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Non-Tech : Littlefield Corporation (LTFD) -- Ignore unavailable to you. Want to Upgrade?

To: Nittany Lion who wrote (6660)	1/22/1998 7:12:00 PM
From: SE	Read Replies (2) \| Respond to of 10368

In the for what it is worth column...reposted from Yahoo. Not mine. GO PACK GO! -Scott =================== Subj: Stay calm By: justforloot Date: Jan 22 1998 3:32 P.M PST Reply To: Msg. 151 by rjd46 The problem with sketchy information is that it often is wrong! Bad info leads to bad conclusions. Excitable persons often extrapolate to the worst possible conclusion; in psychology, the Negative Mind Read. This Board of Directors lost its focus on its fiduciary obligation to serve the financial interests of its shareholders. Why? Simple palace coup attempt gone awry. Wilson [know him and he's a pretty solid guy with kids, wife, dogs and a law degree] has his whole net worth tied up in this enterprise. In a moment of earnest concern about the future of this company [which he founded, built and took public] Wilson brings Corky Logue of EZ Pawn fame onto the Board of Directors. Gets public company experience and a little gray hair and believes that Corky can help him grow the business to next level. Mistake in the making. Board now exists of Wilson, couple of acquisition guys [sold their companies for stock and got Board seats in the bargain], brother in law of wilson and Corky. Corky is made Chairman of the Board. Company gives him substantial options but Corky still doesn't own a share of stock. Corky turns on Wilson and tries to get his fingers on the steering wheel. Surprised? Corky has grown up in the pawn shop business [would you want your sister to marry a pawn shop operator?]. Look at EZPW and let me know if you are impressed with Corky's past endeavors. How did Corky leave EZPW? Local legend has it that he was pushed when his level of incompetence was reached. He was an operator not a Board Chairman. Corky enlists support of new Board members and Wilson's brother in law jumps ship also. Situation is complicated by preceding effort to tout the stock like a Denver penny stock through the efforts of Mike Fearnow, Orton and Corky. Bad idea executed by some bad boys. Don't really understand that their obligation is to grow earnings not spread fertilizer. Wilson gets cold feet that the palace coup is going to work and starts trading for his own position. MAJOR MISTAKE: Board owes its fiduciary obligation to the shareholders. Corky sees the bounty created by the warrant call [$11,400,000] and decides its time to take over. Pawn shop logic? Maybe? Everyone thinks that they are close to a deal and exultant palace coup participants prematurely tell the whole world. MAJOR MISTAKE! Wilson comes in the next day and says the deal needs some polishing. Plotters cannot successfully polish the deal to Wilson's liking. New press release: Wilson stays. Summary: 1. Corky owns no stock. He should resign from the Board. One palace coup allowed per Board Chairman. 2. Mike Fearnow, Orton. No penny stock tactics needed. How much did they pay Fearnow? $250,000+? Just guessing?! Call Vernon Jordan and get help looking for new employment. 3. Brother in law. No invitation to the next Thanksgiving get together at Wilson's house and by the way no Board seat. 4. Wilson - good guy who got ambushed and reacted poorly; but, recovered his gonads and he is the guy who built the company. Wilson: get some good boardmembers who realize that it's their responsibility to further the interests of the stockholders. Where are we investors now? 1. Good company with a bad experience. Changes must be made. Heads must roll. 2. Lots of cash in a profitable business with lots of acquisition opportunities. 3. Earnings growth will create increased stock price [the only meaningful manifestation of fiduciary responsibility to shareholders]. Get those earnings growing. Do you believe this tale? It's just like the story of Clinton's problems: there's too much detail for it to be all wrong. Tell these BNGO Directors that they need adult leadership executing a good game plan and they need to get back to the BNGO business as they grew it before. Wilson: take charge!