Post by
flyinghi on Mar 24, 2011 11:04am
News Release
So Total Telcom states that it believes: " the attempt to take over the current BOD is a GUISE and self serving attempt to drain the cash reserves and dilute the company shares."
I hope that our long suffering shareholders show up at the meeting and ask why would this be? The committee is not taking a salary and is spending its own money trying to help the shareholders of TTZ. And STOP the draining of cash not add to it.
How exactly would a new Board (independent Board) lead to a cash drain and ahhh SHARE DILUTION?. It is irresponsible statements like this that cause me even more concern as to my investment in this company, which is already down 80 %. And we pay Magrath $150,000 a year to lose money??
I fail to see the logic that because the incompetent exisiting self serving BOD has approx 5 million shares that this equates to share value. If so why have we gone from $4.00 to 6 cents?? Why does this mean that they are "aligned with its shareholders"??
Give me a different Board thanks.
The committee has nothing to gain other than a gain in the value of TTZ's shares. The committee has the full support of the 2 members of the Board who resigned in July due to frustration of the management and their concern that the Board was not acting in the best interests of the company or its shareholders.
One resignation stated that
"The reasons I am resigning include my belief that the management of the company is incompetent, fails to fully inform the Board of Directors as to business opportunities and that the CEO is failing to act in the best interests of the shareholders."
More later.
Comment by
suave41 on Mar 24, 2011 5:21pm
uh....okay. TTA, TTZ. wrong board?