Micron Technology: Leveraged Buyout Announcement Seems Imminent

PittyParty wrote:

Get over yourselves. Get a job...Get 2 jobs. Capitalism is not an ethical system. Business 101. Only the strong survive.

I love it. So using the theory of being non-ethical, I should just take Micron and milk it for whatever its worth. Since capitalism is non-ethical why should I be ethical or loyal to my job since their is no loyalty back to me? How about if all just plunder the companies we work for, given your mentality? What is good for the goose is good for the gander isn't it?

More to Follow wrote:

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The Minneapolis group is one I haven't heard of their fate. They have a bunch of highly paid engineers that don't really do anything that I know of. Kind of a think tank that doesn't produce anything.

Nothing will happen to them (MN) as long as Dean Klein is a VP, they are his homeboys (gauran-effn-tee-it)

mandinka warrior wrote:

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I love it. So using the theory of being non-ethical, I should just take Micron and milk it for whatever its worth. Since capitalism is non-ethical why should I be ethical or loyal to my job since their is no loyalty back to me? How about if all just plunder the companies we work for, given your mentality? What is good for the goose is good for the gander isn't it?

When I joined Micron, I was working in a group of people who all wanted to be the next VP. None were managers by the way. Each one of these people talked about their bonus and their stock options and watched everyone around them. They were marginal in their jobs but connected through their buddy network and church. they were milking the company for all it was worth and producing very little of value while criticizing those around them for not being loyal or performing. They engaged in sabotage of people around the organization who were competent and effective in their jobs. I was grateful when they left the organization, and astounded that they were promoted into management in other organizations.

In any other organization I would agree with your point of view. Remember, loyalty ends at the pocketbook. At Micron loyalty is important to those around you and above you as long as it can be used to get you to give up your life and values for the organization, or to further their careers. Unless you are an old boy you will be cut in an instant if it serves your manager. If you are connected and an old boy be loyal to whoever is your buddie. If you are not connected you are always expendable. You figure it out. Live within your ethics and if you get a better opportunity anywhere else get out on your own terms.

Nice, so HOW are those "cost cutting measures" going?

BOISE, Idaho, June 25, 2009 – Micron Technology, Inc.,(NYSE: MU)

today announced results of operations for the company’s third quarter of fiscal 2009, which ended June 4, 2009. For the third quarter of fiscal 2009, the company posted a net loss of $290 million, or $0.36 per diluted share, on net sales of $1.1 billion. The company ended the quarter with cash and investments of $1.3 billion.

Your Friend (and leader)

KJI

I question the $1.3 billion in cash/investments. Me thinks they are painting a rosier picture than what it really is.

Micron = GM. It will take the bankrupcy to turn things comparative. The debt will kill.

Here's an interesting stat:

James D. Sinegal, CEO of Costco, has a salary of $350K, stock awards of about $3.3M. His company employs 142,000 people and had a net profit in 2008 of $1.3B. Share price is over 46, annual earnings per share 2.47.

Steven R. Appleton, CEO of Micron Technology, has a salary of $950K and stock awards of $7.3M. HIS company last lost $3.8B over the past 3 years. Stock price is lucky to stay above 5, annual EPS is -2.33.

Wonder if Steve has the grace to be embarrassed at board or shareholder meetings?

SteveMustGo wrote:

Here's an interesting stat:
James D. Sinegal, CEO of Costco, has a salary of $350K, stock awards of about $3.3M. His company employs 142,000 people and had a net profit in 2008 of $1.3B. Share price is over 46, annual earnings per share 2.47.
Steven R. Appleton, CEO of Micron Technology, has a salary of $950K and stock awards of $7.3M. HIS company last lost $3.8B over the past 3 years. Stock price is lucky to stay above 5, annual EPS is -2.33.
Wonder if Steve has the grace to be embarrassed at board or shareholder meetings?

Sometimes the numbers can be confusing to those of us who are challenged in the math department. Here are some interesting facts based on Steve's compensation. As calculated on my HP 15C calculator built in the 1980's. The processor uses CMOS technology by the way, the same basic technology that was involved in the imager technology that was Micron's cash cow in 2006. What ever happened to the Imager division again, oh yeah, they sold it cause they couldn't figure out how to make it work.

Anyway I digress, here is the math for you, Steve's income for those of you who do not do the math any more.

