ex dt

Apr 11, 08 - 6:26 PM

Diamond incentivizing mgt

I would be amazed if the courts allow management to be incentivized when they were the REASON Diamond is almost belly up. Only in America can you screw up and get rewarded. Average job is $213 which is a result of management pushing commercial work over more lucrative insurance work. Lots of finger pointing going on but ultimately Mr. Levine is responsible. He surrounded himself with his old cronies and they destroyed the company. Arrogance and stupidity !!

jp is confused

Apr 11th, 2008 - 6:36 PM

Re: Diamond incentivizing mgt

its the whole industry, who is next ,most of the national chain are in some type of money problem, belsaf seems to be the only one afloat because the bank gave them all sorts of credit

xs

Apr 11th, 2008 - 7:29 PM

Re: Diamond incentivizing mgt

Until Safelite getz rid off all the upper management that caused it to fail in the first place,it might happen to them again also..That include all the Divsion managers and General managers that are and were dead wood...........

glassrat

Apr 11th, 2008 - 8:21 PM

Re: Diamond incentivizing mgt

Diamond is in trouble boys.

larry D

Apr 11th, 2008 - 8:35 PM

Re: Diamond incentivizing mgt

thank you captian obvious

glassrat

Apr 11th, 2008 - 9:21 PM

Re: Diamond incentivizing mgt

Tenile is that you?

New to the biz!!!

Apr 11th, 2008 - 9:37 PM

Re: Diamond incentivizing mgt

I have been w/ this company for almost a year now, and let me tell you what,,all of this b/s is getting crazy! My 7 yr old could run this company better! I was told after 90 days that I would get a raise, and that never happened,,and I also know for a fact that my techs haven't seen one in over 4 yrs, and now they wanna pay the regional managers and some executives more money???? I don't get it!! Why don't they "incentivize" the Tech's and the CSR's, they are the ones that deal with the paying customers! Our moral is so low right now, they could lock our doors tomorrow and I would have a party!! Get it together DT or you won't have anybody left to make it to the auction!!!!

..argh

Apr 11th, 2008 - 11:13 PM

Re: Diamond incentivizing mgt

to those that bragged regarding "making money" in '07. 2mm ebitda on 170mm sales? Gee, that sounds great, or we could go to the Wamu and make 3 times the rate on a kids savings account. unreal.

Seems the strategy wasn't working..time to bring out the chainsaws and hefty bags.

Truth Teller

Apr 12th, 2008 - 9:12 AM

Re: Diamond incentivizing mgt

Almost $700mil going to the KL loyalists, while the poor hourlys and cheaper salaried get stiffed again just like the last 4 years of no raise, no summer picnic, no christmas party (but hey, we still get bagels on wednesday). How much $700mil is Cogswell and Bunchalk getting? Certainly alot more than the poor shleps who actually do the physical work that brings in the revenue.

glassrat

Apr 12th, 2008 - 9:37 AM

Re: Diamond incentivizing mgt

They will start leaving and working elsewhere. It will be just a matter of time.

Gone

Apr 12th, 2008 - 10:00 AM

Re: Diamond incentivizing mgt

Some of us are already gone.The good techs will find better jobs.The hacks will still be hacks and management will get what they deserve.I have to admit i'm enjoying this.

xs

Apr 12th, 2008 - 10:02 AM

Re: Diamond incentivizing mgt

Dont you guyz have a non compete claus???

glassrat

Apr 12th, 2008 - 10:09 AM

Re: Diamond incentivizing mgt

If they do, I would think some judges would understand with what diamond is going through.People have the right to make a living.I would hope.

zzz

Apr 12th, 2008 - 1:49 PM

Re: Diamond incentivizing mgt

I am glad to see that the so called "wage freeze" is looking to be lifted as long as it pertains to the ones who initiated it in the first place. Now that they are being asked to do a little more, they want to be compensated for it. Maybe they can now know how the rest of us feel. I would hope that if it does go through, that it is the same insulting figure that everyone else has gotten, like $.50/hour or so. I dont really understand the thinking behind it. If it goes through it is like a $30,000.00 "bonus" for them. WOW

New to the biz!!!

Apr 12th, 2008 - 2:15 PM

Re: Diamond incentivizing mgt

Truth teller,,,you get bagels on Wednesdays?? I can't even get coffee filters that fit the coffee maker at the shop w/out buying them myself. Plus buying my own stamps to mail things out. I enjoy by job where I am but I have to admit,,they better do something for us "hourly" ones or the *hit is gonna hit the fan!!

Mark1

Apr 12th, 2008 - 2:25 PM

Re: Diamond incentivizing mgt

I find it amusing, as I did when Safelite was standing before the bankruptcy court, that Diamond is telling them that they're a healthy profitable company, and once those darned dangnabbed "obstacles to growth" are removed, they'll do just fine!

