I suppose it's always possible that documentation can be found to show I'm wrong, and if so, I'll gladly admit it. But until such a thing occurs, I must say that my recollection of the events you cite is quite different.
1) I don't recall the shareholders asking for dividends prior to the time that the Company announced the first one. In other words, it was originally the Company's idea to pay dividends, which some shareholders supported and others didn't. For instance, my recollection is that this is one of the few times that Brian and I disagreed on such matters --- he was generally opposed to dividends, while I was either in favor of them or a combined dividend/buyback program. And, after the first dividend was paid, there was considerable debate among the shareholders as to whether others should have been declared, especially in view of Swartz's warrants. I surely don't recall dividends being paid as a result of shareholder "demand" (my term).
2) As to "experts to run PTSC", I don't recall a hue and cry among the shareholders on this point --- but even if there was, would anyone have wanted more non-experts running the Company? I thought the main point of having a CEO, for any company, is to engage someone with business expertise suitable to the position. And it certainly wasn't the shareholders who selected those CEOs for PTSC, though lots of folks tried to be generally supportive during the initial phases of each's tenure.
3) Similarly, I don't require any outcry from the shareholders about acquisitions prior to the time David Pohl announced that this was a route the Company intended to take. Back at that time, the Company, at least outwardly, expected to have lots of cash coming in, and it certainly didn't have any demonstrably "hot" products that were going to generate MMP-level revenues. So, the choice was either buybacks, dividends, acquisitions, or some combination of both --- not rocket science in terms of the universe of available options, and certainly not something that the Company "bowed" to in terms of "demands" from the shareholders.
In any event, the BoD may well have a chance to set things right in the very near future. I'll gladly accept their "middle finger" gesture if they can, and will, now create shareholder value.
Best wishes to all.
