There is a way to force the board to respond to a removal request:
Funny how concepts begin to gel simultaneously in the minds of differently situated people.
It now appears that there is a growing group who would align themselves with the view that:
If what we were told by CCEE's management concerning the current and future transactions, operations and sales of product IS TRUE, we are excited about the future price appreciation of CCEE's shares and are hopefully convinced that the current share prices are a bargain--but nonetheless, we are UNEQUIVOCALLY CONVINCED that Messrs DelGiorno (both Sr. & Jr.) are impeding the progress of the company and that the board of directors owes the shareholders the clear duty of removing the DelGiornos from positions where they will draw further compensation from, and exert further influence on CCEE.
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The way to force the board of directors to consider the shareholders' demand that Messrs DelGiorno (both Sr. & Jr.) are removed is to actually make a formal demand in a letter addressed to the board of directors, sent by certified mail.
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If those who participate on any of the CCEE private e-mail threads wish to collaborate on the wording of such a letter or to add their name to a shareholders' demand letter, please contact me on the e-mail thread. (I believe it is not appropriate to haggle over words on a forum such as this.)
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Upon receipt of a bona fide demand letter, the board of directors must exercise a form of due diligence to investigate the basis for the demand before it dismisses it or acts upon it. Such a demand is usually needed as a prerequisite to a shareholders suit, but its actual purpose is to AVOID THE NEED FOR A SHAREHOLDERS' DERIVATIVE LAWSUIT since it is designed to alert the board to a problem, and to afford the board an opportunity to comply with the "good business judgement rule" and the fiduciary duty the board members owe to the shareholders.
Obviously, the larger the number of shareholders who join in the formal demand letter, the greater significance it would have. Moreover, if a large number of shareholders did join in a formal demand letter that seriously pressed the board of directors to either act on the demand that Messrs DelGiorno (both Sr. & Jr.) be removed, or to justify its non-action, the board would surely recognize that if it did not do everything the law required it to do, CCEE and each member of the board just might find out how a judge would react.
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The company tells us that it is getting strong. We believe it. Now is the time then for the company to rid itself of parasitic, weak management, and the only way we shareholders have a chance of that happening is if our elected representatives on the board of directors do their duty.
Lets give the members of the board of directors an official opportunity to do their duty
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I LOOK FORWARD TO HEARING THE VIEWS OF THOSE WHO WILL BE KIND ENOUGH TO SHARE THEM. POSTING HERE IS FINE, BUT TO AVOID CREATING A PANIC OR A MISUNDERSTANDING ABOUT OUR CONTINUED SUPPORT FOR CCEE, AND EXPECTATIONS OF A RISE IN THE SHARE PRICE (notwithstanding our disappointment in the DelGiornos), I REITERATE MY SUGGESTION THAT WE HAMMER OUT THE DETAILS AND LANGUAGE (and indeed, if it is wise to even send such a demand letter at this apparently critical time in the history of the company) ON THE E-MAIL THREADS.
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Gary Green
Sidkoff, Pincus & Green P.C.
Attorneys At Law.
2700 ARAMARK Tower
1101 Market Street
Philadelphia, Pa. 19107
phone: (215) 574-0600
fax: (215) 574-0310
personal e-mail: gary-green@usa.net
law firm e-mail: S.P.G@worldnet.att.net |
