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Am I reading this correctly? Did Jan Inge Torgersen the Financial Controller of funcom just quit Funcom? http://www.newsweb.no/newsweb/index.jsp?messageId=216779&lang
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IKShadow
 Novice Member
Joined: 11/08/05
Support Bacteria - They''re the only culture some people have. |
Originally posted by Dosko
So you registered here just to ask that ?
Futilez Mature gaming guild |
Originally posted by IKShadow
So you registered here just to ask that ?
well...wouldnt one need to register to post a question anyways? Just because a person has 1 post does not make them any less of a contributor than someone with many posts. ______________________________ In memory of Sir Ladyflower Ironforge- Laura "Taera" Genender 1986-2008 R.I.P. |
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Yes, I did register today. I've been a long time browser of these forums but have not really felt the need to register up until now, as I didn't really have anything to say :) Sorry if I breached any etiquette rules. |
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eh, dont worry about it. You havent breached any rules.......yet lol ______________________________ In memory of Sir Ladyflower Ironforge- Laura "Taera" Genender 1986-2008 R.I.P. |
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dont we all start out with 1 post? i fail to see the logic in this..... |
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Dosko, Welcome to the forums! Don't worry about a "breach of etiquette", as there wasn't one Anyway, it sure sounds that way after reading that post. It isn't surprising, and I imagine we'll see more people heading out in the coming months. |
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In answer to the original post: NO. At least, not the way I read it. Jan Inge Torgersen, a controller and primary *This part tells you who and why. *This part tells you his continuing interest in the company *This part tells you who to contact if you have questions about this transaction.
What this tells me is that some Funcom Employees have a share plan. So, if Funcom does well they can make an additional 'bonus' - an employee incentive plan.
This guy has left the company and must surrender his shares according to his contract. Why did he leave? Maybe he just is. New job, family, retirement or just wants to? You might be able to get more out of Olav Sandnes? But unless you are a shareholder I wouldn't count on it - but I don't know Norwegian Law on this. |
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Jan Inge Torgersen is not only financial controller but also a member of the management board. He is a "key" person for Funcom. I guess it all up to Olav Sandnes now.
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Originally posted by Battlekruse
God help them then lol |
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Originally posted by Gyrus ? |
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Originally posted by Gyrus How in the heck can you read it any other way? OP's original question: "Did Jan Inge Torgersen the Financial Controller of funcom just quit Funcom?" Article: "Jan Inge Torgersen, a controller and primary insider is leaving the Company. ... After this transactiom Mr. Torgersen does not have shares or options in the Company." Seems pretty cut and dry to me. He sold all of his stock and is leaving the company. There's nothing else to read into this. I think you are either reading this incorrectly, or trying to Spinnnnnn it into something it isn't. And, I'm leaning towards believing it's the second option. |
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If you read Funcom's annual report and examine its BoD you sill see Mr. Torgerson's name. The CEO has sold 1/5 of his stake. The financial controller has left (who admittedly had a very tiny share portfolio). When a company in turmoil has people on the BoD leave (especially with such a small board...like 6 people) you know things are not going well. Quite likely he realizes that Funcom's Q2 financial guidance of 16-20 million is absolute garbage and that things are only going to get worse. Lit |
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yea this is a bad sign. Can we say impending bankruptcy?? |
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Originally posted by Battlekruse Just for clarification, the head finance role (which this appears to be) is generally in public listed companies second only to the Chief Executive (or head honcho) in terms of seniority (ignoring non-exec roles). Im personnally of the opinion that it is internal politics more than anything else. The Financial Controller is probably being asked to glorify the financial position beyond what he thinks will sneak past audit and doesn't fancy carrying the can. |
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It is so much more fun to Failcom squirm than to play the game. Kinda sad but I love every minute of it LOL. Wonder if they regret pawning that garbage off on us yet? I doubt it though denial runs very high at Failcom. |
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Drama ........ to be a fly on the wall at FC HQ ....... |