Those are your debts and bills you twits. Scary part is the bankruptcy courts seems to agree with them. Bankruptcy is becoming a necessary tool in the glass biz to remain profitable, it seems.

Please bear in mind, that EBITDA is "Enron" accounting. Pro-forma, rather than GAAP accounting, and saying 2M Ebitda is like saying 2M GROSS profit, not NET profit.

Wonder if the court will fall for that one?

FRED THE PLUMBER

Apr 12th, 2008 - 6:20 PM

Re: Diamond incentivizing mgt

THIS IS SIMPLY A "RAMSEY OUTDOOR STORE BUST OUT" DON'T YOU REMEMBER THAT 2ND MAYBE 3RD YEAR OF "THE SOPRANO'S"?THE EPISODE IN WHICH TONY AND THE BOYS RAIDED THE SPORTING GOODS STORE STEALING ANYTHING NOT NAILED DOWN AND RUNNING UP THE STORES CREDIT AND MAKING OFF WITH ALL THE GOODS.AS QUICKLY AS ITEMS CAME INTO THE STORE THROUGH THE FRONT DOOR THEY EXSITED THE BACK.
EVERY LAST ONE IS A CROOK AND LIAR.
ALSO THIS TIME THE EPISODE IS A LITTLE CHEASIER SINCE IT TAKES PLACE IN KINGSTON PA WITH IT'S ORIGINS TIED TO SLEAZY SCRANTON,PA.ALMOST HAS A THIRD WORLD FLAVOR JUST A TAD MORE SOPHISTICATION.

crack in the armor

Apr 12th, 2008 - 7:33 PM

Re: Diamond incentivizing mgt

I had to laugh when I read the CEo quote "2007 was a profitable $2m pre-ebitda". If they owe a $100m in debt how much interest do they pay a year. I would imagine that the company lost millions just because of interest. I never heard a company refer to earnings in pre-ebitda terms and how could you use the word profitable. Just makes them look more incompetent.

TruthBTold

Apr 13th, 2008 - 9:07 AM

Re: Diamond incentivizing mgt

I wonder if DT management run their personal lives the same way? Also, whats the bid deal with a 30k bonus, I am sure its not even a months salary

ex dt

Apr 14th, 2008 - 6:24 AM

Re: Diamond incentivizing mgt

Well said Mark1. The real amazing part of this fiasco is the courts would even entertain allowing the criminals, oops sorry, management, to continue running the operation. It is these folks that drove the company into the rocks. In my opinion the ch 11 filing is a business strategy Levine had planned all along. Why else would he have a person like Cogswell running the operation, so hopelessly out of touch with running an organization of this magnitude. He speaks gibberish and his comments to the media are so fabulously rehearsed. The real contradiction is
him leaving in 2006 over fundamental reasons. TOOO FUNNYYYY!!!!

funk u

Apr 14th, 2008 - 5:44 PM

Re: Diamond incentivizing mgt

TruthBtold...you have to be the dumbest person on the face of the earth....its the point that the company is bankrupt and they give a bonus to to the ppl that make over 1 or 2 hun K??? give them a bonus to keep the up mang happy????funk that...they should be on the team through the good and the bad and if they want to jump ship, help push them off. and what about the other 1580 ppl that they will need to keep happy, because i am sure some will be go after the bonus goes through.

then they will be like so, if you want to go GO, but yet it dont work that way for the upper managment. HELLO THEY CAN BE REPLACED ASLO>>>>OPEN YOUR EYES

Miss Southern

Apr 14th, 2008 - 5:51 PM

Re: Diamond incentivizing mgt

HEY GLASS RAT IT IS SPELLED TENNELY, I KNOW HIM AND HE DOESN'T GET ON HERE

lawrence

Apr 14th, 2008 - 5:52 PM

Re: Diamond incentivizing mgt

sounds like a golden parachute for the cronies

Miss Southern

Apr 14th, 2008 - 6:02 PM

Re: Diamond incentivizing mgt

NO KIDDING, VERY UNUSUAL NAME

confused

Apr 14th, 2008 - 7:11 PM

Re: Diamond incentivizing mgt

wheres my incentive to stay

AGN

Apr 14th, 2008 - 8:20 PM

Re: Diamond incentivizing mgt

I saw a friend of mine who manages a DT store the other day and I asked him how much of that $650K he was offered. He laughed. Not a funny laugh though.

DT is a bassakwards company.

AGN

FAT MENG

Apr 15th, 2008 - 1:08 AM

Re: Diamond incentivizing mgt

MONEY FOR BOOT LICKS

Truck Stop

Apr 15th, 2008 - 7:11 AM

Re: Diamond incentivizing mgt

Truth is, it won't matter anyway-D/T as we know it is going bye bye.

