You may have already seen this earlier today was communication from BQ to Charles Yahoo board.
Yahoo message board posted by Charles where BQ sent email or text to Charles around 11am 918/23
Well, at last we have a message from Mr. Bill Quirk. He shares his perspective on these latest developments below:
Dear HDC Shareholders,
Upon further reflection, I now believe the conclusions I reached in my recent email below (italics) were completely wrong. Why?
I just didn’t think this through enough because I missed an essential human factor that came into play following George McGovern’s passing. Specifically, I failed to take into account the possible motivations and circumstances of two directors who control HDC, one an attorney and the other a family member, and a likely heir. None of these had anywhere near the emotional, reputational, time and ego investment in HDC as George McGovern. With his passing, the directors were thrust by force of circumstances into his role at a critical stage. And why on earth would they want to spend another considerable portion of their lives with this albatross around their necks. There is also the non-trivial matter of an Executor who has no emotional investment in all that happened in the past seven years, doesn’t know and doesn’t care about HDC investors, has zero appetite for risk and whose sole fiduciary responsibility is to the estate. If I were that executor, I would say, “Show me the money, now”!
(To be continued in subsequent post due to file size limitations).
Quirk continued) And if so, the necessity of eliminating risk and maximizing current cash value for an elderly principal heir, Mrs. McGovern, could easily lead to what is essentially one family’s decision to cut an irrevocable deal with Intel right now and simply ignore Venning and deal with him later. Because HDC's insiders have absolute voting control, they can make that decision with impunity. And Intel will happily pay a pittance now rather than go to trial with Venning as CEO where they would unquestionably lose big time, possibly including triple damages. Intel jumped at the completely serendipitous chance to dodge a bullet and is completely in the clear: they have a legal deal with a legally elected board and did it without pending litigation. And Venning? He dismissed his suit against HDC directors some time ago. He is permitted to refile if he wishes but that fight, if he chooses to wage one after this fait accompli, is with HDC, not Intel.
So, distilling all this: we, the Shareholders just got slighted, big time. And we can’t do a damn thing about it. I have no idea what the deal is but the deal is already baked and done. There won’t be any renegotiation, period. The contingency lawyers will take their cut off the top (likely a really big bite), the few insiders get something like 40-ish%, and we, Dear HDC Shareholders, get slim pickens'.
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