Expo Holdings Inc. (EXPH)

[Santa Barbara Broker]

zealously is an interesting choice of words .. i'm not sure what is missed since i've never *extolled* one person to buy one share and have clearly articulated that all with concerns should always wait for clarity

Hardly a day passes without a reference to your constant bids to buy more EXPH shares. I find myself at a loss to describe a more obvious "indirect" method (as I stated) of promoting confidence in the company's stock. Just as "waiting for clarity" before purchasing EXPH shares is a hard sell when the author clearly demonstrates by personal actions there is no reason to wait to buy whatsoever.

but i have and do as mgmt executes to me .. they did so in the spring of 2009 when mgmt converted all their pref'd shares to common meaning they share the pain and gain :)

execution came with the CC in july 2009 re: ETC
execution came with ETC's launch in sept 2009
execution came with *survival* post ceo of WW's passing
execution came with CIMA's acquisiton
execution came with holding 2 annual SMs' (dec 2009/sept 2010)
execution came with websites and shareholder updates

The only thing that management has executed that has proof is common share sales. Possibly their own as it would appear that preferred shares carrying a huge multiple of voting weight are controlling all major decisions previously requiring a vote by common shareholders. And these endless common share sales to the tune of over 200% dilution in 2010 alone have come during the period when a good bit of this purported "execution" is alleged to have taken place. Of course nothing beyond a simple announcement of intent may have ever taken place at all. While ETC was indeed launched, it's initiation was surrounded by deceipt and misleading information neither starting or ending with the cancelled dividend conveniently tied into the "stock manipulation" conspiracies soonafter, lol. WW passing when viewed strictly in context and stood up against similar "excuses" does more to document a failure to execute on EXPH's part...always utilizing and attributing reasons for their endless failures to something new that is "beyond their control". CIMA's "acquisition" (or rather the hiring of BC employees) was nothing more than a loading up at EXPH's G&A feeding trough of another 14-19 hungry mouths where insufficient funding existed to service those already taxing them. I firmly believe this horrendously timed and irrational act, which I attribute more to JD Brown legitimizing his Messianic folly of needing to be worshipped as NC's cabinet industry employee "savior", led more than anything else to the current toxic death spiral of financing. All in all, your list of "executions" in my assessment being the exact anthesis...the quintesessial list of failures to execute. Several of which will undoubtably be looked back on as the final actions that led to EXPH's collapse. IMHO.

SBB