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Post by Confused Mark Wahlberg on Jul 25, 2022 9:35:50 GMT -5
So this…puts some of it in a whole new context. As an accountant, this is just...yikes
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Post by Hypnosis on Jul 25, 2022 9:36:48 GMT -5
The year that Vince mocked GOD! [/Joey Styles]
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nisidhe
Hank Scorpio
O Superman....O judge....O Mom and Dad....
Posts: 5,769
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Post by nisidhe on Jul 25, 2022 9:40:05 GMT -5
While we must acknowledge that Vince holds the largest block of voting stock (and arguably of stock in general in the company), his position as CEO required him to exercise fidicuary duty towards all shareholders.
This isn't merely about defrauding investors: it was an abuse of his position as CEO to make these decisions in order to protect himself. Treating the company's liquidity like a slush fund is the surest way to get federal regulators sniffing around, and who knows what would be the fallout from that?
It's possible that the McMahons would have been forced to sell their entire holdings in the company and/or be stripped of the advantages of their stock ownership.
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Post by Finish Uncle Muffin’s Story on Jul 25, 2022 9:44:13 GMT -5
So this…puts some of it in a whole new context. As an accountant, this is just...yikes Given your line of work, is your take from this that he used company money and then just didn’t expense it back in any way shape or form? It seems like that from reviewing the 8-K, but I know there’s talk about personal payments, etc.
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Post by Confused Mark Wahlberg on Jul 25, 2022 9:53:10 GMT -5
As an accountant, this is just...yikes Given your line of work, is your take from this that he used company money and then just didn’t expense it back in any way shape or form? It seems like that from reviewing the 8-K, but I know there’s talk about personal payments, etc. Yeah, I haven't looked at the financial statements, so I don't know how/where the 14m was accounted for, but the fact that the revenues were artificially inflated because they didn't expense it would make me very upset as an investor.
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bob
Backup Wench
The "other" Bob. FOC COURSE!
started the Madness Wars, Proudly the #1 Nana Hater on FAN
Posts: 80,620
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Post by bob on Jul 25, 2022 9:54:45 GMT -5
So this…puts some of it in a whole new context. At the risk of sounding stupid, what's an 8-K?
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khali
Dennis Stamp
Posts: 4,891
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Post by khali on Jul 25, 2022 10:02:24 GMT -5
I knew that something must be about to drop, because you would think that if possible Vince would want to wait a week to still run Summerslam a week later. It had to be urgent. And now we know why.
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Post by Kevin Hamilton on Jul 25, 2022 10:07:37 GMT -5
Imagine being so sleazy you're still paying hush money to someone nearly two decades later
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Post by kingoftheindies on Jul 25, 2022 10:10:43 GMT -5
I knew that something must be about to drop, because you would think that if possible Vince would want to wait a week to still run Summerslam a week later. It had to be urgent. And now we know why. Oh yeah clearly something happened that made an abrupt retirement
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MiLB Fan
Fry's dog Seymour
Posts: 20,542
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Post by MiLB Fan on Jul 25, 2022 10:13:45 GMT -5
So this…puts some of it in a whole new context. At the risk of sounding stupid, what's an 8-K? It’s a report companies file when changes occur that might affect shareholders. Unlike quarterly or annual reports, these can be filed as needed. www.investopedia.com/terms/1/8-k.asp
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nisidhe
Hank Scorpio
O Superman....O judge....O Mom and Dad....
Posts: 5,769
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Post by nisidhe on Jul 25, 2022 10:14:46 GMT -5
As an accountant, this is just...yikes Given your line of work, is your take from this that he used company money and then just didn’t expense it back in any way shape or form? It seems like that from reviewing the 8-K, but I know there’s talk about personal payments, etc. Given that he has majority voting control over the payments, I'd suggest that he saw no reason why he'd have to inform the other shareholders of these expenses. Again, it seems to point to abuse of his position as CEO to misuse company funds. Conrad Black did the same thing, on a much larger scale, but I doubt he had any sexual malfeasance behind the misuse of funds.
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Post by Milkman Norm on Jul 25, 2022 10:17:43 GMT -5
This seems maybe not very legal.
