To: MskiHntr who wrote (26889 ) 4/27/1999 12:35:00 PM From: Ellen Read Replies (1) | Respond to of 44908
You very eloquently make your points. So much so that it's easy to see your viewpoint. However, if I may...The elimination of the loan privilege will not have a positive effect on the financials because it is not currently part of the financials. If anything it is a potential safety net for the corporation should it run aground on the shoals of financial straits. With the current understanding that the company is seeking additional financing, having this "safety net" seems redundant at best. Hopefully, if successful in obtaining the additional financing sought, it is not another convertible debenture, but rather more conventional in form. In light of some history as contained in the 10K, this "safety net" for the company - Gordon's revolving credit agreement - makes me feel that just having it there, already in place & ready to use, is too convenient. And potentially dangerously dilutive to shareholders, especially when considering the dilution from the present debentures and their warrants. If the credit agreement is not needed, remove it.I agree that Marty is qualified to sit on any board, but in reality what can he bring to the this company's table that he is not already bearing? He's got the ear of management. He has introduced business contacts to the company. He has voiced shareholder concerns. He has introduced individuals to the company that have been hired. All of this for free per Marty's own words, no compensation was received either in the form of cash or shares, directly or indirectly. I sincerely and strongly believe the company is where it is now in large part to Marty's contributions. This is not a slight in any way toward Robert Gordon.I would rather see individuals nominated to the BOD who have expertise in one or more of the related fields that the company is endeavoring to be successful in. Marty has proven, IMHO, to be savvy to the point of enabling positive and necessary developments that have helped to bring the company to where it is now and has had a major impact on the company's potential. I believe that proves his most beneficial value as a member of the board. The intent, in wanting Marty on the board, is not to tell management what to do or what to do better, but merely to bring some balance to it. Marty's belief in the company and his ability to bring positive contributions is a valuable asset the company should, IMHO, want to welcome. Marty could still post as long as he properly identified himself as a member of the board, if my understanding is correct. This effort to add to the board is not intended as an attempt to micro-manage the company, in my firm opinion. I believe it would be beneficial to all concerned.