During the 2012 election there seemed to be a groundswell of attention and empathy generated by the “Occupy” movement. Their refrain was that the one percent of the population, represented by millionaires like Mitt Romney, controlled 99% of the wealth in our country. The 99% of the rest of us were scraping by on the crumbs left over. The rhetoric used to describe the one per centers was that they did not CARE for the people they employed. These people were a means to an end. If the business owner could make more money by downsizing then why not “lay off” excess employees? If it proved to be more profitable to close their business altogether and relocate to another country to take advantage of cheaper labor then why not? The “occupy” movement claims that the last twenty years or so have been a war on the middle class. Wages stagnated, benefits trimmed or eliminated altogether. Costs to families for health care and insurance rising at ten times the pace of inflation… Continue Reading
“When you can’t make them see the light, make them feel the heat.”—Ronald Reagan
Today the Board votes on ATD and management’s suggestions for our bonuses and profit sharing contributions. We all read the letter from BM and we all know that the extra is because we have continued to do our job, grow business and take care of our customers for the past five months with the dark cloud called DSM Board of directors hanging over our heads. ATD and management knows the anxiety we have all been under and our company has had a good year in spite of this. This time of year is usually a happy time for us because we have confidence that we will be rewarded for our efforts as we always have. This year the process for our bonuses and profit sharing is different, the Board wants to tell us how much we will get and frankly they have not been very forthcoming with us to this point so we should have no confidence that they will do the right thing by us.
Whatever the outcome of today’s vote we can be sure of one thing, that ATD went to bat for us. If we don’t get the $56 million and the 20% contribution we know why, because the Board reached in and took it away from us to line the shareholders pockets with money that was earmarked for us. Every single penny that we don’t get was taken from us to give themselves more. Let’s not forget that they already paid themselves $300 million and are suing US for another $46 million from profit sharing, this is all going to nine people.
We need to stand united together, there is a force in numbers and there is safety in numbers. We ARE the PEOPLE of Market Basket and we will not allow these A and A/B directors who have no experience in our industry and know nothing about us take our company from us. Like Ronald Reagan said, if we can’t make them see the light, they will feel our heat.
“The only correct actions are those that demand no explanation and no apology.”—Red Auerbach
Monday, November 25, 2013, this becomes real for all of us. On this day, for the first time since this all began, our wallets will be directly impacted. Will the Board vote on ATD’s recommendations regarding our bonuses and profit sharing? Will they vote down ATD’s proposals? Will they do something in between? We just don’t know how these guys will vote.
What we do know is that the Board’s voting record so far has been overwhelmingly slanted towards the shareholders and against whatever ATD wants. We know that ATD understands us, works with us, knows who we are and appreciates all of our hard work, dedication and loyalty to him and his whole family. After a successful year along with the past five months of uncertainty and anxiety, ATD wants to reward us for our work ethic and dedication in the face of all these distractions. We can also be certain that ATD will go to that Board meeting and he will fight for us with every fiber of his existence. He will not allow us to be hurt by this if he can help it. The Board, however, seems to be on a path to destroy this company with no regard to the hurt it will cause thousands of people. Remember, ATD is for $56 million to share among 22,000 and ASD is for $46 million to share among 9. Oh, and let’s not forget the $300 million the 9 just paid themselves!
The file posted below is a letter sent to the stores via email today from Bill Marsden. You can read this company document for yourself, but this letter is in response to the Board’s request for managements recommendations for bonuses and profit sharing. As you know on the Boards misinformation page they let us all know that they were awaiting for these recommendations so they could vote on them at the meeting scheduled for this coming Monday, November 25, 2013.