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Friday, February 11, 2011 1:26:27 PM
Dean did an abysmal job (for shareholders) as CEO, and should be taken to task for stealing stockholder money.
As far as I can ascertain: Josh and Dean (not Jeff) were legitimate board members at the time of Jeff's coup. So how did Jeff get elected CEO? By self proclamation? That process is very unclear to me. Not that it is necessarily a bad thing, Dean needed to go, but there are defined ways for that to happen. Were those utilized? I can speculate, but details of how that occurred have not been forthcoming.
A BOD is elected by shareholders, not resurrected from the ether on a whim. The BOD is responsible for appointing the CEO; this process should not happen in a vacuum.
Jeff (or just about anyone for that matter) can probably do a better job than Dean as CEO, but that does not give him the right to take that position without following protocol. I am not convinced that Jeff's motives are altogether altruistic, or that he might not have been involved with Dean prior to the takeover. Go back and read some of his earlier posts. He was a strong supporter at one time. I'm not sure that conceding 75% of the stockholder's equity to obtain some undisclosed share of a non-public, non-reporting, company that no one has any way of knowing ANYTHING about would cut it anywhere but in stinky-pinky land.
Time will tell...GLTA
"The wise man questions the wisdom of others because he questions his own, the foolish man, because it is different from his own."
--Leo Stein,
American art collector and critic
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