Don Miller is not a leader or a visionary. He was appointed to the position of CEO at $BRS to take the company through Chapter 11 reorganization. If it wasn't clear on 03/01/2019 when Miller was appointed CEO, it became much clearer on 04/15/2019 when Miller basically threatened a wipe out of Common shareholders and unsecured creditors.
"...Additionally, all of our indebtedness is senior to the existing common stock in our capital structure. As a result, we believe that the restructuring our indebtedness and the confirmation of a plan that has requisite stakeholder support under a Chapter 11 proceeding could cause the shares of our existing common stock to be canceled, resulting in a limited recovery, if any, for holders of our common stock, and would place holders of our common stock at significant risk of losing all of their investment in our shares. Additionally, certain of our consolidated subsidiaries have a significant amount of secured indebtedness that is senior to our unsecured indebtedness. As a result, we believe that the outcome of a Chapter 11 proceeding could result in a limited recovery, if any, for unsecured noteholders and certain other unsecured creditors...."
Don Miller was CFO at $BRS for about 7 years in financial positions. He is the person responsible for this:
"...We have identified a material weakness in our internal control over financial reporting, which could, if not remediated, adversely affect our ability to report our financial condition and results of operations in a timely and accurate manner, investor confidence in our company and the value of our common stock...."
Don Miller is not an outside party stepping in with a fresh perspective. He is in large part responsible for the collapse of $BRS. While not the CEO a couple of months ago, he had years to warn people of these material weaknesses, and remediate them.
Don Miller should resign as CEO of $BRS along with the others that GVIC called on to resign.
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