Future in Doubt

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From St Louis Business Journal

"After years of missteps, mismanagement and mounting losses, KV Pharmaceutical KV Pharmaceutical Latest from The Business Journals KV Pharmaceutical’s Q3 loss more than 7 times revenuePost cereals buys Brentwood buildingKV Pharmaceutical to pay million settlement Follow this company ’s ability to survive is in question.

When KV reported a third-quarter loss that was more than seven times its revenue, at least one analyst called into question the beleaguered company’s ability to remain solvent.

“At the current rate you’re on, it looks like you could be insolvent, short of any additional asset sales or additional equity raises, by the August/September time frame,” Doug Dieter, an analyst with New York-based Imperial Capital Imperial Capital Latest from The Business Journals Solyndra financial advisers take bids on factory, land and IP Solyndra seeks more time for bidsFace it, 3VR knows where you’ve been Follow this company , said during KV’s Feb. 10 conference call with investors."
 






More for what?

Your management team gets to give themselves a nice bonus.

2-Apr-2012

Entry into a Material Definitive Agreement, Change in Directors or Prin

Item 1.01 Entry into a Material Definitive Agreement
On April 2, 2012, K-V Pharmaceutical Company (the "Company") entered into Indemnification Agreements ("Agreements") with: Gregory J. Divis, President and Chief Executive Officer of the Company; Patrick J. Christmas, Vice President, General Counsel and Secretary of the Company; and Scott E. Goedeke, Senior Vice President, Commercial of Ther-Rx Corporation, a subsidiary of the Company.

The form of Agreement entered into with Gregory J. Divis was previously filed as Exhibit No. 10.1 to a Form 8-K, which was filed by the Company on December 30, 2009. The form of Agreement entered into with Patrick J. Christmas and Scott E. Goedeke was previously filed as Exhibit No. 10.2 to the same Form 8-K.


Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
At a Board of Directors meeting held on March 27, 2012, the Company's Board of Directors approved the recommendation, made at the discretion of its Compensation Committee, that the Company grant annual cash incentives in respect of fiscal 2012 performance to Gregory J. Divis, President and Chief Executive Officer of the Company, in the amount of $130,000, and to Thomas S. McHugh, Chief Financial Officer and Treasurer of the Company, in the amount of $65,000. Also in accordance with the recommendation of the Compensation Committee, the Board of Directors elected to increase the annual base salary of Mr. McHugh to $309,000. Mr. Divis and Mr. McHugh were also awarded options to purchase Class A Common Stock of the Company at an exercise price of $1.32 per share, the closing price on the effective date of the grants, in the amounts 100,000 and 35,000 shares, respectively, with such awards vesting in three equal annual installments.

The Registrant will post this Form 8-K on its Internet website at www.kvpharmaceutical.com. References to the Registrant's website address are included in this Form 8-K only as inactive textual references and the Registrant does not intend them to be active links to its website. Information contained on the Registrant's website does not constitute part of this Form 8-K.
 












GD gets $130,000 bonus for screwing up the launch of Makena - wow.
I listened to TMcH at the Needham conference yesterday and he is a complete fool (and like Divis extremely ugly).

But don't worry the creams will save you - and all of the Ob/gyn's that loved your Makena pricing will prescribe Gynadog and Clitesse - just to make sure that the KV saga continues - they want to see the train wreck when the $200 million "put" in August 2013 is called.

Ah- so that it is it. Management want to trip a chapter 11 (so long as they have reached breakeven) and wipe out the share holders and convert the bond holders to equity and they can still keep their jobs at incredibly inflated salaries and bonuses. At present they heading straight to a Chapter 7.
 






Wow making more head lines.


KV Pharmaceutical execs get thousands in bonuses


St. Louis Business Journal by Evan Binns, Reporter
Date: Friday, April 6, 2012, 5:00am

Evan BinnsReporter - St. Louis Business JournalEmail | Twitter | Facebook
KV Pharmaceutical paid two top executives nearly $379,000 in performance bonuses and stock options amid questions about the beleaguered drug company’s ability to survive.

On March 27, at meeting of KV’s board of directors, the company approved a $130,000 cash bonus for President and Chief Executive Greg Divis for fiscal 2012 performance, according to documents filed with the Securities and Exchange Commission.

Divis receives an annual base salary of $520,000, according to the company’s most recent proxy, filed in July 2011.

Chief Financial Officer Tom McHugh received a cash bonus of $65,000 for the company’s fiscal 2012 performance, as
 


















So sad...how can GD get a bonus like that and they are filing chapter 11? He doesn't care about any of us as long as he gets his huge salary and bonus for what? what does he do? besides run this company into the ground. This company was better with Dave Van Vilet. Terrible.
 
























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