$7,300,000 +$950,000 =$8,250,000/year Much more than most of you will make in your entire lifetime.

$8,250,000 / 52 weeks =$158,653.85 / week. About the going price of that house you paid $300,000.00 for just two short years ago.

(how many of you Steve worshipers make that much a year)

$158,653.85 / 40 hours in a standard week =$3,966.34 an hour. The value of that $40,000 SUV you bought eight years ago.

You may say that he works a lot of over time, and he does. As the VP of HR implied, if you are not working 55-60 hours a week you are stealing from the company. And we all know that Steve would not steal from the company, or its rightful owners, the shareholders. How are those options doing that you guys got as a reward for all that hard work again?

For all you $12.00 an hour operators out there,
$3,966.34 Hr x 8 = 31,730.77 a day. Think about it folks, Steve makes more in a day than you make all year, even with overtime. For what?

On the other hand Steve is not alone in his largess, the VP's and executives are all doing fine in spite of the circumstances for those they are laying off or outsourcing to India and China, and they are still getting tax breaks from our state to help them out since they are such an important driver of the local economy. How many of you folks are getting tax breaks?

What is my point about all this. You do the math. I am sure when the economy turns around and Micron starts making money Steve will still be at the helm guiding the company.

MGM wrote:

Micron = GM. It will take the bankrupcy to turn things comparative. The debt will kill.

MGM steve has the reverse Midas touch. He can touch gold and turn it in to shit.

I guess the finished goods building is all but sold. Now the morons are trying to figure out how to take the $1,000,000 in proceeds to pay for the $2,000,000 move.

Well done guys, great time to sell property.

(PS morons, now's the time to buy property, not sell)

Micron to GE to pull back all of the tools that they were selling. Buyer wants package deal. Word is they are selling equipment as a lot sale. August maybe the final month. Grounds keeper is the safe job for the next 2 years.

Uncle Larry,

Does that include the Security for the main site? or just grounds keepers?

Uncle Larry wrote:

Micron to GE to pull back all of the tools that they were selling. Buyer wants package deal. Word is they are selling equipment as a lot sale. August maybe the final month. Grounds keeper is the safe job for the next 2 years.

salamatko wrote:

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New one on me. I just wonder who would buy the properties. There is a analysis out on the semi industry fab openings/closings and it doesn't look pretty.

Hello Salmatko, I would be very interested in reading that report. Do you recall its title?

Thank you,
FD

The board has been quiet for awhile,is this good news or bad?

Does anyone know when the Boise 8 inch Fabs will be completely shut down? The last I heard it was going to be the end of August. Has this date changed? How many more are going to lose their jobs in the Fab from now until the end? Another 1000 or so?

Looks like Micron is getting ready for the next big round of layoffs, representatives for the Idaho department of Labor have been meeting with official at Micron in preparation. Several techs and engineers have been steadily leaving this last week rather than waiting for the shoe to drop. Not sure if the layoffs are starting next week or the last week of July, was told my several people that part of the good old boy network is being let go this round. Will have to wait and see if that ever happens!

So, have all the people who were supposed to be let go due to the 2000 people layoff by August been laid off?

Bassman, the representatives of the IDL could be meeting Micron officials for the 2000 people layoffs announced earlier.

Former_Boise wrote:

So, have all the people who were supposed to be let go due to the 2000 people layoff by August been laid off?
Bassman, the representatives of the IDL could be meeting Micron officials for the 2000 people layoffs announced earlier.

Notices for the 2,000 layoffs announced earlier this year were staggered into August. We have a friend with August notice and is still there at the moment.

So for those leaving on their own, I suspect they would lose their "Laid off" status and associated benefits. I can't figure out why they would do that. Ideas?

Most relocation occurs in the summer and fall months before winter. Maybe they understand that the can't live on $375.00 per week and find it is better to leave on there own rather than go through the additional stress of waiting for Micron to turn around. Micron has announced that they are closing the boise fab, while investing all of their capital to bring off shore plants on line. I think that sent a clear message to the employees at the Boise Plant.

Getting laid off from Micron was the best thing that ever happened to me. Got unemployment for two years and my college paid for under the TAA program. Also, you can make money up to 1.5 times the unemployment benefit amount and still get the unemployment.

So like Positve outlook said, why would they quit and loose those benefits?