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Author Topic: Timing of the royalty cut  (Read 5425 times)

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Shelma1

« on: August 06, 2020, 06:24 »
+15
"On May 1, 2020, Mr. Oringer adopted a written sales plan with Charles Schwab in accordance Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and Issuer's policies regarding stock transactions (the "2020 10b5-1 Plan"). Under the 2020 10b5-1 Plan, Mr. Oringer intends to sell up to 1,020,000 shares of Common Stock, subject to certain market conditions. Sales may commence on June 1, 2020 and would be completed by May 31, 2021, subject to earlier termination in accordance with the terms of the 2020 10b5-1 Plan and applicable law and regulation. The 2020 10b5-1 Plan is intended to permit the orderly disposition of a portion of Mr. Oringers holdings as part of his personal long-term financial plan for asset diversification and liquidity. All sales under the 2020 10b5-1 Plan are to be made in the discretion of Charles Schwab and in accordance with the terms, conditions, and restrictions of such plan. Mr. Oringer does not have any control, influence, or authority over sales made pursuant to the 2020 10b5-1 Plan."

https://investor.shutterstock.com/node/10841/html

Royalty cuts announced three weeks after he planned to sell more than a million shares of SSTK; deeper royalty cut to come January 1.
« Last Edit: August 06, 2020, 09:42 by Shelma1 »


« Reply #1 on: August 06, 2020, 06:30 »
+3
Thanks for this.

« Reply #2 on: August 06, 2020, 06:51 »
+16
He is basically pumping up revenues short term while destroying the company in the long, stock will go up. At some point buyers will start disappearing when they realize they can not find anymore interesting content on the site. He and his gangster partners will be long gone and the stupid investors that bit the bullet, looking only at quarter revenue increases, will be left with spinning heads.

He very carefully watched how Hellman and Friedman trounced Getty and got away with millions while savaging the company. To those that have still confidence in Shutterstock you will be looking at a walking zombie in 3-5 years time. So plan ahead unless you are only in this industry for the quick buck.

Shelma1

« Reply #3 on: August 06, 2020, 07:43 »
+7
He took the money from our pockets and placed it directly into his bank account. This is capitalism at its finest.

Les

« Reply #4 on: August 06, 2020, 07:51 »
+11
He took the money from our pockets and placed it directly into his bank account. This is capitalism at its finest.

That's not capitalism, but a blatant and despicable robbery.
« Last Edit: August 06, 2020, 07:53 by Les »

« Reply #5 on: August 06, 2020, 09:17 »
+9

That's not capitalism, but a blatant and despicable robbery.

Or, more likely, it is both.

« Reply #6 on: August 06, 2020, 09:50 »
+1
He took the money from our pockets and placed it directly into his bank account. This is capitalism at its finest.

That's not capitalism, but a blatant and despicable robbery.
Perfectly legal as far as I know under the capitalist system we have.

« Reply #7 on: August 06, 2020, 12:18 »
+5
Take a look at how much more Jon made as a result of them boosting the share price with the Q2 announcement

https://twitter.com/joannsnover/status/1291422315352211457

Nearly $770k more

That'd be a reason for Jon to hire a finance guy to replace him as CEO.

Shelma1

« Reply #8 on: August 06, 2020, 12:49 »
+4
I feel really stupid for not buying SSTK in June.

« Reply #9 on: August 06, 2020, 14:30 »
+1
I feel really stupid for not buying SSTK in June.

You and a whole bunch of others here.

What a crock of Shitterstock.

Cobra

« Reply #10 on: August 06, 2020, 14:34 »
0
I feel really stupid for not buying SSTK in June.

Knowing my luck the SEC would've considered that I had insider information being an SS contributor and finding out the new pricing scheme  :-[

« Reply #11 on: August 06, 2020, 14:39 »
0
I feel really stupid for not buying SSTK in June.

Knowing my luck the SEC would've considered that I had insider information being an SS contributor and finding out the new pricing scheme  :-[

Good point!!!  LOL

« Reply #12 on: August 06, 2020, 16:28 »
0
I feel really stupid for not buying SSTK in June.

Knowing my luck the SEC would've considered that I had insider information being an SS contributor and finding out the new pricing scheme  :-[
not sure whether you were serious or not, but we are not insiders   - when SS gave us the information, it became public knowledge

« Reply #13 on: August 06, 2020, 16:32 »
+2
I feel really stupid for not buying SSTK in June.

Knowing my luck the SEC would've considered that I had insider information being an SS contributor and finding out the new pricing scheme  :-[
not sure whether you were serious or not, but we are not insiders   - when SS gave us the information, it became public knowledge

IMHO, that was clearly a tongue-in-cheek comment. We all know we are not "insiders."

