Today I received my notice of the 1998 Annual Meeting of Shareholders. Does anyone know why we had an annual meeting December 12, and are having another annual meeting June 29th?
So what do you all think of the nominees for the Board of Directors? I'll vote against Par Chadha, but I'm not sure about the other candidates.
I think Xin Cheng is important because of his technical contributions to the company.
Leonard Hecht has a background with an electronics company, but has primarily worked with mergers, divestitures, acquisitions and financing. I'm sure he's been a help in building Osicom, and perhaps we still need him, as Osicom may be divesting old product lines (or selling the entire company), and continues to seek financing.
Humbert Powell has a background in investment banking. I haven't been especially pleased with his performance (or that of Mr. Hecht's) in the financing arena, as the company continues to embrace financing by floorless convertible, which helps out everybody except the common shareholder. Maybe Mr. Powell should go back to working for banks; he seems to be looking out for their interests, and not mine.
Renn Zaphiropoulos excited some interest when he came on board, because of his background as a successful businessman, through his co-founding of Versatec, the famous maker of electrostatic plotters. What bothers me is that he became a director March 25th, and as of April 30th (35 days later), he hadn't purchased a single share of the company. (He was granted an option to buy 11,667 shares at $3.50.) If a poor college student such as "Grand Elf" was able to accumulate 1,000 shares in Osicom, why couldn't a multimillionaire buy a few shares within a month of being appointed director? I don't see how Mr. Zaphiropoulos can represent us, if he hasn't been willing to make a financial investment in the company, as we have. |
