Board of Directors made a strange statements in their announcement on October 25th. We discussed it in our blog the same day and wrote:
"BOD even hints that possible litigation is coming. Are they set to fire one or more employees?"
Well, our prediction, unfortunately, turned out to be true.
On October 30th, the Board of Directors announced they have fired the Co-op's superintendent Bobby.
We strongly believe this action will cause an expensive litigation that all of us in the Co-op will eventually pay for.
The reason for the Board of Directors to fire Bobby was not disclosed.
Shareholders should demand the Board of Directors to explain their decision.
If no adequate response is published by the BOD, the shareholders should request a special shareholders meeting as allowed by the By-Laws.
Such request should be in writing by the shareholders of record of at least 25% of the outstanding capital stock (shares).
Exercise your rights! Demand answers from your Board!
Now, let us make another prediction here. We believe BOD wants to appoint one of the members - Iosef Gelfenboym - to become the next superintendent. That would explain why they fired Bobby.
Send us your questions and comments to CoopDoctor@gmail.com
Thank you.