J Armstead

Apr 15th, 2008 - 10:10 AM

Re: Diamond incentivizing mgt

Mark1... I too read the financials and factored in the debt and debt service. There's no way that this company turns itself around without the forgiveness of that debt.

For God's sake, the actual debt/debt service is almost equilvalent to annual sales and has been accumulating for many, many years.

Opus

Apr 15th, 2008 - 10:29 AM

Re: Diamond incentivizing mgt

Mr A,

Here here!! I agree totally.

The debt and the debt service is not going to magically disappear. One would think that the holders of that debt will control what becomes of D/T.

The bonus money going to management is sort of like a gun to the head of the bankruptcy court. If these guys leave a sinking ship, the ship sinks faster (so the logic goes). Look to see what the lawyers are getting as well if one wants to complain about such things.
Things should stay fairly interesting around Kingston Pa

TruthBTold

Apr 15th, 2008 - 4:24 PM

Re: Diamond incentivizing mgt

funk u - let state that you should do 3 things

1. Google "sarcasm" (enlighten yourself)

2. Go look in a mirror if you want to see the dumbest person on earth

3. Give yourself a good kick in the pants for being an idiot

funk u

Apr 15th, 2008 - 5:54 PM

Re: Diamond incentivizing mgt

You have no idea, dumb a$$.

howie

Apr 15th, 2008 - 6:57 PM

Re: Diamond incentivizing mgt

They'll grab that dough before they jump ship. The quick reversal of fortune in the form of steering and ins. reimbursment collapse is what did them in. We will not be undersold ! was their motto. When the insurance industry got wind of that, they invented O/A programs. Auto glass at the lowest price no matter what. Enron accounting, Thats a hard act to follow .... We know now that your typical TPA controlled aggragate pricing does not include the cost of the parts, meaning "on the list" pricing does not cover the cost of your overhead and labor which coincidently equals the cost of the parts. Honestly though, there was a time when the insurance industry subsidized the amounts payed by walk-in customers. The last few re-valuations kept a check on that. This is where the reversAL OF FORTUNE COMES IN BECAUSE NOW TECHNICALLY WE ARE SUBSIDIZING THE INSURANcE INDUSTRY .oops... Laws were passed to reduce the cost of insurance and that opened the door for the abuse and proliferation of middle-men. If its not obvious ( by reducing a list price by 70% and then a year later reduce it by 50% for a reduction of 85%)that this is what killed them, and is injuring others, then what else is there. Simply too much too fast. Conspiracy,$213., Was this intentional only Levine knows. Give them nothing , cut them off, banish them ,take everything from him you can.They will blame it on the economy or something, Shouln't there be some explaination, what happened ,whats the solution? This is the kind of business that 99.9% of Americans can live without. They'll grab that money and the money they already got and double or triple it overseas.Are they trying to buy people off, this is huge. Funk us once...Funk us twice.,..

SCRATCH

Apr 15th, 2008 - 8:35 PM

Re: Diamond incentivizing mgt

Well HOWIE do da day. Seriously this thing has been invented and re-invented so many different ways. Finally they think they put together the right process to ride this thing for all it's worth.This is the final act.The denouement if you will.
Act 1 Promise investors big returns.
Act 2 Get cash
Act 3 Send my cousin packin- with cash of
course and lots of it.
Act 4 Hire Cogswell
Act 5 Fire Cogswell and move Doug Boyle and Karen Christopher to the deep end of the pool to run this thing into the ground,at full speed. All the while acting as if they were truely competent.(during this period attempting to sell the company). Looks real good getting share holder confidence up.
(Lotta Acts) to be continued.

potato

Apr 15th, 2008 - 8:44 PM

Re: Diamond incentivizing mgt

You would think the average Joe , employee, or invester would be smarter than that ... all the live long day.

potato

Apr 15th, 2008 - 8:53 PM

Re: Diamond incentivizing mgt

SCRATCH- The money has got to come from somewhere. Under the table? Concierge service- you heard it here first.

SCRATCH

Apr 15th, 2008 - 9:06 PM

Re: Diamond incentivizing mgt

Hey Potato it was an unsecured senior note for a hefty some. No promises no guarantees.It's as if you went to buy a Bentley while wearing hobo clothes and said u ya I'm good for it and they actually give you the keys.

potato

Apr 15th, 2008 - 10:17 PM

Re: Diamond incentivizing mgt

Who wins and why ?

