Wednesday, February 13, 2013

Fidelity paid Rock Creek Cattle Company $453,382 for executive vacations????

Per www.fnf.com executive bios, Mr. Foley:

"Bill enjoys his time as a vintner and is the founder and managing partner of Foley Family Wines, headquartered in Sonoma, California. Most recently, Bill formed and serves as Chairman of Glacier Restaurant Group, LLC, the largest restaurant business headquartered in Montana. He is also the developer of Rock Creek Cattle Company, an 80,000-acre working Montana ranch, featuring a high-end golf community with diverse homesteads, a well-appointed lodge for recreation and dining, and an exceptional golf course designed by Tom Doak. "


On www.forbes.com there was an article by Daniel Fisher on 6/27/2012 entitled "The Most Outrageous Executive Perks."

The Most Outrageous Executive Perks

"And then there’s the Executive Dude Ranch. Fidelity National Financial is in one of the world’s most boring businesses – title insurance – but its executives found time to kick up their heels to the tune of $453,382 last year at the Rock Creek Cattle Co., a 28,000-acre “working Montana ranch” that just happens to be owned by Fidelity’s chairman, William P. Foley II.
The choice was natural: Foley grew up in the Texas Panhandle and probably draws comfort from the aw-shucks environment of his cattle ranch, where the website says “most introductions still start with a slight tip of the hat and a firm handshake.” Fidelity also spent $55,000 at wineries and restaurants and a hotel owned by Foley, who earned $12.5 million last year."
To confirm this I did more searches and found the same statistics cited many times including in South Florida CityBizList 

Fidelity National’s William Foley II Among CEOs with ‘Outrageous Perks’


The way I understand this - when the value of the loss of my almost mile long easement in Napa California was valued at $0 by an appraiser from Boise Idaho so that my loss for which I paid for title insurance for from Fidelity, the premiums which I paid and others paid for was used to pay for Fidelity's executives to visit Mr. Foley's Rock Creek Cattle Company to the tune of almost half a million dollars????

I think I have this right??  I am assuming that since they did settle the claim for an amount although not equal to the loss in my opinion still substantially more than the premium that there was indeed a loss although no acknowledgment of such.  But at the same time perks were given to Fidelity executives that were paid by Fidelity to companies owned by Mr. Foley?  This seems a little odd to me but then - I obviously do not understand the workings and compensation packages enjoyed by Fidelity executives.  I certainly do not get perks like this from my company although it would be nice!!!!!