Daniel Bloodwell

Daniel E. Bloodwell

Manager, Management Buyout at Bickford

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Location:
1330 Soldiers Field Road, Brighton, Massachusetts, United States
Company:
Bickford
HQ Phone:
(800) 969-5653

General Information

Experience

Managing Partner  - The White Hawk Group LLC

Consultant  - Independent Consulting

Vice President of Operations  - Clover Investment Group LLC

Position, Restaurant Business  - Gino's Inc.

Education

Drexel University

Affiliations

Member  - Advisory Board See Bio

Advisory Board Member  - LoyalTec LLC

Recent News  

Dan BloodwellDan Bloodwell most recently has served as President of Bickford's Family Restaurants from 1991 through 2002.Bickford's, a New England restaurant chain, grew from 32 to over 65 restaurants under Mr. Bloodwell's leadership. Mr. Bloodwell graduated from Drexel University in 1973 (BS Accounting) and worked in New York City with an international accounting firm where he earned his CPA certificate.In 1975 he began his career in the restaurant business with Gino's Inc., a chain of fast food and budget steakhouse restaurants, serving in various financial management positions for over eight years.He served as CFO for Rustler Steakhouses following the sale of that business by Gino's to a private investment group.In 1986 Sizzler restaurants purchased the Rustler chain and Dan began his field operation experience as the individual responsible for the conversion and operation of the Rustler restaurants to Sizzler restaurants. In 1987 Marriott Corporation recruited Mr. Bloodwell to become the Director of Restaurant Mergers and Acquisitions.In 1988 he served as Vice President of the Acquired Restaurant Division and was responsible for the operations of all the restaurant chains purchased by Marriott, including the Bickford's Restaurant chain.In 1991, when Marriott exited the family restaurant chain, Mr. Bloodwell led a management buyout of the Bickford's chain.

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The 2001 compensation of Daniel E. Bloodwell, the former President of Bickford's who resigned in September 2002, consisted primarily of base salary and compensation under the PSO Plan.Through his participation in the PSO Plan, which was put into effect in connection with ELXSI CORP /DE//'s 1991 acquisition of Bickford's, Mr. Bloodwell earned compensation equal to a specified maximum percentage of a certain measure of the value of this business segment (less an exercise price).The maximum percentage, 4.9%, was earned by Mr. Bloodwell because Bickford's achieved targeted levels of earnings before interest, taxes and depreciation during the two-year period from July 1, 1991 through June 30, 1993 and because Mr. Bloodwell remained with ELXSI CORP /DE// through at least June 30, 1996.In July 2001, Mr. Bloodwell exercised his rights under the PSO Plan, and under an agreement with ELXSI CORP /DE// reached in November 2001 in connection therewith ELXSI CORP /DE// agreed to pay Mr. Bloodwell $1,280,000 by October 1, 2003, plus interest at 7% per annum. THE COMPENSATION COMMITTEE Alexander M. Milley Farrokh K. Kavarana Denis M. O'Donnell Executive Compensation The following table summarizes the total compensation of the Chief Executive Officer of ELXSI CORP /DE// and of the other executive officers of the Company who earned in excess of $100,000 for the year ended December 31, 2001. Officers and DirectorsSummary Compensation Table -------------------------- Daniel E. Bloodwell (1) (1) Mr. Bloodwell resigned from ELXSI CORP /DE// in September 2002. (2) Excludes approximately $1,282,460 in principal payments to be paid to Mr. Bloodwell under Bickford's Phantom Stock Option Plan as a result of his exercise of rights thereunder during 2001.See "Bickford's Phantom Stock Option Plan" below. (3) Represents the estimates made by ELXSI CORP /DE// (at the relevant times) of the increases during the applicable years in the value of the Phantom Stock Options held at the end of such year.See "Bickford's Phantom Stock Option Plan" below. (4) During 1999, Mr. Lynch's Company-related compensation was paid by Cadmus.See Certain Transactions-- Management Agreement" below. Bickford's Phantom Stock Option Plan In 1991, ELXSI adopted the Bickford's Phantom Stock Option Plan (the "PSO Plan").Its only participants were Mr. Bloodwell (who recently resigned from ELXSI CORP /DE//) and two present and one other recently-retired Bickford's officers.At the inception of the PSO Plan, ELXSI granted to these individuals Phantom Stock Option Rights ("PSOR's"), each representing one percentage point, for an initial investment ranging from $25,000 to (in the case of Mr. Bloodwell) $40,833.Each holder of a PSOR was entitled to receive, upon exercise, a cash payment equal to (a) the product of (i) the sum of the appraised value of Bickford's assets at the time of exercise less (x) all then existing liabilities of ELXSI CORP /DE// or ELXSI related to Bickford's, including any debt incurred to acquire Bickford's, debt incurred for Bickford's-related acquisitions and debt used for the working capital needs of Bickford's, and (ii) a percentage equal to the PSOR's then held by the holder, minus (b) an exercise price of approximately $74,000 per PSOR less such holder's initial investment.On July 2, 2001, the four PSOR holders exercised in full their rights to receive payment under the PSO Plan.In November 2001, ELXSI and the holders reached an agreement that provides for them to receive $3,638,000 in the aggregate in principal payments.A deferred payment schedule was negotiated to provide for approximately three-quarters of the balance due to be paid by October 1, 2002.The remaining principal balance is to be paid by October 1, 2003.Under the agreement, Mr. Bloodwell is expected to receive approximately $1,280,000 in principal payments plus interest. Common Stock Options No options to acquire Common Stock were granted by ELXSI CORP /DE// during fiscal 2001. The following table presents information as to the value of unexercised in-the-money options granted under ELXSI CORP /DE//'s incentive stock option plans and held at year-end by the executive officers named in the above table. Officers and DirectorsAggregated Option Exercises in Last Fiscal ------------------------------------------ Daniel E. Bloodwell On August 27, 2002, Dan Bloodwell, who served as president of Bickford's since ELXSI's 1991 acquisition of the Restaurant chain, resigned to pursue other interests.I assumed the role of Bickford's president and began immediately launching significant changes as I felt there was little time to waste.Initial responses from our customers and employees have been marvelous and although we have many challenges ahead, I am excited about the future for our customers, employees and shareholders. Cues Cues's sales improved 17.5% to $32.2 million in 2001 compared to 2000, however operating result were disappointing.The major reason for the disappointing profit was an increase in international sales expense related primarily to a failed marketing venture in Russia.

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Meanwhile, Bickford's president, Dan Bloodwell, estimates that business will drop by 12 percent, at first, before slowly building back up.He said half of the 65 Bickford's restaurants in New England are smoke-free."We don't fight it," he said, "if that's what the community wants."This story ran on page W1 of the Boston Globe on 4/7/2002.© Copyright 2002 Globe Newspaper Company. [ Send this story to a friend | Easy-print version | Search archives ](none)

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