POTATO

Apr 16th, 2008 - 7:13 AM

Re: Diamond incentivizing mgt

ALL RIGHT I STUMPED YOU.I WIN. I HAPPEN TO BE DIAMOND UPPER MANAGEMENT AND I'LL RECEIVEMY BONUS WHILE ALL THE SHLUBS INSTALLING THE GLASS WILL KEEP WORKING FOR MEAGER WAGES WHILE BLOWING OUT SHOULDERS,BACKS AND ELBOWS.THANK YOU, THANK YOU VERY MUCH.(AS ELVIS WOULD SAY).

sideline crack

Apr 16th, 2008 - 5:12 PM

Re: Re: Diamond incentivizing mgt

who are you potato? upper mngmnt? wow nice bonus

potato*

Apr 16th, 2008 - 9:14 PM

Re: Diamond incentivizing mgt

*I am nobody special, however POTATO AKA POTAHTO is some wannabe cyber-stalker whos lack of creativity led him ot her to impersonate me.

curious

Apr 17th, 2008 - 10:08 AM

Re: Diamond incentivizing mgt

hey ex dt, what did you mean by this?

(about Bill Cogswell)
The real contradiction is
him leaving in 2006 over fundamental reasons. TOOO FUNNYYYY!!!!

POTATO

Apr 17th, 2008 - 8:07 PM

Re: Diamond incentivizing mgt

SIDELINE CRACK I AM UPPER MANAGEMENT AND I'LL BE HAPPY TO SHOW YOU MY BONUS...THAT IS PENDING A POSITIVE OUTCOME TO OUR PETITION TO THE COURT ON THE 24TH.

non mgmt

Apr 18th, 2008 - 7:55 AM

Re: Diamond incentivizing mgt

THIS SUCKS...I think all of us non mgmts should take a sick day the day after if this gets approved. Let them earn their bonus $$$$...You dont believe for a min that not everyone got raises or bonuses...just the working class...

the king

Apr 18th, 2008 - 5:46 PM

Re: Diamond incentivizing mgt

i want my money

ManagementBuster

Apr 18th, 2008 - 9:09 PM

Re: Diamond incentivizing mgt

It s time to show them the power! Unite and survive!
Get the money you deserve now while they will have no debt!

Schnizle

Apr 23rd, 2008 - 12:49 AM

Re: Diamond incentivizing mgt

Have the courts approved this yet? If so what is the Judges name.

s

Apr 23rd, 2008 - 10:21 PM

Re: Diamond incentivizing mgt

It's hard to believe that upper management can get a bonus for running the company in the ground. Kenny get's out just in time so that he don't have to tie up his assets? Can he really buy us back? Look at all the crap he spent money on...Changing names 3-4 times, reprinting everything, he spent more money on bs and people still believe in him...Come on people wake up an an smell the coffee. I would love to see a bonus check every now and then but that's not going to happen because we have to give what we work so hard for to people who don't have a clue. This company so needs a change!!!

howie

Apr 23rd, 2008 - 10:27 PM

Re: Diamond incentivizing mgt

Dont you worry , they have your clue.

glass expert

Apr 24th, 2008 - 1:20 PM

Re: Diamond incentivizing mgt

The incentive is for the ones that know when the company is sold ..... they are out of work. Because no other company would tolerate the behavior that some of them have displayed as a "BEST PRACTICES" team player. So if they are awarded the money it will only mean that they are preparing to take the money and run. My advice to them: Careers.Com

glass expert

Apr 25th, 2008 - 9:14 AM

Re: Diamond incentivizing mgt

TO POTATO

you are upper mgmt at DT - how sad ..... the courts will never approve a bonus to reward you for running a company into the ground. Just wait until all those poor shlubs find out about your attitude towards them, oh but wait.... nevermind, they don't care because I have interviewed 4 of them from your stores and you should be receiving their notice any day now.

Pa's finest

Apr 25th, 2008 - 5:56 PM

Re: Diamond incentivizing mgt

Its not just Upper management, it everything above branch management. Too many incompetents have been promoted to DMs and RMs. In the region of D/T that I worked at, We had a new DM every 18 months and each one was more incompetent than the one they replaced.
I hope that If the company ever gets cleaned out, that they eliminate everything above branch manager and really put a system in place that allows good business people to run disctricts, not someone who managed a successful shop that was successful before he ran it.

cold installer

Apr 26th, 2008 - 7:19 PM

Re: Diamond incentivizing mgt

I see that the courts didn't approve the motion for the bonus's. Who in the name of company morale thought giving top execs a bonus just under what some employees make a year would be a good idea? What a way to rally your troops DT!

Goober

May 8th, 2008 - 10:42 PM

Re: Diamond incentivizing mgt

You see nothing

cold installer

May 9th, 2008 - 5:52 PM

Re: Diamond incentivizing mgt

Yeah, they overruled the decision.

Again:
To whom it may concern at DT Brass, way to rally the troops and boost morale for the grunts who live paycheck to paycheck!!

glassking

May 9th, 2008 - 6:16 PM

Re: Diamond incentivizing mgt

time we all stop working hard work during week make some ot told come in later uu gt ot