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Kalmia
King Koopa
Happy to be here
Posts: 12,585
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Post by Kalmia on Jul 25, 2022 10:19:55 GMT -5
Wasn't the rumor that the WSJ was working on a big story for this week? If so, then that story still hasn't dropped. This is info the WWE themselves put out there. There might still be more to come.
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Post by Finish Uncle Muffin’s Story on Jul 25, 2022 10:25:36 GMT -5
Given your line of work, is your take from this that he used company money and then just didn’t expense it back in any way shape or form? It seems like that from reviewing the 8-K, but I know there’s talk about personal payments, etc. Given that he has majority voting control over the payments, I'd suggest that he saw no reason why he'd have to inform the other shareholders of these expenses. Again, it seems to point to abuse of his position as CEO to misuse company funds. Conrad Black did the same thing, on a much larger scale, but I doubt he had any sexual malfeasance behind the misuse of funds. Right. I think where I may be unclear is that "unreported expenses" could also mean that given these were payments from the CEO of a company to an employee of the company, they should have been reported as company expenses and it artificially inflated revenue. That's different than him stealing from the company pot. I hope this doesn't come across as if I'm a Vince apologist or anything, I just genuinely want to understand what happened.
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Legion
Fry's dog Seymour
Amy Pond's #1 fan
Hail Hydra!
Posts: 23,410
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Post by Legion on Jul 25, 2022 10:35:23 GMT -5
Given that he has majority voting control over the payments, I'd suggest that he saw no reason why he'd have to inform the other shareholders of these expenses. Again, it seems to point to abuse of his position as CEO to misuse company funds. Conrad Black did the same thing, on a much larger scale, but I doubt he had any sexual malfeasance behind the misuse of funds. Right. I think where I may be unclear is that "unreported expenses" could also mean that given these were payments from the CEO of a company to an employee of the company, they should have been reported as company expenses and it artificially inflated revenue. That's different than him stealing from the company pot. I hope this doesn't come across as if I'm a Vince apologist or anything, I just genuinely want to understand what happened. This is the thing, we dont actually know what has gone on yet - but whatever it was - be it bad finances, dodgy payments, genuine mistake or hush money for abuse - it's all about to come out and it's clearly not something the company felt it could survive with him staying in charge. This, much more than the abuse allegations, are what could genuinely end up with Vince in jail. This story has a long way to go and a lot more twists to take yet. Asking questions or suggesting it might be all sorts of things doesn't make you an apologist, it makes you curious, and you can be sure that all sorts of people are about to be asking exactly the same questions.
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Legion
Fry's dog Seymour
Amy Pond's #1 fan
Hail Hydra!
Posts: 23,410
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Post by Legion on Jul 25, 2022 10:39:20 GMT -5
We'll know it reaches peak 'bad' when Stephanie and Nick basically have to denounce Vince and say they had no idea what he was up to and that they are providing new leadership and instructing a private external agency to vet their accounts.
Basically, when WWE decides to throw Vince under the bus so that the company can survive the scandal.
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Post by Kevin Hamilton on Jul 25, 2022 10:46:10 GMT -5
Man, Netflix was gonna do that puff piece movie about him documentary before all this hit.
That's wild.
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Post by peaches1 on Jul 25, 2022 10:47:32 GMT -5
If he paid the money back from his personal resources can he still be in trouble for overvaluing the company and defrauding the investors?
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Legion
Fry's dog Seymour
Amy Pond's #1 fan
Hail Hydra!
Posts: 23,410
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Post by Legion on Jul 25, 2022 10:51:47 GMT -5
If he paid the money back from his personal resources can he still be in trouble for overvaluing the company and defrauding the investors? Yes, he still 'did it' - he can't use the public company as his private loan bank even if he plans to pay it back without getting permissions and disclosing it. By not disclosing it, it has impacts on other numbers that impacts stockholders and possibly taxation.
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Fade
Patti Mayonnaise
Posts: 38,527
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Post by Fade on Jul 25, 2022 10:55:37 GMT -5
The money thing isn’t surprising. Vince really did screw Vince.
I thought it’d take almost a year for HHH to take over creative. It’s inevitable. He’s the best choice.
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