Vanni, I agree and that is why I have sent the enclosed letter to all the newspapers and the Ontario Securities Commission. Every one else should do same. The article referred to here is the same as the one from Ottawa Citizen.
I have lived and worked in Ottawa for ten years very close to people like Cowpland and his buddies who do insider trading for each other. So I have no doubt about what I am saying here.
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As a Corel investor I have reached my limit. After reading your article on Corel (in the Vancouver Sun) today in defense of Cowpland's response to calls for his dismissal, I decided that it was time to vent my anger.
I do not, for one moment, believe that Cowpland did not know about the state of his company's performance just weeks before he made the $20M insider trading. If he in fact was so oblivious to the state of his company's affairs, that by itself is a good cause for removal. As any business people would know, a CEO's job is to have daily awareness of what the numbers are and will be specially that close to the quarter's end. Yes, I don not, for a moment, believe that Cowpland did not - specially in light of the pending change in Corel's accounting practices. If in fact he did not know the impact that such significant change would have on the company's numbers, then that by itself is a good cause for removal.
Yes, I have a lot of credibility problem with the Cowpland's assertions. I am afraid he is taking Corel along the same path he took Mite - to an astronomical level of $36 a share in 82/3 followed by a demise to a penny stock level. Lots of people lost their savings but Cowpland emerged with enough money to start up Corel - his new gamble. Yes, I do not for one moment believe that Cowpland did not benefit from insider information when he sold $20M worth of Corel's shares with a realized benefit of around $5M to date.
I am not bitter because of my losses. I am mad because of being cheated by the very man I tried to support. This in my mind is a criminal behavior and must be seriously investigated by the Ontario Security Commission. Anything short of this and an innocent verdict from the Commission would irrevocably damage the credibility of Corel, Cowpland and public's faith in the Commissions ability to fulfill its duty in protecting investors. I urge you to publish this letter as a token of ordinary investors' sentiments. |
