Comments on: Upgrading Skype and Silver Lake to Evil http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: traduceri romana daneza http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/comment-page-1/#comment-53506 Mon, 29 Sep 2014 13:56:49 +0000 http://blogs.reuters.com/felix-salmon/?p=8770#comment-53506 stylish, easy and restrained

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By: 3oosion http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/comment-page-1/#comment-27953 Mon, 27 Jun 2011 10:36:41 +0000 http://blogs.reuters.com/felix-salmon/?p=8770#comment-27953 BTW, if he didn’t have access to the partnership agreement, then he would have a much better case. It would be helpful to have facts

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By: 3oosion http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/comment-page-1/#comment-27952 Mon, 27 Jun 2011 10:31:23 +0000 http://blogs.reuters.com/felix-salmon/?p=8770#comment-27952 @BrianVan, contract of adhesion has little meaning these days. See credit card agreements these days. Judges have upheld fine print provisions which contradict heavily advertised headline provisions. The adhesion claim isn’t helped now that we hear the provisions are standard in private equity.

@TurtleBay, above it says he had to become a limited partner in the partnership, which would seem to require him signing the partnership agreement.

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By: TimC http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/comment-page-1/#comment-27942 Mon, 27 Jun 2011 05:40:07 +0000 http://blogs.reuters.com/felix-salmon/?p=8770#comment-27942 I’m not a lawyer, but I understood pretty easily that if you resign, you are hosed on your options. It quite clearly says that you will not own your vested options directly, but rather indirectly thru a limited partnership and the partnership has an option to purchase them at a price that is determined according to the partnership agreement. And then the last sentence clearly says, consequently you will receive no value in respect of any of the shares underlying the options. How can you miss the gist of that?

The only thing I figure these people thought was, “gee, it can’t mean that, that would be a such shitty way to treat your employees that everyone would be talking about it if it meant that.”

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By: TurtleBay http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/comment-page-1/#comment-27941 Sun, 26 Jun 2011 21:52:43 +0000 http://blogs.reuters.com/felix-salmon/?p=8770#comment-27941 @AngryInCali

It should not be uncommon for private companies to have buyback clauses. After all, they don’t want their shares traded widely. However, it is clear that the strike price language isn’t in the Option Agreement but rather in the Partnership Agreement. Knowing how evil HR can be, there is one copy of this document in the bottom of a locked filing cabinet that nobody has ever read. When shown an Option Agreement to sign, I bet HR laughed anyone off who asked to see the partnership agreement and told them they were being paranoid and it was all full of legal mumbo jumbo.

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By: mschireson http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/comment-page-1/#comment-27937 Sat, 25 Jun 2011 18:05:04 +0000 http://blogs.reuters.com/felix-salmon/?p=8770#comment-27937 Just as interesting to me as the evil of what appears to be the deception is the stupidity of some very smart people in thinking a) this wouldn’t hurt their recruiting and b) that a bunch of employees who would rather be fired than quit is a good thing. More of my thoughts on the topic here http://wp.me/p1uNWr-36

— Max

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By: AngryInCali http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/comment-page-1/#comment-27936 Sat, 25 Jun 2011 17:22:13 +0000 http://blogs.reuters.com/felix-salmon/?p=8770#comment-27936 I’m amazed that not a single employee read the option agreement thoroughly, or sent it off to a lawyer. The language is not *that* opaque, and I would get alarmed at any buyback provision outside a right-to-first-refusal even if I didn’t understand the provision exactly.

Or maybe the employees knew what they were signing, and trusted management not to exercise the buyback clause? Or the ones that read it didn’t take a job at Skype?

Then again, I find it astounding that companies can hire people using option packages w/o telling the people how many total shares there are in the company. This happens all the time (I have no idea if it happened at Skype), so I guess I shouldn’t be surprised at the Skype mess.

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By: Woltmann http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/comment-page-1/#comment-27933 Sat, 25 Jun 2011 13:39:28 +0000 http://blogs.reuters.com/felix-salmon/?p=8770#comment-27933 Skype should be a screaming platform for MS but anybody who owns MS didn’t bargain getting Silver Lake scum all over them when they bought MS. I sure don’t want ANYTHING to do with Silver Lake or KKR for that matter. It’s all about perception-space. Now, I wish MS would MAC out of the Skype deal, pick up Skype’s throw-aways and startup something less sleeze-ridden managerially. MS has dropped 15.8% since 12/10 and is heading lower thanks to getting involved w Silver Lake.

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By: petesmyth http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/comment-page-1/#comment-27932 Sat, 25 Jun 2011 12:58:02 +0000 http://blogs.reuters.com/felix-salmon/?p=8770#comment-27932 Outrageous behaviour. The CEO and CFO have been with the company for less than 12 months and under they’re watch we’ve witnessed 3 serious outages since the end of Dec last year. Why do they deserve such large payouts when they’ve mismanaged the company so badly and achieved nothing but downtime. It’s no wonder Skype breaks down so much if this is how they treat their teams and it’s no wonder so many of them want to leave.

One thing is for sure, I don’t see Skype being able to compete with Google in the future as no one is going to want to work for these people. Even under Microsoft ownership, these 2 ungrateful thieves will still be in charge.

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By: JasonMercado http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/comment-page-1/#comment-27931 Sat, 25 Jun 2011 12:11:39 +0000 http://blogs.reuters.com/felix-salmon/?p=8770#comment-27931 Regarding the GoDaddy acquisition, I believe Bob Parsons will still be in the CEO role. He’s seems to be a stand-up guy who takes care of his folks. Hence, I strongly doubt he would ever per his employees to get screwed.

It would be interesting though if Silver Lake tries to boot him out. But again Parsons doesn’t seem like a guy who lets other knock him around.

Also, in the Skype situation, the service has improved since they were acquired from eBay. Not the other way around. So it sucked for employees, but it was decent for customers.

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