Savvy Trades and Investments

[jtomm]

BUKS - Yeah, tough to know how much input the Stewarts will still have. But there's one thing that suggests they don't hold THAT much sway, at least with the Board. And that is, it's a 7-member Board, and the Stewarts (Dad and Son) were 2 of those 7 members, and yet the Board voted to terminate the son. This is copied and pasted from p.15 of the Jan 31 10-Q:

18. Severance Accrual:

On January 20, 2023, the board of directors voted to terminate an executive officer. The Company has estimated the severance accrual and recorded $1.3 million other accrued expense related to the termination.

So they don't control the Board, but they may still have some sway with employees, who knows. I would think that, with time, any such loyalty from employees will wane as the paychecks keep coming in.

A negative possibility is one or both of the Stewarts could just hit the bid with their shares, but that would only be hurting themselves, so even though possible that seems unlikely.

One member of the Board is a lawyer, and the new CEO is a lawyer, so that gives me some faith that they've checked all the boxes on how to terminate properly. The terminations were done neither flatteringly nor vindictively, but with the minimum legal requirement -- mentioned at the bottom of an 8-K that in both instances was about something else. Didn't call attention to it; not even mentioned in a press release.

The two Stewarts combined own about 10% of the stock (close to 8m shares), and I guess my hope would be that the company and the Stewarts could agree to find a long term institution/investor to buy the shares and politely part ways fully.

We'll see how it works out.