Doug,
you write: >>I'm confused by what I've read in the past 10 postings, or so. Since I went to work for Doc in his new company about a year ago, I have gotten a little knowledge of BioSafe from him. As I read the recent postings, there's discussion of a "restructuring"; but I haven't seen or heard of any restructuring in BSFE in the past several months.<<
I am probably the one who introduced the word "restructuring" and admit it may not be the best choice. I am aware of the provisions you mention, also the name change, etc.
The rationale I have from the company as to why the Board Member protection provisions, is their desire to attract and keep quality board members who will contribute materially to the future prospects of the company. May be a thin reed, but at this point I see no real option but to give the Board and current management the slack they ask for, put the Rosen years permanently behid them and see if they can create the integrated solid waste firm they have talked about.
The knight on the horizon is none other, I suspect, than Mr. Rosen and I'm not so sure one would describe him as a "white knight" in this context.
Rosen is clealy a dreamer, and he was surely a stock promoter. That he kept the stock price up (if it was a result of pump and puff--which it does seem) is nothing to applaud. In fact my inflated average cost per share is one result. The Fairhaven deal he got was apparently a looser given the location of the landfill and the horrible community relations. The huge PA project was very poorly conceived and over promoted and would have made the Fairhaven Community Relations diaster look tame IMO. Much of the price rise of the stock was based on the rosy scenario numbers he always put out.
I admit there is some logic to the objection to the anti-takeover aspects of the alternate proxy proposal, but at this point I just want to have Dr, Rosen fade, gracefully if possible, into the background and see if the new guys can salvage anything from this mess.
Allan (MHO) |
