WalterTx: This is just to get the record straight (in sentences that start with capital letters, use the correct action verbs and make some sense).
Messrs Powell and Lee along with Messrs. Shapiro and Murphey visited the Long Beach HQ on 2/10/99. Mr. Adam knew well ahead of time why we were coming, the date and the time. He did not show. What does that tell you. He left a 37 year old neophyte to handle three shareholders and an attorney. Mr. Sukey started off defiantly but finished with his cup of humility running over... and where was his boss? Who knows.
Mr Adam has had ample time to turn this business around and does not have the acumen to do it. He has to be removed. The shareholders have lost $50 million courtesy of Mr Adam and I recognize he is one of them (27 million shares at 70¢ is $18,900,000 and now he will have 14.5 million worth 5¢ at the end of March, $725,000. His own personal net worth has been reduced by over $18 million). Walter, you can do the arithmetic!!
Walter, I don't know how you have the stomache to lose $3.5 million (you claim your group holds 10 million shares that were purchased between 40 and 50¢, I have assumed an average purchase price of 45¢) and still hang your hat on a management team that has promised much, published financial results that were not worth the paper they were written on, failed to show when we were all there on 2/10, and delivered nothing except burgeoning debt. My full time job is not leading and managing Firamada, but I was there on my own money. Where was Adam? Hiding behind something, he could not face the music!!!
He has demonstrated his skills to me. I do not need to see any more. There is nothing to discuss. Mr Adam must be effectively removed from this company ASAP.
He has offered us one board seat. What will that accomplish? Nothing.
Walter, you have demonstrated to me that you do not know the facts about this company and this man, if you did, you would not be singing his praises. The man who has reduced your group's net worth by $3.5 million (so you claim).
With best regards, LTBFV through FSAAA (Fir |
