David Phillips has taken a look at the proxy statement filed by Bed Bath & Beyond. Among the items of business are resolutions calling for the Company to be nicer to workers in other countries and not quite as nice to white people (the Board of Directors is currently all white). Phillips thinks this a distraction from some real problems with the employment agreements the company has with its two co-founders.
Under the agreements, if Messrs. Eisenberg and Feinstein decide to retire prior to election of their Senior Status Period, the Company must pay them them $700,000 (+) per annum for ten years (or, if the Company chooses, in a lump sum on a present value discounted basis of $7.0 M plus).
Bed Bath & Beyond: Bargain Bedding...Bargain Stock Price? [10Q Detective]