Originally posted by octa

Originally posted by Gyrus

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? 
As I said, I don't know Norwegian Law and Terms on this (having never delt with a Norwegian Company)
 

 

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.

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.

Originally posted by Gyrus

Originally posted by octa

Originally posted by Gyrus

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? 
As I said, I don't know Norwegian Law and Terms on this (having never delt with a Norwegian Company)
 

 

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.

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.

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 :)
 

Originally posted by IKShadow

Originally posted by Dosko

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

 

 

So you registered here just to ask that ?

Dosko
Joined: 8/20/08
Posts: 1

I'd say it's pretty big news and worth registering to ask but anyway welcome to the forums OP
 

Originally posted by Gyrus

In answer to the original post:

NO.

At least, not the way I read it.

Jan Inge Torgersen, a controller and primary 
insider is leaving the Company. In that relation he 
has sold 14.000 shares at an average price of NOK 
14,01 totalling 196.140 NOK.

After this transactiom Mr. Torgersen does not have 
shares or options in the Company.

For further enquiries:
Olav Sandnes, CFO Funcom N.V.
E-mail: olav.sandnes@funcom.com
Phone: +47 92225540  

*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.

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.

Originally posted by octa

...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.  ...
 

Oh rubbish.

The guy is a company accountant.  Not some kind of Funcom Financial Overlord from hell.  Really.
Your view is how accountants WANT to see themselves... the truth is far more mundane.

Originally posted by octa

... Sure it could just be a person sincerely wanting to move on but the timing of it deserves closer scrutiny. 

...
 

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?
After all... the timing of it would deserve closer scrutiny... *sinister music plays*
 

Originally posted by octa

...

When a company isn't doing well it's the money people that leave first with key executives following close behind.  With 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 :)
 

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.

Originally posted by jaxsundane

...
 

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.

Actually, my point is it is the other way around.

He quit the company...

AND AS A RESULT

He had to sell his shares.

Many employee share incentive plans work this way.

The only question of any value is WHY did he leave.

And we are unlikely to find out.

So you registered here just to ask that ?

 

So you posted your post to ask someone if they registered to make a post?

Feels sorry for the bloke having to sell his stocks at current trading price.

He could've got away w/ at least 3.8 times (744k instead of just 196k) what he currently gets had he sold or quit 2 months ago.

Originally posted by Dosko

 

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.

Nah... People will only make issue of your register date or post count when they don't like what you have to say.

Ignore them.

Originally posted by Gyrus

Oh rubbish.

The guy is a company accountant.  Not some kind of Funcom Financial Overlord from hell.  Really.
Your view is how accountants WANT to see themselves... the truth is far more mundane.

No, he's the financial controller.  Not sure what qualifications are needed in Norway but people in that position usually are a CPA/CA, I think we can both agree that's not a regular accountant.  He is the guy that literally compiles the Q2 report numbers.  Wouldn't be surprised if he typed up the one we all read last week.  The CFO just signs it.

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?

Please don't overstate things unecessarily, I didn't say anything close to this.  What I'm saying is if a high ranking person in the company leaves days after an unflattering quarterly report, days after a stock plummets, and days after his superior dumped a large number of shares then it deserves to be discussed.  That was your original point right?  That it's not worth talking about?

I take it that if anyone from Funcom was to die right now that would make it suicide or murder then?
After all... the timing of it would deserve closer scrutiny... *sinister music plays*

  

You're really getting worked up for someone who isn't trying to spin things.  My response is above.
 

Originally posted by Lance08

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.

I completly agree. I am having more fun watching this disaster take place than playing the game.

Originally posted by octa

No, he's the financial controller.  Not sure what qualifications are needed in Norway but people in that position usually are a CPA/CA, I think we can both agree that's not a regular accountant.  He is the guy that literally compiles the Q2 report numbers.  Wouldn't be surprised if he typed up the one we all read last week.  The CFO just signs it.

 

I really could care less about this. I quite the game about 1 month ago..  It has potential but it is along way off frome seeing that come out.

I just wanted to point out the I think you are overhyping the power of the financial controller. Most companies have several financial controllers. Usually there are Financial controllers for every dept. Of course this depends on the size of the company. 

My wife is a Financial controller for a division of GE. She has an accounting degree however she is not a lic. CPA.   She does not report directly to the CFO.  She is responsible for numbers that go into the qrtly reports however not the entire report itself.

I think it really depends on the structure of the company as the power that the Financial controller has. After all it is just a title and what it means for one company could be completely different at another.

We will never know how much weight he carried there. Maybe the reason he left is not work related or maybe it is. ( He might have found a life raft on the sinking ship). In the end we will never know.

