Flip Flop
Memories of the 2004 Presidential Election have come rushing back to me in recent days. If you remember, part of the debate that was going on back then was the Democratic Candidate John Kerry was often accused of flip-flopping. Depending on who he wanted to please, what type of pressure was mounting concerning a variety of subjects, the Senator would often say what ever he felt was appropriate at that time to score points to win the election.
What he found however, was Republican’s have a memory like an elephant, (pun intended) and opposing positions he had previously stated weeks, months, or even years before often came back to bite him.
I’ve been enjoying some of flip-flopping going on with those obsessed with criticizing YTB. Word came late last week in a stockholder proxy concerning a few of our exiting Board Members. If you’re asking why someone who never has, and most likely never will hold a single share of YTB stock is reading a proxy for the Annual Shareholders meeting coming up in June, just chalk it up to having nothing better to do. (Or you could use it as further evidence of actions speaking much louder than words that they are in fact obsessed with all things YTB.)
Back in October of last year, a bank owned by two YTB Board of Directors, and who offered financing for YTB’s new 120,000 square foot home office renovation in 2006 was one of many banks taken over by the FDIC. The problem for critics of course was the loan was an “inside deal” and both Winfield and Kaisar (the Board Members who owned the bank), took much of the blame for the mismanagement.
In 2006, Meridian Bank lent YTB $2.5 million for its new headquarters building renovation in Wood River. According the the SEC filings found, the loan called for YTB to pay a rate less 0.50% floating daily from Meridian Bank. Interest only was payable monthly for the first two years of the note. YTB did pay $500,00 in January, 2008 and started making regular payments as noted in the agreement. However, because it was coincided with a report with state regulators three weeks before they finished a report on Meridian, the spin was that it was simply done to save face, not because it was agreed upon two years prior.
Of course, nobody was really looking at YTB back in January of 2006, and very few people know how to properly research to find the truth like we do here. It all made a very convenient ploy for insider deals and how underhanded we MLM people are. You know what THEY say, “From Yale to Jail”.
I truly wish the reference to the pieces in the St. Louis Dispatch were still available concerning this banking ordeal back in September. Unfortunately it was pulled and I can’t quote directly what it said. But I do remember, just like the all the other Anti-MLM Zealots who play upon all the stereotypes of Network Marketing lore, how both Kaiser and Winfield made perfect bedfellows for the likes of our executive team.
It’s probably just as well that none of the previous articles can be found, because now it makes a perfect out to make a complete about face now that both Winfield and Kaisar are leaving YTB’s Board of Directors as what do they know that we don’t. The point is to stir up the dirt to cause a dust bowl to distract everyone from what’s going on with the banking industry, the housing industry, the economy, and solid changes YTB is making not only to survive, but thrive.
If you are to understand the thought process here, Clay Winfield and Tim Kaiser were dirt because they made sweetheart deals to YTB while they were on the Board of Directors. Now that they’re leaving the Board, it’s given a negative spin because they know something we don’t, not because YTB wants to distance itself.
You just can’t win with these critics. They will play any angle necessary to cast doubt and fear to perpetuate their own illusions about how slimy they think Network Marketers are.
Another interesting find in the St. Louis Dispatch was how the Founders of YTB took a pay cut in 2008. While I’m not going to spend the time to document the social concerns, I do think it’s safe to say that there’s a real anger towards those with wealth envy that top executives are paid millions of dollars regardless of how the company is doing. (Take a look at the auto industry for the most recent qualms about this phobia.)
What we have here is a perfect opportunity to document that this myth of Coach making most of the money is just that; a myth. You can take your pick between the St. Louis Dispatch article or the actual proxy statement filed with the SEC to find that Coach made $3.3 million in 2007, while a few Reps who are apparently below him made $1 million more in earning for the same year. But because this documentation destroys the illusions critics have, mums the word on this.
Another interesting find a few weeks ago were a number of Form 4′s filed by Coach, Scott, and Kim which was spun as a “sale”. What overzealous critics forgot to do was actually read the forms to find that these were not yet vested stock options that were involuntary forfeited because certain performance goals were not attained. All resulting in an astounding profit for all three of $0.00. Kind of hard to sell something you don’t actually own, but we soon found out that “D” on form 4′s means “sale”, not “dispose”.
I suppose it would have been better for Coach, Scott and Kim to keep their salaries and stock options based on the myths and rumors currently out there. As we’ve learned so many times before, we’re not a company that follows traditional stereotypes. (Thank goodness.)
Another interesting twist after weeks of promotion after our Annual Report was released, we find another flip flop in compensation. It was spun that part of the compensation to our Executives were from travel overrides. (As found in the comments section of a post concerning the 10K) After correcting (once again) that the overrides are from IBC’s from YourTravelBiz.com, not TSO’s from YTB Travel Network, we find that the anger hasn’t changed, but the revenue of where it comes from has. (As noted in the comments section of this post.)
You also discuss the increase in travel commissions. It is a bit of a cloudy figure (no surprise there) because this year (unlike years past) the travel overrides paid to YTB (and are directed 100% to Coach) are included in the travel commissions. I suspect the Carnival override alone is in the 7 figures.
We won’t get into how he then thought the Travel Overrides WERE documented in years past, I’m just happy he’s FINALLY gotten the story straight as found in the comments section of this post.
Look at the compensation of the Board, and Executives–none of it is tied to the sale of travel.
I can’t get too upset over this Zealot not acknowledging the correction here on this blog. I just find it comical how the shoe is now on the other foot with much the same anger and resentment simply to keep the story line going.
And lastly, speaking of story lines, we have yet another character who needs to point out what a bad boy I am for getting Pleasant Holidays on the YTB bandwagon.
And, then there is Doug. Blasting PH for not giving YTB marketing dollars. They host what a sale and a drop in the bucket bookings compared to all the people they have running around.
Doug himself is a very confused individual–hates travel agents yet he is writing for an online site and passing himself off as a travel agent. Wants marketing dollars and all the perks but hates us and makes no bones about it. You can’t have it both ways.
This poor soul obviously hasn’t grasped that Pleasant Holidays doesn’t pay YTB one red cent until a sale has been produced and then consumed. There is no co-op money, no advertising money, no increase in staff to man phones, and Pleasant Holidays can reach hundreds of thousands of potential customers in one night to generate revenue for a their bottom line. A clear advantage for any supplier who works with YTB. Any marketing dollars needed for promotion is fronted by YTB not the supplier, which again goes against the traditional model.
Sorry Margie, but the confusion and illusions you have are truly your own. If you want to be hated as a victum here, that’s your right. But please don’t think that I hate. I just want to uncover the truth here, not flip flop around with what sounds good.
But thanks for sharing….
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