My Vote is inMy 20,000 shares have gone to the current board.
The 'deal was sealed' at the end of last week when I got my proxy information in the mail. After reading through both packages, the vibe I got from FF’s offering was nothing more than a 3am marketing gimmick. Front Four could have been taken from the title and replaced with George Foreman Grill.
Granted, it was nice to see and read about the companies they ‘saved’ and their resulting huge returns. What I want to know and read about though is the number of companies they tried to infiltrate and either nothing happened, or the company(ies) still ended up cratering into the ground. Any organization can seem like God’s gift to mankind if you only tell one side of the story, i.e., all the best and successful turnarounds and fail to mention everything else. The Mutual Fund industry is horrid for this, they sell their funds based on past returns and only include those best-performing funds in their marketing campaigns.
What I was also aggravated with was the regular use of ‘may’. All of FF’s proposed changes are based around this word. I am not willing to overhaul RPL again with nothing more than this, that is, nothing remotely close to a guarantee. Like their own circular said, HOPE is not a plan, and it’s exactly HOPE that will be needed putting another team in the driver’s seat, FF or not. Yes, I understand that there are no guarantees, so what I want is high-likelihoods since FF nor the current BOD can guarantee anything.
The particulars of FF’s proposed changes have been beaten to death, I’m not getting into those.
What I want, what I’ve always wanted, is an outright sale. For me, this is more likely to occur keeping the present BOD in charge since they have been dealing with all the confidentiality agreements, data room information, counterparties, etc.
I’ve seen on this board voting against the BOD because they don’t have skin in the game. To a point I agree with this. However on the flip side, it can also be argued that they don’t have skin in the game, so why would they go out of their way to see the company fail through direct and planned negligence, to either ruin for further ruin their own reputations? FF is an opportunistic leach – don’t think for a second that they care about the average shareholder. They are an example of a glorified pump-and-dump that needs a high return for its own high-worth clients so they as a company don’t experience huge redemptions and go bankrupt. The old management team at RPL perhaps could be charged with this statement also – I understand this.
As I’ve said in other posts I do think the current BOD is taking way to long and RPL name-erosion is occurring, so let’s call it a lesser of evils of who keep in charge.
If nothing else, let’s try to keep RPL as Canadian as we can.