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Before companies anounce financial results they go into what is called a 'freeze' or 'silence' peroid. If you are an insider, during that period you're not allowed to declare anything about the financial results, nor are you allowed to buy or sell any stock. After you post your results, then there's some time period, which varies country to country, but generally about a week where you're still not allowed to sell or buy stock. Once this period is over, you can sell your stock. If this guy announced he was leaving the company a month ago, he wouldn't have been able to sell or buy stock until today (give or take a day). Financial Controller is not a high title typically. If your company is giving out board titles, the highest finance title is CFO. It could be that this guy was the defacto CFO (don't really care enough to look) but a company with 20 employees can have a financial controller. Edit* I should also have noted, that these guys tend to move around alot, particuarly if they have a good reputation. http://www.mmorpg.com/discussion2.cfm/post/2230239/postAction/edit |
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Originally posted by Vato26 How in the heck can you read it any other way? OP's original question: "Did Jan Inge Torgersen the Financial Controller of funcom just quit Funcom?" Article: "Jan Inge Torgersen, a controller and primary insider is leaving the Company. ... After this transactiom Mr. Torgersen does not have shares or options in the Company." Seems pretty cut and dry to me. He sold all of his stock and is leaving the company. There's nothing else to read into this. I think you are either reading this incorrectly, or trying to Spinnnnnn it into something it isn't. And, I'm leaning towards believing it's the second option. Read what I wrote and quoted. It says "Jan Inge Torgersen, a controller and primary insider is leaving the Company." Note : " ... a controller..." Does this mean "Financial controller"? What exactly does this mean?
According to the release Olav Sandnes is the CFO. NOT Jan Inge Torgersen.
I am not trying to spin anything - I quoted the release exactly. |
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Originally posted by Gyrus Controller is an accounting title. It's basically someone who supervises the financial going ons in a company. They usually report directly to the CFO. |
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Originally posted by octa Controller is an accounting title. It's basically someone who supervises the financial going ons in a company. They usually report directly to the CFO.
Which was my point. So, some Accountant has left Funcom (for whatever reason) and has had to sell his shares as a result (probably as a result of his employment contract).
So a "controller" is someone who is authorized to sign company cheques. Big deal. Big companies have dozens of such people.
This is not news. This sort of thing happens all the time. Big deal. |
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Originally posted by Gyrus
Which was my point. So, some Accountant has left Funcom (for whatever reason) and has had to sell his shares as a result (probably as a result of his employment contract).
So a "controller" is someone who is authorized to sign company cheques. Big deal. Big companies have dozens of such people.
This is not news. This sort of thing happens all the time. Big deal. Not quite. This isn't Mary Sue in accounts receivables, it's actually a pretty high position. A controller usually knows the real financial stability of a company better than the CFO. They are the ones compiling all the info for the quarterly reports. Sure it could just be a person sincerely wanting to move on but the timing of it deserves closer scrutiny. When a company isn't doing well it's the money people that leave first with key executives following close behind. With the CFO dumping stock last week and now this you can't help but wonder what's going on in the boardroom at Funcom. It's all speculation, but that's half the fun of it :) |
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Originally posted by IKShadow
So you registered here just to ask that ?
I'd say it's pretty big news and worth registering to ask but anyway welcome to the forums OP |
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Originally posted by Gyrus
I'm no financial wiz or even a genuis but it looks to me like it says he sold his shares and quit which I think is all the op asked I don't recall anyone yet asking if he branded the game a failure or not. |
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Originally posted by octa Oh rubbish. The guy is a company accountant. Not some kind of Funcom Financial Overlord from hell. Really.
Originally posted by octa So, what you are saying is that if anyone leaves any MMO company within 6 months? 12 months? 10 years? of launch the whole company is about to fold? I take it that if anyone from Funcom was to die right now that would make it suicide or murder then? Originally posted by octa I read the CFO's transaction statement too. So should you. It was pretty clear why.
As for the rest - yeah - I would not be investing in Funcom right now. But this is NOT the 'smoking gun' you are looking for.
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