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— However, the salaries of the general counsel, chief financial officer, and top-human resources executive have continued to rise each year to a high of $280,000 a year, with the others close behind.

Bud Leedom, an equity analyst in San Diego for Wells Fargo Securities, thinks the executive pay remains on the high side, particularly since the company's post-bankruptcy filings warn that shareholders are all but certain to be wiped out. "The days of these types of salaries for companies of this nature are long gone," says Leedom.

He and some other analysts think that Leap's low-cost, talk-all-you-want strategy is overdue for an overhaul, particularly since bigger competitors are doing similar things. For example, right after Leap suffered the MCG indignity, AT&T Wireless announced a plan permitting customers to make unlimited domestic calls anytime they wanted for a flat rate.

Critics "are wrong," says Jim Seines, Leap's director of investor relations. He says that Leap's cash-flow loss has been receding. The company will operate while restructuring its finances in bankruptcy. "We believe we have sufficient cash to operate the business, and we're not seeking outside sources of financing."

But of three analysts who still follow the stock, two have a strong sell and the third has a sell recommendation. That's no Leap of faith.

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