Always. I have been posting for the better part of this year that I would like to see fewer board members. I questioned specifically why Mistry and Schrock were directors since we have had zero communication regarding their efforts of the last year.
If wishes and dreams came true, we would have been allowed to nominate some of our own candidates and have a contested election resulting in a win for those with the most votes. If at that point it turned out to be Johnson and Felcyn well I would be the first one to say...congrats, you won fair and square. It doesn't mean that I would like it, but I could live with it if that is what the majority of shareholders wanted.
The contributions, if any, of all directors but especially Falk, Mistry and Schrock remain shrouded in secrecy. All we can assume is that two seats were eliminated in a cost savings measure which is a good thing. Maybe Mr. Falk is being replaced by Flowers because, according to the proxy, he failed to file certain disclosures with the SEC. Mr. Falk failed to file timely two Form 4s to report changes in beneficial ownership as required by Section 16(a) of the Exchange Act.
Shareholders demanded majority voting, and we now have a chance to positively change our bylaws to reflect this. This is a good thing. If you wanted it and you don't vote yes....well shame on you. Now is not the time to exhale and assume it will be so...
Regarding Cliff Flowers, at this time, I have no reason to believe that he will not be a shareholder friendly board member. I would like to know, however, if he was for or against the decision to buy the auction rate securities. As our CFO, I hope that his advice to the BoD had been to "run away." Cliff if you are reading this then my requests to you as CFO, Interim CEO and Director are:
1. open the lines of communication with the shareholders
2. Let us know what you have done to bring value to shareholders
3. Did you agree with the purchase of auction rate securities or were your hands tied?
4. Will you lead by example and take no pay for your role as a director and encourage Mr. Johnson and Ms. Felcyn to do the same.
5. Will you invest your own money in this company as a show of confidence to all shareholders.
Thanks to all who have written letters, made calls, filed complaints, and sent e-mails with one common interest....to do whatever it takes to ensure that this BoD places shareholders' interests above their own. I'm still in it for the MMP and because I can't afford to get out now. With the coming of a new year I'm hoping for a new and improved BoD. Otherwise, we still have much to do.
Laurie
