- Sunday, 22 November 2009
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Once a newspaper touches a story, the facts are lost forever - Norman Mailer
AMD still stuck with Fabs after delayed vote
AMD HAS BEEN FORCED to delay a vote which would have decided the spin-off of the firm's fabs into the separate Foundry Co, after a specially called shareholder meeting left AMD short of the number of votes it needed.
Back in October, AMD announced it would be freeing itself from the burden of its fabs, teaming up with the oil-rich sheiks of Abu Dhabi to form the joint venture, The Foundry Co.
AMD spinner, Mike Silverman, admitted the firm may have tried to push ahead too quickly in attempts to complete the $5.7 billion transaction, saying that the "extremely aggressive timeline" was probably "a little bit too fast."
The as yet unfab-tabulous firm said only 42 per cent of shares were voted at the meeting, although AMD did point out that about 97 per cent of those were in favour.
The vote has now apparently been pushed back to February 18th, when the Sunnyvale firm has a second stab at going officially fabless.
On the news, shares in AMD, fell 7.2 per cent to $2.19.µ
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As a current shareholder of AMD, I did my part of the duty by throwing about the 1.5 cm thick "Notice of Special Meeting of Stockholders", along with the vote ballet, into the garbage can.PS. Underneath the AMD logo, the subtitle says "The future is fusion." Ironic isn't it.
I speak for the rest of AMD's shareholders when I say the following:
Douchebag.
Granted I probably own <0 m not going to support the people who turned their back on the owners of the company. If this were new management I would consider the move a bit differently I suppose, but putting the same management team in charge of 2 companies instead of one will not change the poor management that has put AMD in its current position.
Ageing Gracefully? Planned Obsolesence? Its' Their Company. However, As Product matures, So Do Descriptions. Speed Was BigDeal, from ?presonic to 2 Ghz/s Standard & Beyond in final assembly. Speed is Linear Thing, Making Tasks Faster. Transistor Count is Broading of aplicabilities. Better Software to drive transistors. Incresing Quality Subject.Fabs have cycles of engineering, sales, distribution ,warehousing & final housing developement or other useages. Empty building more than world trade center firefighters got for bravery, however, operational WTC was worth Billions Yearly. So Put Brainer Back On, Go Figure & Retransistorize, Agin & Agin to 2014 @ 10+ Billion,Perhaps Reaching Drashek Limitation of reality. I know, I Figured it. STeWie
AMD insiders own ~22% of AMD... they are not the owners of their own company they are all merely employees. It is not their 'right' to do anything they want - they can make decisions, but ultimately the large decisions (like spinning off the fabs) needs true OWNERSHIP approval... which is the stockholders. If the CEO/board wants to make their own decisions, they need to put their money where their mouth is and take a true ownership stake in the company. Right now all they are doing is playing with (and wasting) other people's money.