ReBuild LL – A Proxy Fight to Boost Growth and Profits at Lumber Liquidators › Forums › General › Director Famous Rhodes › Reply To: Director Famous Rhodes
Good work. I’ve only spoken to customer service and to the proxy fight guys we hired. I’d probably lose it if I got into a discussion with anyone actually responsible for LL’s past three years. But anything short of verbal (and of course, physical) harassment is justified by the terrible job this board and management has done. It’s not just the poor business results, or the fact that their results are worse than all their competitors, (except maybe TTS which at least pays a dividend, and hasn’t resorted to slashing pricing yet). And it’s not that the board is complacent about those poor results. It’s the fact that they tolerate repeated decisions that harm shareholder interests. From not giving a statement on an unexplained drop like yesterday’s, to deliberately misleading statements about legal problems in an investor presentation, to funding a proxy contest with individual shareholders using shareholders’ money, this board has walked right up to the legal limits. If they were short, or working for shorts, and wanted to provoke another lawsuit this board wouldn’t act any differently. Individual shareholders have opposed lawsuits because of the cost and interminable depressing of the stock price. But as the price goes lower, and this management appears to be tenured for life, a shareholder lawsuit can’t do any additional harm or further delay real action that will never come from this management.