district. With these two endorsements, five of the nine Monroe County towns in the 29th have endorsed Massa.
Comments
We don't hear much about David Nachbar here in the Southern Tier. I would imagine that he won't run if he can't even get the support of towns in his backyard????
I haven't heard a peep from Nachbar since his announcement. However, in the time since his announcement, his employer, B&L, has been in the midst of a private equity buyout. I assume that would occupy his full attention.
I sort of wonder how long Nachbar knew this was coming...
He bought 7,500 shares of BOL in January for $54.11. Right now, with the buyout news, BOL is at $68.00... I wonder if any other BOL Execs knew this might be coming
http://biz.yahoo.com/t/18/3988.html
I don't know the disclosure rules, but since it's a "non-open-market" acquisition, I wonder if it's part of his retirement plan or similar. I know that other companies have plans that allow you to buy their stock without commissions at certain intervals.
Anyway, yes, that's definitely interesting timing.
You know, I am surprised this is an issue for you that Mr. Nachbar purchased 7500 shares in January. One other way of looking at this is the senior management was purchasing shares/options to demonstrate confidence in the company. And arounf the time of the purchase, there were announcements of poor guidance and another acquisition. We have no idea why he made a purchase at this time.
Even if all works well, Mr. Nachbar makes a total of $90K (7500 times $12 above the purchase price per share) and this is before the government takes their bite via the Alternative Minimum Tax.
What do you think Rottenchester? I think this is a hub-bub about nothing.
Mary we have read your ferocious defences of Nachbar on numerous other blogs. I think he's a disgrace and ought to go back to his true roots, the Republican party. He's becoming more and more irrelevent as the days pass, as Massa keeps racking up the endorsements. It's a sad commentary on our system when someone's main qualification in running for office is the fact that they are a millionaire.
Mary, so what you're saying is that it is wrong, but it's not a big number? So it's ok for me to steal candy from a baby, but not ok to do the Enron Shuffle?
Excellent reasoning, I applaud your alternative theories. It sounds like you would have bought as much BOL as possible had you been on the inside too.
It's not the amount, it's the behavior that's unethical. Nachbar is displaying a pattern.
Maybe he can explain this if he ever bothers to show up to Democratic Committee meetings.
"ferocious defenses"? Rottenchester, I am confused. Where have you seen me defend anything of Mr. Nachbar?
And, with Zabriskie's comments, it is very easy to attribute negative acts to something you have no idea what was the purpose of them happening.
So, if I said that Mr. Massa was working for a DC consulting firm who supports companies on the reconstruction of Iraq and is still working for them during the campaign is not an issue since he has built up the support of the blogging community.
What if I made up a rumor that Mr. Massa is supported by the company because him being in office could help close contracts for his firm (and maybe his brother's), but I am happy to say that this is pure conjecture, a fabrication of my writing.
More than likely, the story will be that 1) I am a Nachbar mole/troll who is trying to dredge up negatives of Mr. Massa with lies or mud-slinging or 2) there is nothing wrong with this potential action, since this is just an assumption of his reasons why he is running for office, not the "real reason".
Mr. Nachbar's purchase of shares with his own cash seven months before the buyout is announced was not wrong, unless someone has proof otherwise. Zabriskie's "I sort of wonder how long Nachbar knew this was coming" is almost as bad as my rumor I just wrote, since this is presupposing a reason for the action, without knowing why. Would it be considered a negative slam on Mr. Nachbar by anyone here who reads this? Not here I suppose.
This is what is disappointing: any actions or facts by any of the canddiates can be "evaluated" in the blogs and ripped to shreds even if there was no proof, just a single line written by a single supporter.
Rottenchester, have you reached out to Mr. Nachbar yourself? I assume an email to info@davidnachbar.org would work.
That was ME that called you a ferocious Nachbar supporter, not Rotten. I've seen your posts on Rochesterturning & Daily Kos, where you have been (and apparently continue to be here) a ferocious supporter of the de-facto Republican David Nachbar.
Mary, both Nachbar's and Massa's business dealings are fair game. I've never said otherwise.
I also believe that Nachbar's leadership position at B&L, a poorly run company with a record of outsourcing that is now enmeshed in a messy private equity buyout, is a bigger negative than Massa's work as a consultant at a defense consulting firm.
I'm on Nachbar's email list. If he has something to say, I'll report on it.
The page I linked to is a yahoo insider trading alert... need I say more?
Thanks, Zabriskie. If Nachbar ever bothers to meet with local Democrats, somebody needs to ask him about excessive CEO compensation. I suppose he could have flip-flopped his views since the last election cycle, but back then. under direct questioning, he defended it.