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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: torquatus who wrote (17864)	8/23/2003 6:53:55 PM
From: RockyBalboa	Respond to of 18998

It's always alarming to see when recidivists are at the helm, and regulators and auditors stand aside with their hands folded. Still admirable robin hood style. I wouldn't have the nerve to stick with such a mess, rather sell out and move on (having closely watched the fall into their recent restructuring). I remember a quote from him a few years ago: "Retailers suck." --------------------------------------------------------- Reuters UPDATE - Warnaco shareholder demands changes Thursday August 21, 7:05 pm ET (Adds company response, share price) NEW YORK, Aug 21 (Reuters) - A shareholder of clothing maker Warnaco Group Inc. (NasdaqNM:WRNC - News) on Thursday said it sent a letter to the company calling for the resignation of Chairman Stuart Buchalter and a seat on the board, among other demands. Third Point Management Company LLC said it represented a group of shareholders that has acquired 2.25 million shares of Warnaco, a 5 percent stake carrying a market value of $35.8 million at Wednesday's closing price of $15.90. The group listed numerous complaints about executives and directors that it considers under-qualified and over compensated. It said it may organize with "other disgruntled shareholders" to convene a special meeting to replace the board. Third Point said it believes Warnaco's assets might fetch more in an auction process than the company's current market value, and wants an investment banker to determine whether it is in shareholders' interests for the company to continue as an independent concern. Warnaco responded in a separate statement to what it called "baseless accusations and unreasonable demands." It said it did not believe further discussions regarding the demands were productive or in the best interests of shareholders. Warnaco, which emerged from Chapter 11 reorganization in February, makes clothing sold under brands including Calvin Klein and Speedo. Shares of Warnaco closed up 20 cents at $16.10 in Nasdaq trading on Thursday