PAI 13d SEC filing May 18thThe 13D filed on 5/18/09 PAI excerpts from another board posting
https://www.sec.gov/Archives/edgar/data/1...
See Exhibit N for the letter, which includes:
<If managed properly, Canadian Superior has tremendous opportunitiesin front of it. As such we propose to nominate for election a group ofindividuals whose personal and professional excellence matches thevaluable prospects we believe the Company possesses. We have assembleda slate of nominee Directors with the requisite skills and experienceto help Canadian Superior move forward. Our slate includes Kerry R.Brittain, Marvin M. Chronister, Randolph C. Coley, Dr. MichaelEnachescu, Dr. James M. Funk, Robert J. Hassler, F. Gardner Parker andDr. William Roach. These men are truly independent candidates who willfulfill key Board requirements, including: international oil and gasoperational knowledge; project development expertise; internationallegal and contract experience; Board audit, compliance, nominating, andcompensation committee expertise; and an expectation of overallcorporate governance excellence. None of these individuals is anemployee or an associate of Palo Alto Investors. The biographicalinformation of each nominee is attached for your reference.
In identifying candidates with appropriate expertise, we have kept inmind the Company’s position and opportunities, including WesternCanada, Eastern Offshore Canada, Trinidad, Tunisia/Libya, the UnitedStates LNG market, and beyond. We hope that you will recognize thealignment between our nominees and the requirements we have outlinedabove. We would be happy to answer any questions you have regarding thebackgrounds of our Director nominees.>
<As all shareholders are aware, the Company remains under creditorprotection as a result of its March 2009 filing under the Companies’Creditors Arrangement Act (“CCAA”) in Canada. We have no desire todisrupt the CCAA process and are committed to ensuring that current andprospective Board members appropriately manage the Board transitionwithin the context of the CCAA proceedings. Palo Alto Investors has infact worked diligently to support the CCAA process. Our initialdiscussions with the Board involved our suggestion of a rights offeringfor all shareholders to participate in refinancing the Company. When itwas determined that it would be difficult to find a backstop for alarge rights offering, we suggested debt or debt and equitycombinations, separate or in conjunction with assets sales. With thehigh likelihood now of potential asset sales to allow the Company topay off existing debt, we have continued to talk to financing partnersthat could provide long term capital after an emergence from CCAAprotection. We believe that by the Annual and Special Meeting ofShareholders scheduled for June 26, 2009, the Company’s plan ofreorganization will have been proposed to creditors and it will be theappropriate time for a new Board to start working toward thefuture.>