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Technology Stocks : Zenith - One and Only
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To: Robert Utne who wrote (6456)11/19/1999 5:04:00 PM
From: Robert Utne  Read Replies (1) of 6570
 
Villains and Heroes..

As this saga has come to an end, time to note who are the villains and who are the heroes. First the villains:

#1. Jerry Pearlman (Zenith CEO in 1995) for selling out to LGE and picking up $4 million in the process.

#2. The collective, managerial trash at Zenith. All losers.

#3. The director troika of Willmott, McNally and Brooker. All benefited from insider dealings and assured the demise of Zenith.

#4. Bob Boldt of CalPERS. Sold out the shareholders to recover the lost $12 million and never once addressed the corporate governance issues which CalPERS claims to champion.

#5. The Equity Committee. Concerned more about lining their own pockets than representing the interests of all shareholders.

#6. The Bondholder Committee. Villains who were part of the deception from day one. They were tipped to short Zenith stock and buy the bonds.

7. The SEC and DOJ who did nothing to stop the rape of Zenith and antitrust actions of LGE.

8. Judge Walrath. She disallowed PJS to be "experts" in their court testimony but allowed the PJS testimony to sway her judgement.

The heroes are few. They include:

* Chris Delgado a designer at Zenith who was fired for wanting to turn the company around by producing great products and was unafraid of communicating his concerns re Zenith's mismanagement with outsiders.

* The hundreds of great Zenith engineers who developed hundreds of valuable patents now owned by LGE.

* The employees at the Melrose plant who delivered top quality picture tubes and PC monitors but were sandbagged by LGE and Zenith insiders.

Notice that I did not include LGE as either heroes or villains. They were merely intruders who were wise enough to take advantage of the greed and stupidity of the villains listed above.

It's been a very challenging last two years. We gave it our best shot and came up short. Time to move on. Been a very interesting ride......
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