You just don't get it, do you. First, he company is not being driven into the ground. I believe it is being made to look that way. As far as iGourmet is concerned, there must be tens of thousands of experienced DTC food professionals who can turn this around in 4 to 6 months. I work with one of them, and I believe I have the experience to do the same. So that's 2, and I haven't begun to search for anyone.
The fact that it hasn't happened yet can only be attributed to arrogance, stupidity, or design. I rule out stupidity. These people aren't stupid. Arrogance? What do they have to be arrogant about coming off the Fresh Diet debacle? BTW - while that fiasco did have considerable stupidity in the mix, I believe it was 80% arrogance, and only 20% stupidity. The stupidity came in purchasing it and installing a failed CEO. After that, it was all arrogance. They proved that they have clearly defined limits of competence. No, I believe it is by design.
None of this company's problems are either fatal or unfixable. This is all a show to tick you and every other shareholder off. It's not a necessary step for management to achieve its control objective. It just makes it easier and provides them with some humor watching the shareholders protest to no avail.
Welcome to capitalism at its worst. The SEC won't help you. Your state AG won't help you. You can't justify hiring a lawyer because your chances of winning anything are between slim and none. There is no one to complain to. I have seen a CEO literally steal a company before. I was a shareholder. It's absolutely frustrating, but there is nothing you can do if the CEO and a puppet board are intent on taking effective and absolute control over a company.
