Wow! This is great stuff...for soap operas.
Not for corporations.
Couple of interesting points:
1) Hip Hop Don Jackler (who is described in this document as a 'large shareholder' - um, can you say 'conflict of interest'?)was on the scene back in October of 2006, complaining about LW. Who was it that was trying to pin the Stonebridge Debacle on LW? That was Skolnick, folks - after LW was long gone. Plain and simple. Read the report.
2) There is now a filing at the SEC, generated by an internal investigation, reviewed by counsel, and certified by none other than Malcolm himself that states plainly that Malcolm lies when it suits his purposes. - "Even though Dr. Skolnick specifically asked Mr. Wunderlich to attend, he opted to instead 'go fishing.' With Mr. Wunderlich being conspicuously absent from the luncheon, Dr. Skolnick explained away Mr. Wunderlich’s absence by making excuses. In this regard, Dr. Skolnick told the visitors (colleagues of Robert Hydeman, a major shareholder), who had driven in from Ft. Worth, Texas, that Mr. Wunderlich was ill..."
Holy crap. They actually just published this. With the SEC. That's impressively bad.
3) They engaged LW's wife (again, say it with me: 'conflict of interest') then fearing that this was going to become a public issue, severed their relationship with her despite an agreement. "Elena Wunderlich, his wife, was a real estate agent. Mrs. Wunderlich had entered into a contract that entitled her to substantial commissions at the time of closing. Much to Mr. Wunderlich’s dismay, however, those commissions ultimately proved to be elusive. When the board of directors gathered on October 23, 2006, it formalized a decision that carried heavy adverse financial repercussions. Specifically, the board decided to 'take Elena Wunderlich off the contract as representative' so as to preclude her from obtaining a 'commission to avoid any possible conflict.'" This is some serious Three Stooges stuff here, folks.
4) Malcolm was going to sell some of his stock? But didn't want you to know about it? Malcolm was going to retire? But didn't want you to know about it?
I've never been happier to have unloaded a stock in my life.
If you think the SEC is done with this, think again. No CEO that had this crap take place on his watch is going to pin this on "the fired guys" and walk away clean. I mean, is LW looking good. Um, no. But they didn't fire him until he challenged the CEO? That says a whooooole lot, and none of it good.
Scary, man. Scary.
