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Technology Stocks : (SGI) Silicon Graphics and Related Companies
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To: MJ who wrote (990)10/27/2006 8:21:37 AM
From: jdsh  Read Replies (2) of 1015
 
I am (was) an SGI shareholder with a good SGI holding in my retirement account and SGI stock. Whereas I could see that the market was tough and give the management team all the consideration for the work they put in to run the company, I always wondered whether a name which was one of the most respected in the Graphics field would consider it ethical to sideline ordinary shareholders who stood by it through thick and thin, take-over their holdings and then try to setup a new foundation on that ground.

From what I can see, the going was a little tough for SGI, they took the cover of law and forcibly took away the ownership of hundreds of shareholders. Then with no commitment to these people, it made a plan to pay-off the rest and be profitable. I do understand money is important, but so are ethics. There are laws to help organizations discharge their responsibilities in a better manner, not to avoid discharging them. On a personal level if I owe people money and I tell them that I am re-inventing myself and will make me a lot of money very soon, and therefore, unfortunately I cannot give them any of their stake, I wonder whether the law considers it ethical?

The end-result of the whole process has been unjust to the shareholders. As things stand today, even if SGI comes out of bankrunptcy and become highly profitable, it can never be a good decision unless it accounts for those with whose support SGI survived this far. I have lost all the money invested in SGI and my retirement, but I will watch to see if better sense prevails in Corporate America and more importantly how. I still do have faith that something might still work out.

jd
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