If TSIG had had a fully functioning board, the hard questions of how to find financing would still have had to be answered. The result may have been unpalatable, but I dare say we would not be in the situation we find ourselves today. Regards, Suzanne
Very good point Suzanne. And here's the rest of the story as best as I can cobble it together.
Let's recognize something from the outset. Gordon's only contribution over his years as a CEO of various failed efforts at economic immortality has been one of public money finder. In each of his efforts it would appear that he believes himself to be successful and invincible and rewards himself thusly. Obviously forgetting the primary purpose of the CEO and the core purpose of the funding. Mr. Gordon it would appear does not understand the basic need of a corporation; to earn a return for it's owners.
Once we can understand this it becomes a bit clearer that perhaps Mr. Gordon views his part in things as irreplaceable. He probably believes that he alone can be the savior of the company when it comes to raising money. As we would all agree this is ridiculous.
Dr. Frankel, James Guild, John Hwang and other interested parties can find capital. However, as long as Mr. Gordon with his very losing track record and his very clear history of rewarding himself personally with millions of shareholder dollars stays as the only vote on the Board and with that the ability to grant himself controlling interest in the form of shares, no respectable source of funding will step forward.
On the other hand, if the Board became truly independent there would b no impediment to Mr. Gordon finding as many sources of capital as he desires and presenting it to an independent Board for review and comparison to the other sources available.
Mr. Gordon, the time has come. With the rumored threats of SEC inquiry into your current dealings with certain NY individuals, the uncovering of other names (GB of Sarasota,) of similar function during your days at Phoenix, it doesn't take a rocket scientist to understand that if something is to be uncovered these individuals will run for the hills under the cover of immunity and leave you and our company exposed to unnecessary tumult. I for one have little doubt that with so much at stake that you would do anything illegal but these persistent rumors are disturbing at the very least.
On the other hand if these rumors are empty, as we would all believe, and without merit then it would still be in yours and the company's best interest to make the Board as independent as possible so as to attract as wide a variety of financing options as may be available.
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