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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Carl Worth who wrote (25066)	10/20/2006 7:59:33 AM
From: Madharry	Read Replies (1) \| Respond to of 78746

Once again we disagree. Managers with the integrity of Buffett are few and far between. The vast majority of ceos are looking to get whatever they possibly can get from shareholders. No small shareholder would ever approve the golden parachutes that BODs give away. Otherwise you wouldnt see the likes of supra voting shares, separate health plans for management versus employees, the special retirement-trusts funds that were set up by the airlines for their senior management when they knew that banruptcy was imminent. Management steals from shareholders in numerious ways that we have no control over. The repricing of options after the fact is just one example. Frequently there are sweetheart deals that are not fully disclosed between the company you have invested in and other companies controlled by management. In one situation , the company disposed of its key assets to a British company which in turn hired the ceo, founder, and largest shareholder as their new ceo, terms of the contract were not disclosed. When I called the company and questioned that the transaction was approved without shareholder consent, they informed me that they were not required to seek approval for asset sales. On a larger scale several participants on this thread were burned by the Seagate LBO, which we all knew was a total shareholder ripoff. How often do minority shareholders get taken to the cleaners? In fact I have strong fears about my position in SSALF so much so that I have contacted another larger shareholder with the notion that we could possibly get a large number of minority shareholders and sell our position to a fund such as third avenue who would have the legal muscle to protect its interests better than a small minority shareholder like me.