SH: You know, like you, I am extremely tired of this mess, and I am willing to consider any option which would salvage my investment. Please forgive me for reading your post with the baggage I carry: I am a lawyer. In my post, I discussed various legal ways to assess blame in a legal context. I asked Chris Ingles (stoopid) to tell me why he thinks Sid must go; whether it has to do with the stock price or some other facts. You implied that current management is not capable of handling the company, and you referenced the problems with Ledoux. Then you said, with regard to Ledoux's apparent retreat, "WHO COULD HAVE IMAGINED SUCH A THING." That is my thought. If Ledoux's behavior, as we now understand it, is unimaginable (as I think it is), then how can we assert that Sid was guilty of failing to anticipate it? Suppose I hire an expert witness in one of my cases. He reviews all the facts, does his own investigation, and then writes a report, which my client and I rely on. Then, at trial, he changes his mind, essentially recanting his findings and refusing to stand by them. Basically, I am screwed. But was it my fault that I relied on him and that he subsequently bailed on me at the worst possible time? I don't think so, not unless I am leaving out certain facts which add to the equation. Therefore, unless we know more about what happened between Sid and Paul, I do not know how to assign blame. We all heard that Fred and Paul had a good relationship. Well, Fred was at the helm this past week when Paul apparently backed off. I do not blame Fred either. How can I without more facts?
If the issue is simply one of cleaning house, I truly can see the merit to that argument. However, I see only old names on the proxy. That is not a "clean" house as I understand the concept. I am truly at a loss as to what to do. I have not voted my proxies yet. I genuinely hope that in the next day or two I read some fact based analysis regarding management. Those who are entrenched on one side or the other have made up their minds already. Some of the rest of us will not be swayed by emotion or hyperbole (or lies). Who has some fresh ideas?
Kim B.: Please take a moment and clarify for us whether the ambiguity in the release (regarding the word "their") refers to Ledoux. Thank you. |