H2O

« Reply #14 on: August 06, 2020, 16:53 »
+5
Oringer and his side kick Pavlovsky are nothing more than a couple of scammers, only this is a really big scam, they have sucked in tens of thousands.

In any normal society they would be put in jail, in America they are lauded.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #15 on: August 10, 2020, 10:09 »
0
I feel really stupid for not buying SSTK in June.

Don't! If this is short term, you would have needed to buy thousands of shares to make anything. I don't have $33,000 dollars hanging around in the sock drawer (or home equity, which is a bad way to lose money, borrowing to invest). What I mean is, risk is proportional. If I bought 10 shares and it went up $20 a share, I'd have $200 minus the capitol gains tax, and transaction fees. 100 shares, sure that's bigger and better.

I can work one day and get a check, with less risk, and put $200 in my pocket.  ;D

However, I did "bet" everything I could afford for the IPO of DraftKings. It has roughly doubled since that. My reasoning was, the market is down, the Sports games are down, and when things return to normal, this will be going wild. I sold Ferrari stock, all that I had. He's hoping = fingers crossed.

Lets compare "if I had only" in January and see how things are going. SS has always been reported as over valued.



Cobra

« Reply #17 on: August 10, 2020, 17:15 »
+5
"Shutterstock intends to use the proceeds that it receives from the offering for general corporate purposes." IE New pool tables, massages, corp employee pay raises/bonuses, paid vacations but nothing to it's contributors- okay, I lied we get a dime tossed our way once in a while  :-\


« Reply #18 on: August 10, 2020, 19:54 »
+12
It's all even uglier than I realized. Oringer sold stock on August 3 and 4th - a total of 85,000 shares for a total of $4,645,801.97

The investor page shows the Aug 5 filing of SEC form 4

https://investor.shutterstock.com/static-files/5b826d21-eecb-4bd3-9852-cd28fa01bb3f

To get an idea of how much Jon Oringer pocketed as a result of their maneuver to bump up the stock price, compare the 85k shares sold with what they would have fetched at the July 8th price (his prior stock sale) - he made just over $1.5 million more ($1,508,451.97).

All of the above is before his plan filed today to get rid of another 3.5 - 4 million shares (it'll depend on the price as to what $200 million maps to)


« Last Edit: August 10, 2020, 23:20 by Jo Ann Snover »

« Reply #19 on: August 10, 2020, 20:53 »
+1
This microstock thing is very profitable, a great deal. Also, without carrier strikes, or storms that ruin the harvest or perishable products that expire. A great business.

« Reply #20 on: August 10, 2020, 21:21 »
+8
He took the money from our pockets and placed it directly into his bank account. This is capitalism at its finest.
That's not capitalism, that company is a pirate ship, and i say that because they dissabled my account and get the money i have there, arguing nonsense. Beware about that company, Shitterstock is something like Alivava and the 40 thieves. Shitterstock  is a big thief!
« Last Edit: August 10, 2020, 21:26 by alexandersr »

« Reply #21 on: August 10, 2020, 22:05 »
+1
Shitterstock  is a big thief!

Yes. You've got that exactly right.

« Reply #22 on: August 11, 2020, 03:21 »
+5
It's all even uglier than I realized. Oringer sold stock on August 3 and 4th - a total of 85,000 shares for a total of $4,645,801.97

The investor page shows the Aug 5 filing of SEC form 4

https://investor.shutterstock.com/static-files/5b826d21-eecb-4bd3-9852-cd28fa01bb3f

To get an idea of how much Jon Oringer pocketed as a result of their maneuver to bump up the stock price, compare the 85k shares sold with what they would have fetched at the July 8th price (his prior stock sale) - he made just over $1.5 million more ($1,508,451.97).

All of the above is before his plan filed today to get rid of another 3.5 - 4 million shares (it'll depend on the price as to what $200 million maps to)

What a disgusting man thing he is


« Reply #24 on: August 11, 2020, 05:25 »
+5
As I said. Rats are leaving the ship after pumping up, didn't think it would happen so fast and so blatantly in the face. Good luck of those that stay on this boat, ask for lifejackets so you don't be left with your feet's freezing once it goes under the floating point.

https://www.prnewswire.com/news-releases/shutterstock-announces-proposed-public-offering-of-common-stock-301109403.html

« Reply #25 on: August 11, 2020, 07:43 »
+6
If this miserable excuse for a company didn't deserve the name SHITTERSTOCK before, it certainly does now.

I am sooo happy to be outta there.

