Ambler Snackman has been used.
I think he has been used by Wave in this whole affair. Many have asked why Wave has not reached out to the shareholders via a letter or some sort of release. It happens other, companies have done it. For whatever reason Wave has choosen not to. Wave is very aware of these stock boards, and has said as much publically. This also means that they realize those holding a vast majority of the outstanding shares frequent these boards. For better or worse Snackman is looked upon by those in this community as the face if you will of these boards. His ability to contact Steven- the dinner a few years back only cements this-wether he wants to believe this or not. By reaching out to the board- it dosen't matter who initiated the contact- through Snackman, his status would be enough to guide enough votes one way because of the block of shares collectively held here. I think this may be what Lee had hoped after the reaction was so heated and vigorously debated once it was released. I think this was purely damage control. I still feel this will be defeated. This isn't sitting well with a lot of shareholders and the reasoning given paired with the lack of trying to contact All shareholders, not just those on the boards, don't pass the sniff test for many. The unfortunate thing is that I feel that this episode is only going to alienate more shareholders and foster a new era of distrust of those steering the ship. An arguement is had about the monies that would be spent to redo the proxy. I know there is a cost to do the PP's as well- the cost to Wave in 2006 alone was over 1 million to place these pipes. The price of not doing anything is going to be far greater and resound far longer than any cost associated with getting this right in the eyes of the shareholders.
Dave
