Author Topic: Ex Olympus CEO Woodford was told to catch the next plane out.... (Read 4019 times)

Em5 Pete · « **on:** October 16, 2011, 05:12:49 PM »

http://www.43rumors.com/ex-olympus-ceo-mr-woodford-speeks-to-ft-they-told-me-to-catch-a-bus-to-the-airport/

cosinaphile · « **Reply #1 on:** October 16, 2011, 08:02:54 PM »

and he tells some damning stories of shady dealings with caymany island corps that dissapeared off the map after a 600million dollar deal with olympus
or something to that effect

voyager · « **Reply #2 on:** October 17, 2011, 12:12:47 AM »

Whoopsies...

Em5 Pete · « **Reply #3 on:** October 20, 2011, 08:20:19 PM »

More interesting info and a few other related links here:
http://www.rangefinderforum.com/forums/showthread.php?t=111843

count_zero · « **Reply #4 on:** October 20, 2011, 08:39:56 PM »

Probably explains why their U.S. Marketing dept. sucks. Someone ran off with the marketing budget.

tamoio · « **Reply #5 on:** October 21, 2011, 12:18:35 AM »

If a fraction of what Woodford says is true Olympus is in way worse trouble than anyone here imagined.

http://www.bbc.co.uk/news/business-15380410

lisandra · « **Reply #6 on:** October 21, 2011, 01:22:38 AM »

Straight off a mafia movie...

Em5 Pete · « **Reply #7 on:** October 21, 2011, 01:52:42 PM »

Here is an OFFICIAL News Release from Olympus

http://www.olympus-global.com/en/corc/ir/tes/pdf/nr111019.pdf

And a Reuters Article:
http://www.reuters.com/article/2011/10/21/us-olympus-adviser-idUSTRE79K0WD20111021

RT_Panther · « **Reply #8 on:** October 21, 2011, 03:12:35 PM »

A daunting situation for Olympus no doubt......
We'll have to see what happens after the last act....

adash · « **Reply #9 on:** October 21, 2011, 09:21:10 PM »

Quote from: tamoio on October 21, 2011, 12:18:35 AM

If a fraction of what Woodford says is true Olympus is in way worse trouble than anyone here imagined.

http://www.bbc.co.uk/news/business-15380410

And if it isn't, then Woodford is the sole destroyer of 17% (may be more) of Oly's market value.

Em5 Pete · « **Reply #10 on:** October 24, 2011, 05:12:26 AM »

FBI investigates Olympus's higher than normal bank fee.....on buy out of British firm
http://uk.reuters.com/article/2011/10/24/uk-olympus-idUKTRE79M34C20111024

More bad news for Olympus.
I don't think Woodford had anything to do with this... He was fired after less than 2 months of becoming CEO...it sounds like he was just getting a handle on the financial status of Olympus, and stumbled onto something that put up a red flag in his mind to investigate further.

vespir · « **Reply #11 on:** October 24, 2011, 12:03:24 PM »

Wow...

http://www.rawstory.com/rs/2011/10/24/fbi-reportedly-probes-olympus-fee-shares-tumble/

adash · « **Reply #12 on:** October 24, 2011, 08:46:52 PM »

First it was 1.3 BLN $, now the documents show that it really was "$687 million payment to advisers".......and then it turns out that "KPMG had advised Olympus against making part of the advisory payment for the Gyrus deal in preferred stock, Woodford says in a letter dated October 11 to the Olympus board. The preferred stock ballooned in value and made up the bulk of the advisory payment."
Then who's right and who's wrong and who has to apologize - Woodford or Olympus?

The end result at the moment is that "Olympus shares closed down 10.7 percent at 1,099 yen each on Monday. They hit an intraday low of 1,012 yen, their weakest price since March 1998."

Then I ask myself, is that what Woodford wanted by disclosing sensitive information to the public? Don't tell me he did not know what was going to happen and did not suspect that the future of a whole company was at risk!

count_zero · « **Reply #13 on:** October 24, 2011, 09:06:07 PM »

Interesting that the FBI is now involved. I bet it's some organized crime money laundering scheme they are investigating.

adash · « **Reply #14 on:** October 24, 2011, 09:53:09 PM »

Quote from: count_zero on October 24, 2011, 09:06:07 PM

Interesting that the FBI is now involved. I bet it's some organized crime money laundering scheme they are investigating.

It is more probably payment under the table to someone who did not want it to appear in the public. Anyway, the whole affair going public is going to inflict much more damage than if it was investigated first by the appropriate authorities.

voyager · « **Reply #15 on:** October 24, 2011, 10:41:44 PM »

That's alright, my PEN wasn't worth anything before anyways.

Em5 Pete · « **Reply #16 on:** October 26, 2011, 12:40:08 PM »

Olympus CEO RESIGNS over media reported problems and stock drop in value....

http://www.43rumors.com/olympus-chairman-and-president-kikukawa-resigns-and-attacks-woodford-he-did-not-like-japan/

A few other interesting articles.

http://www.reuters.com/article/2011/10/25/us-olympus-kikukawa-idUSTRE79O0PO20111025

http://www.reuters.com/article/2011/10/26/us-olympus-governance-idUSTRE79P0VJ20111026

Handheld · « **Reply #17 on:** October 26, 2011, 02:05:43 PM »

Corruption claims, key leaders leaving, plummeting stock... I have a bad feeling about this. Olympus was trying hard to stay relevant in the photo business, and they needed both good leadership and successful products. It sure looks like the board at Olympus is trying to hide something that could well unravel the company.

That leaves Panasonic to carry the MFT torch until Olympus gets through this if they can. With the new Nikons grabbing much of the U.S. mirrorless market, that is even more of a strain. Someone needs to step up at Olympus but it is not clear who that might be.

tamoio · « **Reply #18 on:** October 26, 2011, 02:13:59 PM »

I anticipate a buy out of the photo division. Probably before the end of the year. Which wouldn't necessarily be a bad thing.

Em5 Pete · « **Reply #19 on:** October 26, 2011, 02:25:00 PM »

This may be an option, since the financial buying was for their Medical division.

The photo division seems strong with the new 12 and 45, and E-P3. All received very well by the public.

What next ?

RT_Panther · « **Reply #20 on:** October 26, 2011, 04:52:36 PM »

I wouldn't mind seeing Kodak & Olympus camera division merge....

count_zero · « **Reply #21 on:** October 26, 2011, 08:11:08 PM »

I'd like to see Fujifilm buyout Olympus and release a Hybrid Viewfinder attachment for the E-P3.

voyager · « **Reply #22 on:** October 27, 2011, 03:07:54 PM »

Quote from: RT_Panther on October 26, 2011, 04:52:36 PM

I wouldn't mind seeing Kodak & Olympus camera division merge....

Now there's an idea.

Em5 Pete · « **Reply #23 on:** October 28, 2011, 08:53:57 AM »

More interesting news.
Stock is up 23% after Olympus President resigns.

..

Apparently, a lot of stock holders were glad to see him go!

http://www.43rumors.com/panasonic-interview-with-dc-watch/

Transated 10/26 announcement
http://www.nytimes.com/2011/10/27/business/global/olympus-chairman-resigns-amid-widening-scandal.html?_r=3&pagewanted=1&hpw

RT_Panther · « **Reply #24 on:** October 28, 2011, 09:36:44 AM »

This Olympus story is still not over yet!

Author Topic: Ex Olympus CEO Woodford was told to catch the next plane out.... (Read 4019 times)

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