Mayfair DogfightI have been following the dogfight between Muddy Waters and Mayfair and would like to offer the following observations:
1. This is a classic junior mining fight between two groups of thugs, each of whom want to loot a company, and both of whom are not aprticularly trustworth.
1. Muddy Waters appears to be right in their assertions that the current board of Mayfair has gorged itself on options and salary boosts. History is on their side as the Chairman, the CEO and others on the board have a long history of abusing sharesholders and enriching themselves. They are basicly the classic Vancouver mining thugs who think that shareholder capital is theirs and that they have no responsibility to the investing public for protecting capital. Certainly, half the board and the chairman should be fired. In that, I agree with Muddy Waters.
2. The problem is the board slate that Muddy Waters has suggested. All of them are MW personnel. So, I ask, if we vote this new group of thugs in, what is to make sure that they won't do the same thing? Given MW's track record, I would be loath to trust them to do the right thing.
So the question is, which group of thugs to trust? My guess is neither.
My suggestion is that the board be reconstituted as a five person board with the current board appointing one, Muddy Waters appointing one and the three new, truely independent directors be appointed. One of the new directors should become chairman.
Just a thought