"The BoD hired Goerner and Bibeau, a decision which Brian "liked" at the time."
Not sure what this has to do with my post? I didn't bring up anything Brian said, and everything I said was my opinion based and real experience.
"Before it is suggested that the Audit Committee should also have completed independent DD on the acqisition targets, I humbly suggest that this is not how it is done as not only would it replicate that which should have been completed by Executive Officers, minimally doubling the costs, it also undermines the authority given to those who already had "extensive managerial and operational business experience" .
In my 20+ years experience, the Audit Committee has provided oversight in many acquisitions that I have personally worked on (not Googled or talked about in a textbook), especially review of contractual obligations (indemnification). As far as doubling the costs, are you suggesting that the BoD only has to attend quarterly meetings and cover an agenda set up by the CEO? Seriously, you don't believe that? I have sat on special unscheduled BoD meetings for acquisitions numerous times. I have also received phone calls from BoD members who have questions about an aquistion or process on many occasions. BoD members just don't sit on their ass and collect salary....at least they shouldn't!
Good luck everyone!
