January 2021 Downgrade following the approved company restructuring and debt refinance.
https://finance.yahoo.com/news/Riverbed-Technology-inc-moodys-downgrades-173109230.html
9 replies (most recent on top)
I’m personally not surprised. I truly believe there are CEO roles designed for failing companies whose sole purpose is to fire, layoff, and offshore in order to save money. People like RMB are CEO’s that were never designed for greatness, like a Benioff, Gates, or Cook but rather people who want the title, have the right connections (rich ppl), and shows no remorse lying right in front of your face.
All the planted CEO’s who’s companies are listed on this board are hired to fire only. They have no skills and has no desire to fix things. They are the epitome of the greed, selfishness, and two-faced nature that destroys only.
seems more than a little insincere when our CEO says we are all in this together. you can be sure with his past pay and what TB is paying him now laying off you, me or anyone else won't change his dinner plans one bit. same is true if he bails or TB puts another puppet in place.
https://www.execpay.org/executive/richard-d-mcbee-9615
Think fast and climb your summit hard!
https://www.execpay.org/news/pure-storage-inc-2020-compensation-222
Seeing how many of my friends have moved to companies that give REAL stock, I’m leaving $ on the table. Sigh. They all have nice homes and fat living.
I wasted so many of my good years here hoping things would turn around. Dumb no more, I’m leaving before 2022.
RMB, DS, IH, and DM were never growth leaders and will never be one. What’s worse is our technical leadership, they don’t have the background to really drive products in a direction that will grow the business. Their initiatives are fairly rudimentary and just aren’t as visionary as we need them to be.
It seems we are stuck on a boat with a bazillion ship captains that don’t know how to sail.
Regarding the class B shares, there’s a general consensus this was Ponzi scheme. They took our money for shares but didn’t have a strategy to actually grow Riverbed. This all ties into the fact that we all voiced concerns over our roadmaps because it wasn’t strong/strategic enough to generate growth. Re-marketing NPM and SHM was tactical and the field knew this wasn’t going to grow the company. The sad part, this is common knowledge to the field level people here, however this isn’t the case with our execs. I personally knew that the class B shares were going to be rubbish
Ask Rich McBee, Dan Smoot, Ian Halifax, David Murphy or someone at TB to explain how the employees - holders of class b common stock will be able to make money on those shares. I have asked and no one can explain any likely or plausible scenario that makes any sense. It leads me to believe that they do not understand either and that they hold preferred shares and have a compensation plan that makes sure they benefit from any type of event or transaction. That Moody's report is clear about the highly leveraged position of our company and does not paint a positive picture in the short or long run. Time to consider if getting paid salary and bonus is good enough or look for another company that has stock that is already public. At least the stock has some value and when the shares vest you know what you have a chance to make year after year...compared to knowing your years spent has no stock payout here.
Wow, that’s a quite a bit cash to payback and even more cash to make! I just hope the NPM products will boost revenue this year.
When I understood it right, any further product decline can cause trouble during 2021, latest April 2022 when Riverbed needs to pay back the first part of their loan. There is currently about 90 Mio $ in the bank, they need to pay back 77 Mio $ in April 2022. Means they need to earn almost the double of the cash until next year to be operational flexible. Any decline or less earnings quarter by quarter will cause cost savings, most likely layoffs.