Originally posted by octa

No, he's the financial controller.  Not sure what qualifications are needed in Norway but people in that position usually are a CPA/CA, I think we can both agree that's not a regular accountant.  He is the guy that literally compiles the Q2 report numbers.  Wouldn't be surprised if he typed up the one we all read last week.  The CFO just signs it

Yeah.   I'm sorry.  You are right.  I thought he was just an accountant like the CPA I use to do my my company taxes.
I forgot he is a NORDIC CPA ACCOUNTANT FORMALLY EMPLOYED BY FUNCOM!

He probably wears plate armor and carries a double headed axe to work right?
I bet he drives a Viking Longboat to work.
In Norway, do they still pay taxes via gold plundered on foreign shores?
Heads of severed enemies?
 

Originally posted by octa

...

Please don't overstate things unecessarily, I didn't say anything close to this.  What I'm saying is if a high ranking person in the company leaves days after an unflattering quarterly report, days after a stock plummets, and days after his superior dumped a large number of shares then it deserves to be discussed.  That was your original point right?  That it's not worth talking about?

That was my point.

It really only rates discussion IF you can say WHY he left.

Was he fired or did he just quit?  Does he have another job to go to?

Until then - this thread is pointless.

This thread is pointless.

Except to illustratre how desperate certain people are to condemn a company because they didn't like one title.

Originally posted by celdridge

Originally posted by Lance08

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.

 

I completly agree. I am having more fun watching this disaster take place than playing the game.

its sorta like natural justice

lie to us, your bussiness gets screwed

sometimes it takes a loooong time for such justice

sometimes it takes less than a year which i think is closer to what people would like

Originally posted by dirtyd77

Originally posted by octa

No, he's the financial controller.  Not sure what qualifications are needed in Norway but people in that position usually are a CPA/CA, I think we can both agree that's not a regular accountant.  He is the guy that literally compiles the Q2 report numbers.  Wouldn't be surprised if he typed up the one we all read last week.  The CFO just signs it.

 

 

I really could care less about this. I quite the game about 1 month ago..  It has potential but it is along way off frome seeing that come out.

I just wanted to point out the I think you are overhyping the power of the financial controller. Most companies have several financial controllers. Usually there are Financial controllers for every dept. Of course this depends on the size of the company. 

My wife is a Financial controller for a division of GE. She has an accounting degree however she is not a lic. CPA.   She does not report directly to the CFO.  She is responsible for numbers that go into the qrtly reports however not the entire report itself.

I think it really depends on the structure of the company as the power that the Financial controller has. After all it is just a title and what it means for one company could be completely different at another.

We will never know how much weight he carried there. Maybe the reason he left is not work related or maybe it is. ( He might have found a life raft on the sinking ship). In the end we will never know.

It is not that he was the financial controller.  He was on the BOARD OF DIRECTORS.  That is at the top of the company.  It is a well-remunerated position. 

Lit

Originally posted by grimfall

This thread is pointless.

Except to illustratre how desperate certain people are to condemn a company because they didn't like one title.

The point here isn't like or dislike any title. I for example could care less about AoC - it's not just my cuppa tea as games go.

What I do care though, is how much can a company do, before it's actions make gamers react. I hope that Funcom has now shown to the developers what happens when the promised features aren't ingame, company communication consist mostly on lies, urgent issues do not get fixed in patches, allowing exploits and bad customer service are neatly packaged into one.

Funcom aimed at mature playerbase, but they forgot that these days mature gamers include investors, lawyers etc. And investors aren't stupid either, they are able to follow forums and gaming community trends as well.

But I reckon most of the people posting here can admit that AoC had the potential, base game, as long as we forget the implementation details isn't the issue. Problem is the company which is enjoying it's just desserts right now.

Originally posted by Litigator_AB

It is not that he was the financial controller.  He was on the BOARD OF DIRECTORS.  That is at the top of the company.  It is a well-remunerated position. 

Lit

Lit, love your work (normally), but so what?

Just because he was on the Board of Directors does not really say much about his involvement in AoC or why he left.

 I have a suggestion:

How about someone use this:

For further enquiries:
Olav Sandnes, CFO Funcom N.V.
E-mail: olav.sandnes@funcom.com
  Phone: +47 92225540   

There you go.  Call or email him and ask (It may help to be a Funcom Shareholder)      I would expect him to say; "I cannot say."   Or maybe "He felt it was time to move on..." (Which covers everything actually)   But there you go, try it.

I won't (before anyone asks) because to me this is really a "nothing to see here" type story.

Wake me when the shareholders call a Special General Meeting and sack ALL the Directors.

Well, when you have a small BoD, it is a bad sign.  I'm not trying to make any big case out of it...but to characterize him as just a financial controller is downplaying his role in the company.

If someone else on the BoD were to leave in the near future or if there was a large share sell-off, then there are indeed signs of internal rumblings.

Lit

Originally posted by Litigator_AB

.....

If someone else on the BoD were to leave in the near future or if there was a large share sell-off, then there are indeed signs of internal rumblings.

Lit

That I would agree with.