« Reply #26 on: August 11, 2020, 08:16 »
+7
If this miserable excuse for a company didn't deserve the name SHITTERSTOCK before, it certainly does now.

I am sooo happy to be outta there.

Me too!  As I read through everything, it almost looks like Oringer is going to sink the company and made this move to squeeze the last out of the company.  The stock WILL NOT hold in the mid $50's, yet he is trying to sell a lot of shares after he artificially pumped up the stock price. Something just doesn't smell right.  Whoever buys at $55 will be making a horrible investment.  It is almost like they are doing a last hoorah to get Oringer and his dog, Pavlov, enriched while the company slowly erodes and is put up for sale.  This was not a move for long term business health, it was a move to enrich a very few people with little long term outlook. So something else is really brewing IMO.


« Reply #27 on: August 11, 2020, 08:35 »
0
This was not a move for long term business health, it was a move to enrich a very few people with little long term outlook. So something else is really brewing IMO.

Mesuspects you're right.

'Twill be "interesting" (ie, grim, depressing, sad, etc) to see what happens next.

« Reply #28 on: August 11, 2020, 10:20 »
+3
...The stock WILL NOT hold in the mid $50's, yet he is trying to sell a lot of shares after he artificially pumped up the stock price. ...

It's been as low as $47.xx today so far, having lost over 13% while the overall NYSE is at a record high (that's insane too, but that's a different story :) ). Doesn't look like the market is happy with Jon's plan...

Edited to add: $48.87 at 11am PST...
« Last Edit: August 11, 2020, 13:18 by Jo Ann Snover »

« Reply #29 on: August 11, 2020, 10:56 »
+2
If this miserable excuse for a company didn't deserve the name SHITTERSTOCK before, it certainly does now.

I am sooo happy to be outta there.
Shitterstock is a good name for that company, it suit very well.

« Reply #30 on: August 11, 2020, 10:59 »
+3
It's all even uglier than I realized. Oringer sold stock on August 3 and 4th - a total of 85,000 shares for a total of $4,645,801.97

The investor page shows the Aug 5 filing of SEC form 4

https://investor.shutterstock.com/static-files/5b826d21-eecb-4bd3-9852-cd28fa01bb3f

To get an idea of how much Jon Oringer pocketed as a result of their maneuver to bump up the stock price, compare the 85k shares sold with what they would have fetched at the July 8th price (his prior stock sale) - he made just over $1.5 million more ($1,508,451.97).

All of the above is before his plan filed today to get rid of another 3.5 - 4 million shares (it'll depend on the price as to what $200 million maps to)

What a disgusting man thing he is
That's no a man at all, is a shitthief!

« Reply #31 on: August 11, 2020, 11:09 »
+4
Sorry for my bad English and my bad words, that company stole my money. I am very upset about that. >:( >:( >:(

« Reply #32 on: August 11, 2020, 11:45 »
+2
Sorry for my bad English and my bad words, that company stole my money. I am very upset about that. >:( >:( >:(

Your English is just fine, alexandersr, and your "bad words" could certainly be a whole lot worse, given the miserable situation that we on this forum and others throughout the world are in right now.

« Reply #33 on: August 11, 2020, 16:30 »
+1
He took the money from our pockets and placed it directly into his bank account. This is capitalism at its finest.
That's not capitalism, that company is a pirate ship, and i say that because they dissabled my account and get the money i have there, arguing nonsense. ... Shitterstock  is a big thief!
unfortunately this is PRECISELY the definition of laissez-faire capitalism - rampant in the robber barons of the gilded age and back for sequel - for decades, starting w Reagan, we've seen the triumph of corporations over people- including SCOTU  recent rulings in Hobby Lobby & Citizens United

and while SS has been terrible, in perspective it's not even a minnow among the whales where corporate socialism is  the ideology - you keep your profits  but the govt covers your losses

« Reply #34 on: August 11, 2020, 16:52 »
+3
He took the money from our pockets and placed it directly into his bank account. This is capitalism at its finest.
That's not capitalism, that company is a pirate ship, and i say that because they dissabled my account and get the money i have there, arguing nonsense. ... Shitterstock  is a big thief!
unfortunately this is PRECISELY the definition of laissez-faire capitalism - rampant in the robber barons of the gilded age and back for sequel - for decades, starting w Reagan, we've seen the triumph of corporations over people- including SCOTU  recent rulings in Hobby Lobby & Citizens United

and while SS has been terrible, in perspective it's not even a minnow among the whales where corporate socialism is  the ideology - you keep your profits  but the govt covers your losses
Well, i live in a socialist country Venezuela, and we have big thief here. Have ever heard about this "All animals are equal, but some animals are more equal than others", Animal Farm, i love Orwell written works,  this so true. Capitalism is inhuman, but communism too.

