I'm not saying you said anything wrong here, but really I think what bothers people is how big of a deal people are acting like this thing is.

The hedge fund that wrote the memo owns 5% of our stock currently and only spent $11M on it. There are a lot of funds/inverstors that own more. What they have isn't even close to enough to give them a seat on the board.

For some reason this letter was filed with the SEC (it dosen't legaly have to be) and a press release was issued. Most are guessing it's all to create buzz, they just want the stock price up so the fund manager doesn't loose his job.

Here is a story:

Frontier had a private equity firm buy enough stock when they started up to get them a seat on the BOD. Every meeting they showed up and said they had no confidence in management, they wanted a new CEO, and a new development plan, and yada yada yada. Sam Adams just laughed it off and a few years later they sold their shares and left quitley, and F9 went on to grow and be fine.

The point is letters and protestings are generated on behalf of shareholders every day and forwarded to publicly traded companies all over. Recieving one is as meaningful as one grain of salt, when was is published and filed with the SEC it still means nothing - this time is just grabs everyone's attention.

 

...ummm...anywho...I got the job by the way...

...so, GO ME!

 

Nice congrats!!

 

Thank'ya Captain!