A Question that needs to be asked at the AGMA question for the upcoming AGM that I can't ask but needs to be asked.
Dear Mr. Honderich,
In your capacity as chair of both Torstar and the Voting Trust, I have the following question:
I have detailed an estimate of the value-destroying initiatives sanctioned by the Board and the Voting Trust over the past 20 years. It may be high or low in some cases, but it is directionally correct in every respect. This estimate does not include the significant costs associated with hiring and retaining incompetent CEO’s and CFO’s that have lined their pockets during and upon their departure from the company (with more to follow). The list is as follows:
1. EYE Weekly/ The Grid - $5 million.
2. Transit Television Network –$20 million
3. Black Press - $15 million
4. Weekly Scoop $ - 4 million.
5. CTVglobemedia –$95 million.
6. Workopolis -$14 million.
7 Shop.ca - $10 million.
10. Harlequin Estimated unrealized value lost $300 million by selling well after optimal timing.
11. Star Touch - $24 million.
12. VerticalScope. - $90 million
13. wagjag - $5 million.
14. Metro - $60 million
15. Olive Media - $2 million
16. Sing Tao - $5 million
17. iPolitics - $1 million
Total Realized Value Destruction - $650 million
Total Estimated Value Creation - $0 - ?
Since June of 2007, the Voting Trust has collected $109,251,060.00 in dividends (Note - stop to catch your breath). Those who sit on the Board have also collected million in director’s fees for presiding over the value destruction of more than $2.4 million in market capitalization (More breathing exercises required).
With the dividend now suspended, cash being rapidly depleted, a sham transformation strategy in place, shares trading at or around $.40 and less than a year and a half left of your control do you (the Voting Trust) intend to leave gracefully or will the next AGM the final appearance of this Board and the Voting Trust before they are shown the door?
MW