m

« Reply #35 on: August 11, 2020, 20:29 »
+2
First the pump and now the big dump by Mr Oringer. Shutterstock will be sold soon based on this.
https://finance.yahoo.com/news/shutterstock-announces-proposed-public-offering-201900037.html


« Reply #36 on: August 12, 2020, 03:06 »
0
First the pump and now the big dump by Mr Oringer. Shutterstock will be sold soon based on this.
https://finance.yahoo.com/news/shutterstock-announces-proposed-public-offering-201900037.html
Is it 25% of shares owned by him? This time it is much more than few previous transactions. It is definitely a sign that something big is going on. The question is who is going to buy it?


« Reply #37 on: August 12, 2020, 04:30 »
+6
The way I see it, if SS is going to crash and burn through deliberate actions and ridiculous short term strategies of the people running it, it can only be good for all of us. The sooner it happens, the better it is. They have the maximum no. of buyers and the buyers would have to look elsewhere to get the images they need. Which hopefully means, they're going to look at the other microstock sites (hopefully Adobe and Alamy). So I would cautiously bet on those right now.
« Last Edit: August 12, 2020, 05:11 by offisapup »

Shelma1

« Reply #38 on: August 12, 2020, 06:41 »
+2
Oringer's selling 2 million shares and SS is selling 2.5 million at $48.50 per share. While he slides a couple of dimes across the table to us. https://investor.shutterstock.com/news-releases/news-release-details/shutterstock-announces-pricing-public-offering-common-stock

« Reply #39 on: August 12, 2020, 06:44 »
+5
Oringer's selling 2 million shares and SS is selling 2.5 million at $48.50 per share. While he slides a couple of dimes across the table to us. https://investor.shutterstock.com/news-releases/news-release-details/shutterstock-announces-pricing-public-offering-common-stock

And some contributers are happy as a pig in mud to stay
Go figure

« Reply #40 on: August 12, 2020, 10:11 »
+4
The question remains who is buying. What are the chances that these guys are offloading before they sell it to a big player who they don't want to be associated with. Think getty, facebook, smugmug types. So this gives them a golden parachute, and what happens after is of no concern.

Think flickr over the last few years

Shelma1

« Reply #41 on: August 12, 2020, 10:36 »
+4
Oh, totally pushing up the stock price so they can get out. Grabbing as much as they can from contributors over the next year so they can make hundreds of millions and be set for life. Then Shutterstock collapses and they just walk away from the wreckage.

« Reply #42 on: August 12, 2020, 11:05 »
+2

Think flickr over the last few years

Flickr is actually hasn't changed much since it's late yahoo years. It's still a boring place for photographers to dump their images for favs. Probably because they got a buyer who understood what it was all about.

The true comparison is 500px where photographers were actually making some money before they got bought out by Visual China and we all know how that turned out.

With Shutterstock, if/when they're selling out, the most likely scenario is going to be what happened to 500px. Like you said, a big player (probably Facebook or Microsoft) is going to buy it up and milk it to their liking with contributors not getting even the 10 cents they get now.

« Reply #43 on: August 12, 2020, 14:01 »
+2
Today's press release with a specific number of shares to be sold, and a price, differs from Monday's press release where they had money targets for the sale - $200 million for Jon and $50 million for Shutterstock.

Although SSTK is now down for the day ($48.60 when i started writing this), if they can sell at $48.50 (as the press release says), that would bring Jon a gross $100,104,000, or about half what the Monday press release stated.

And if the price drops way below their target, I have no idea what happens to the sale (is this like a reserve price at an auction or do they sell regardless of what the market prices SSTK at?)

« Reply #44 on: August 13, 2020, 02:57 »
0
It really depends on type of the order. if it is a Limit order it won't be sold until the price gets back to the one put as a limit. If it is a Market order it will be executed no matter the price drop. It can also by limited by date. I don't know if this information is public.
« Last Edit: August 13, 2020, 03:30 by pics2 »

« Reply #45 on: August 13, 2020, 05:06 »
+5
I have no idea whether this is a glitch or an omen of things to come, but my Shutterstock favicon just changed itself to Google:

Cobra

« Reply #46 on: August 13, 2020, 07:57 »
+3
heard they might do another "Wolf on Wall Street" movie staring Jon as himself...


« Reply #47 on: August 13, 2020, 10:40 »
+2
heard they might do another "Wolf on Wall Street" movie staring Jon as himself...
Ja,ja ja
I think the movie will call . "Bitch thief of Wall Street".

