If I was the doc, after I read through the first pragraph I would have hit the delete button and not given it any further thought. No disgruntled share holder is going to tell me what I should and should not be doing let alone derail me from my plan to make the company successful.
The letter is great. The only thing I would add to it is that we don’t know anything about CEO/COO transition. I don't care about Siam’s COO position, as I don't know anything about this particular entity. I don’t even know if it really exists. BUT!!! I invested in Alcar and knowing the name of the CEO is my BASIC investor's right. As ACMG investors we 're supposed to know the name of the CEO of the Co we are in. PERIOD!!! If they had not been able to fill the Alcar CEO position so far we're supposed to know the name of the acting CEO.