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Technology Stocks : THREE FIVE SYSTEM (TFS) - up from here? -- Ignore unavailable to you. Want to Upgrade?

To: Rainier who wrote (1187)	4/1/1998 12:25:00 PM
From: Noblesse Oblige	Read Replies (1) \| Respond to of 3247

Hi Lisa.... I am pleased to note that "outside" investors have taken the time to read the recent proxy materials. It is gratifying that you have come to the same conclusions that I have. The compensation levels are incredible given the lack of return to shareholders. Moreover, one has to wonder why it is necessary for the Chairman to get an additional 50,000 share stock option as "motivation" when he is already the company's largest owner and demonstrably near retirement. (I have actually sat in on presentations where he enunciated who is replacement will be!!) I won't take the time to check...it is the middle of the trading day as I write this...but doesn't he already have a goodly number of options? As I have said for some time...everyone gets paid at TFS except the owners of the business. It is a pity, Lisa. What is more of a pity is that the shareholders have seen fit to "take it" for as long as they have. I have no doubt that a strong message to current management (in the form of a no-confidence suggestion by voting against all the Directors in the current proxy solicitation) will have some impact on their thinking. If it does not, there is an entire year to work before the next meeting, and lots of things can be set in motion prior to the 1999 Annual get-together. All the readers of this thread are intelligent and apparently hard working. It is extremely doubtful that there isn't at least one participant that doesn't have the ear of the national media. Obviously, such attention...though possibly uncomfortable for the people running the business...might do wonders to attract "outside" interest in the company. (If a woman can have a baby in only nine months, who knows what diligent effort can "birth" in an entire year? ) I won't choose to speak for the rest of you, but I firmly believe the shareholders would be much better off with either a new "team" running the business...or, better yet...an "unfriendly" bid for the company. BTW, I don't know if you have noted it in the report you recently received...but the Board's own equity interest in TFS is laughable. One can only wonder what it is that this group of individuals thinks of the current state of affairs at TFS...after all, they have chosen not to be the outside shareholder's partners in the conduct of the business. (In fairness, it should be noted that Jeff Buchanan recently acquired 2000 shares of TFS stock. His total ownership position...as best as I can remember...is less than 30,000 shares.) Perhaps they hold their Board seats as "ornamentation". Maybe they are there at Mr. Buchanan's "pleasure." What they do for us, the people that actually pay for their sinecures, isn't precisely clear. Have a good day, Lisa.