Who's Filing Now?

Once again, as Wall Street waited for happy hour, we Fools got busy wading into 8-K filings that, if the timing is to be believed, executives would rather you not read.

Kicking off today's list are semiconductor maker EMCORE (Nasdaq: EMKR  ) and services firm Wireless Facilities (Nasdaq: WFII  ) , both of which have yet to comply with Nasdaq listing requirements.

But, of course, there's more to each story. EMCORE said an internal investigation into its stock-options practices had found mostly errors but that more work remained. Wireless Facilities, meanwhile, followed up on Friday's delisting notice with news that it would take between $30 million and $40 million in charges for restating financial results from 1998 to 2005.

In need of a new Tennant
Ouch. Still, investors can't claim to be surprised. Wireless Facilities received its first letter from the Nasdaq a month ago. Cleaning-equipment maker Tennant (NYSE: TNC  ) can't make the same claim. According to this filing, board member Pamela Knous told her peers a week ago that she will step down as of Aug. 14, 2008.

Typically, these sorts of filings are loaded with qualifiers to make clear that the departing director had no disagreements with existing management. Not this time: "On August 13, 2007, Pamela K. Knous gave notice of her intention to resign from the Board of Directors on August 14, 2008."

Should such brevity leave investors concerned? Maybe. Knous, who is also the chief financial officer for grocer SUPERVALU (NYSE: SVU  ) , leads Tennant's audit committee and is a member of the governance committee.

A Cisco shopping spree?
When data-networking giant Cisco (Nasdaq: CSCO  ) reported blockbuster full-year financial results recently, my Foolish colleague Anders Bylund wondered whether it might signal a prolonged phase of renewed growth. He may be more right than any of us would have imagined.

On Friday, Cisco filed this 8-K, which describes a credit agreement sponsored by Bank of America (NYSE: BAC  ) , Deutsche Bank, JPMorgan Chase, and Merrill Lynch that would allow for up to $5 billion in unsecured borrowings. Cisco also has the option to extend the agreement from the current expiration date of Aug. 17, 2012, to Aug. 15, 2014.

Translation: Cisco, already with $22.3 billion in cash and investments, just substantially boosted its buying power.

Rotting Starwood
But my favorite filing this week comes courtesy of hotel operator Starwood (NYSE: HOT  ) , which handed generous severance agreements to three key executives who have yet to be fired.

Starwood, you see, has been operating under the auspices of an interim CEO, Bruce Duncan. But now the company is searching for a permanent leader. A new CEO is expected before the end of the year.

That should be good news. Here's why it isn't: Chief Financial Officer Vasant Prabhu, Hotel Group President Matthew Ouimet, and General Counsel Kenneth Siegel will all receive accelerated vesting of stock options and restricted stock if the new CEO chooses to replace them for any reason other than "cause."

Or, in simpler terms: Prabhu, Ouimet, and Siegel -- who, combined, took home more than $8 million in cash and stock compensation in 2006 -- were just handed fully loaded golden parachutes to be paid for by common shareholders. Shameful.

Found a late filing we Fools should see? Let me know.

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Bank of America and JPMorgan Chase are Income Investor recommendations.

Fool contributor Tim Beyers usually favors two scoops of ice cream over the inside scoop. Tim didn't own shares in any of the companies mentioned in this article at the time of publication. Find Tim's portfolio here and his latest blog commentary here. The Motley Fool's disclosure policy may be filed under "F" for fair, or Foolish.


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