Happy Anniversary? Today marks 6 months on the job for the “turnaround” expert. To date the sum total of his demonstrated turnaround abilities has been the shutdown of Star Touch (a no brainer if there ever was one) and added two expensive executives. Hardly the hallmarks of an action oriented CEO, but perhaps he is putting the finishing touches on his brilliant master plan as I type this. Acting with a sense of urgency has been a significant contributor to the downfall of Torstar. This pattern seems to be replicating itself with Boynton who is shackled to chairman Honderich who is clinging desperately to power.
My Open Letter to the Voting Trust was sent to all of the Voting Trust members, the independent lead director Linda Hughes and the CFO. If others out there sent a similar message perhaps the drip effect will cause some shift in sentiment with the Voting Trust with respect to the chair of the Board and Voting Trust. Better yet, they call Prem Watsa directly and beg him to buy the company.