« Reply #48 on: August 15, 2020, 11:39 »
+5
I have no idea whether this is a glitch or an omen of things to come, but my Shutterstock favicon just changed itself to Google:
Look at this!

« Reply #49 on: August 15, 2020, 11:41 »
+1

« Reply #50 on: August 15, 2020, 11:54 »
0
 ;D

« Reply #51 on: August 15, 2020, 20:57 »
+1
I have no idea whether this is a glitch or an omen of things to come, but my Shutterstock favicon just changed itself to Google:
Look at this!

You should submit this image and see if it gets accepted
😀

« Reply #52 on: August 15, 2020, 23:03 »
+2
I have no idea whether this is a glitch or an omen of things to come, but my Shutterstock favicon just changed itself to Google:
Look at this!

You should submit this image and see if it gets accepted
😀

I can't my account is dissabled in shitterstock.

« Reply #53 on: August 15, 2020, 23:27 »
+1

I can't my account is dissabled in shitterstock.

Bravo for you!!!

It feels very good to be able to say that, doesn't it?!

« Reply #54 on: August 15, 2020, 23:59 »
+1

I can't my account is dissabled in shitterstock.

Bravo for you!!!

It feels very good to be able to say that, doesn't it?!
Yes, ja,ja,ja!

« Reply #55 on: August 16, 2020, 06:30 »
+5
https://www.trustpilot.com/review/www.shutterstock.com   <--- their trustpilot is going from strength to strength.  Should pass 1000 reviews this week.

Who in their right mind would (i) spend a fortune each month on a package or (ii) buy shares with a reputation from both buyers and contributors as equally dismal as they have?

« Reply #56 on: August 19, 2020, 09:52 »
0
https://www.trustpilot.com/review/www.shutterstock.com   <--- their trustpilot is going from strength to strength.  Should pass 1000 reviews this week.

Who in their right mind would (i) spend a fortune each month on a package or (ii) buy shares with a reputation from both buyers and contributors as equally dismal as they have?

Well some hungry people continue uploading to shitterstock, they say "better 10 cents than nothing". And about buyers, if they need some image there, they won't care about shutterstock is a thief crap. I think sometimes, money doesn't have friends. If some people do ugly crimes for money, what we could expect for this kind of company like shitterstock.
 "For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs." 1 Timothy 6:10


Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #57 on: August 19, 2020, 11:54 »
+2
Dishonest money dwindles away, but whoever gathers money little by little makes it grow. Proverbs 13:11 11

Microstock and small payments?  ;)


« Reply #58 on: August 19, 2020, 18:45 »
0
A penny saved is a penny earned. - attributed to Ben Franklin

Les

« Reply #59 on: August 19, 2020, 19:48 »
+3
A penny saved is a penny earned. - attributed to Ben Franklin

Shutterstock saved quite a few pennies. But I wouldn't called it "earned". More like stolen.

OM

« Reply #60 on: August 20, 2020, 07:36 »
+3
https://www.trustpilot.com/review/www.shutterstock.com   <--- their trustpilot is going from strength to strength.  Should pass 1000 reviews this week.

Who in their right mind would (i) spend a fortune each month on a package or (ii) buy shares with a reputation from both buyers and contributors as equally dismal as they have?

It's interesting to review those comments from buyers before the flood of negatives from contributors (around page 30). Loads of people thinking they were signing up for one month trial discovered that they signed up for a year and that it cost them to cancel. It seems to happen so frequently that their dubious practices must be by design rather than co-incidence/stupidity of buyers.

« Reply #61 on: August 20, 2020, 09:44 »
+2
A penny saved is a penny earned. - attributed to Ben Franklin
In Benjamin Franklin times, a penny worth more than today value of penny. I think! ;)

« Reply #62 on: August 20, 2020, 13:42 »
+1
https://www.trustpilot.com/review/www.shutterstock.com   <--- their trustpilot is going from strength to strength.  Should pass 1000 reviews this week.

Who in their right mind would (i) spend a fortune each month on a package or (ii) buy shares with a reputation from both buyers and contributors as equally dismal as they have?

It's interesting to review those comments from buyers before the flood of negatives from contributors (around page 30). Loads of people thinking they were signing up for one month trial discovered that they signed up for a year and that it cost them to cancel. It seems to happen so frequently that their dubious practices must be by design rather than co-incidence/stupidity of buyers.
What would you expect for a company like SHITTERSTOCK? A THIEVES RAT NEST! >:( >:( >:( >:(
« Last Edit: August 20, 2020, 13:45 by alexandersr »


 

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