13 thoughts on “The Price of Poor Governance”

1. They don’t understand the words ‘Fiduciary Duty’ with respect to the shareholders. Getting wealth at our expense is all they care about.

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2. these crooks are simply taking shareholder money and trying all means to put that money in their own pockets… these clowns should be put into jail PERIOD

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3. Are these shares the company “bought back” and instead of cancelling, handed them out to the directors?

   Call me naive, but I didn’t even know you could DO that before encountering TPL. I thought bought back shares were automatically cancelled. But I guess that would be too rational.

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4. What allows them to acquire shares at zero? Stahl and Oliver decided not to participate at zero? Or were not allowed to?

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   • They just vote themselves ‘stock compensation’ instead of ‘stock options’ which they would have to buy at the option price.

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5. Has anyone gone through the form 4s or other docs to ascertain if any officer or director has bought stock with out of pocket cash?

   If so, any answers?

   Hugh Stephenson Dallas, Texas

   Build His Kingdom, whatever it takes.

   >

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6. 270 shares (valued over $half million) doled out to 5 invisible, dead weight directors. Have any of these five shown any backbone to stand up to Barry/Norris/Glover in the name of responsible governance and shareholder interest? I would love to know how the decision was made and who was accountable for suing Stahl and Oliver, using shareholder money, in a case so weak they will surely not prevail.

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   • Well said.

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   • When companies hire board members they tend to want poodles, not pitbulls.

     -Buffett

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7. Prior to the next annual meeting, all the ‘independent’ directors need to go on the record about their votes on A) the dilution matter and B) the attempt to hide it as an innocuous split in the proxy documents. Speaking for my miniscule holding, those who voted ‘for’ have some serious explaining to do.

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8. I am here great comments as well as complaints (valid). What can we do as shareholders now? Are you just there “little bitch’s” until the next annual meeting?

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   • Write a letter!

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9. Please correct me if I’m wrong:

   * The declassification if the board was successful, no?

   * If so, won’t these self-serving directors ultimately be replaced? Doesn’t it seem like the majority of shareholders will vote accordingly?

   If both of the above are true, then proper management and governance will eventually prevail, no?

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