Editorial Tropicana Forum–an independent news and information internet publication. December 30. 2020.
Today, 6 days before the Murex vote, an email to shareholders appears with an “unsolicited offer letter of intent” to buy the park from a company called MHM. The letter begins by thanking our board for “the opportunity” to distribute the letter to shareholders.
The MHM letter sent via email by our board was prefaced by a “Dear Shareholders” introduction signed not by our Co-op president, but by an employee— Clarice Campbell who suggests that shareholders might want to change their votes including a mechanism to reverse a proxy that was already submitted. Her note references “we” but who exactly are “we?”
Doesn’t it strike you as strange that this letter shows up “out of the blue” at this late point in time? Why does our board feel that they have an obligation to let an unproven and unprocessed stranger suddenly gain access and throw a major monkey wrench into our election procedures? The vote is now compromised.
We have known that there are other companies out there who might want to take a shot at making an offer for the Park, but we did not want to start a chaotic bidding war, so we agreed to act on Murex first, with a February deadline in 2021. We have understood that to defeat Murex on Jan 5 would likely cause us to subsequently look elsewhere for buyers, but only after a possible Jan. 5 defeat. The Co-op voted to continue with this schedule. No one voted to seek out new offers now. That letter should not have been sent out to our shareholders.
It seems certain that someone put MHM up to these shenanigans. Where was MHM during the entire one year process? And who among us are the enablers who made this fiasco happen today? Let them step forward and sign this letter.
Our lawyer didn’t want any part of this, so our board allowed this outrageous incursion to occur without another legal opinion at least. We have a procedure and a guarantee by Murex that their promises will be kept and rolled into a contract if we pass the vote.
Distributing this letter strikes us as unethical on the part of this “buyer” and on the part of our board which has just allowed an interloper to bring an unsolicited offer to take center stage.
Our board has acted in a outrageous manner to potentially compromise the fiscal lives of our shareholders who deserve a fair and unbiased procedure, as our investments are in the hands of the Co-op board, and, as with any corporation who looks afters shareholders investments, they have a fiduciary obligation to act responsibly and professionally, showing good faith and trust.
Now the well has been poisoned and the election compromised.
As for now, the board should decide to permanently ban MHM from any further dealings with the Co-op. An emergency meeting will be required, and the entire board should be dismissed.
Why isn’t our lawyer speaking to the shareholders on this matter? Has he no responsibility for this mess?
From the editors at TropicanaForum.com
December 31, 2020. 2:15 pm. We have learned that the Co-Op board today asked Brian Chase, the Co-op lawyer, to respond to comments made on Facebook and in our editorial opinion piece (12/30/20) on TropicanaForum.com.
You should know that in less than 24 hours, our TropicanaForum post received 541 “hits.” So it is clear that many people are interested in this situation.
All shareholders will receive Chase’s letter, dated today, and they can all judge the content for themselves.
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