The time has come:
Here is what is going on with TEUFF, and some ideas as to what we as shareholders can do about it.
The current CEO and other corporate officers are attempting to obfuscate and confuse shareholders as to the realization of this company's true intrinsic and essential value. The current management team has violated the most basic of fiduciary responsibilities to their stake holders and need to be removed post haste. They are attempting to garner control back over the company by swapping out preferred shares for common shares, then dilute the aforementioned by consummating multiple reverse splits. This past is not news to current or past shareholders, but has become intolerable. Currently we have three tenured shareholders, one of which has been identified numerous times on this forum, which have attempted to remove and/or at a minimum express their respective extreme displeasure with the current management team. Because the current management team has demonstrated willful corporate misconduct over a protracted period of time, as evidenced by their actions, and inactions, (not releasing press releases, not keeping shareholders up to date on corporate strategy, contracts, acquisitions, procurements of contracts, etc...), they need to be removed. It is my opinion that management is intentionally surpressing the price per share to more expeditiously steal the company from its' shareholders and enrich themselves in the process. WE AS SHAREHOLDERS CANNOT ALLOW THIS TO HAPPEN. THUS AND THEREFORE:
I have contacted numerous corporate litigation solicitors to explore the feasibility of launching a class action lawsuit by shareholders to garner enough proxy votes to oust current management. By uniting we can accomplish the following:
1) Remove the officers of the entity due to violation of fiduciary responsibilities, ineffectiveness and/or corporate misfeasance/malfeasance.
2) Discover the true financials, in particular where the monies from the sale of at least two of the previously sold vessels went. There was a rumor that the corporation was intended to pay a one time special dividend to shareholders of .10 for the sale of those ships. That has not obviously occurred, nor has it ever been mentioned. Was that true? Where are those monies?
3) Stop the incessant abuse of the true owners of this company, the shareholders. Reverse splits utilized to fund the company, when they are cash flow positive is unethical, and unwarranted.
4) Force the company to disclose its' true value, cash assets, bank accounts, accounts receivable and good will. I have performed an extensive analysis of this company from all publicly available information and derived an intrinsic value of .67 RIGHT NOW. The aforementioned figure does not account for the plethora of financials we are not aware of, that would most likely exponentialize that number by a factor of at least 5.
The time has come for this company to step up, or step down.
SPORTYNORTY
