I feel the same way about this proposed letter as I did with the last. The last one bore no fruit (to speak of)and neither will this one. A polite acknowledgment and nothing more.
A polite acknowledgement is a lot more than what we've got now. The polite acknowledgement might answer a few questions.
It's all about the leverage we have over management. The would be no leverage.
Technically we do have leverage, we own the company - the BOD is supposed to work for us.
They have reasons for all their decisions and we're not privy to those reasons until management decides that we're to know. In fact a letter by shareholders suggests they're not doing their job or not doing it properly and one can only imagine how that will be received. Turley is his last newsletter....
I actually think they are probably expecting this letter from us. The "big settlement occurs and we're now trading in the .40's??????? A 10Q with no PR!!?? Oh, they know it's coming all right!
We realize that our shareholders may expect that the details of the settlement should be made available to them, or that Patriot's board and management might provide at least general comments or further press releases on the subject. We understand this and would do so if permitted, but in order to honor our legal commitments regarding confidentiality, we have said all we can say.
They're doing things the way they feel they should be doing them. They will not deviate.
Maybe so, but they may need our vote for something they want done and it's in their best interest to keep us informed to the best extent possible!
Good luck with the endeavor, but I pass.
