bly seeing in the context of shareholder value, page-14

greyhound,

Your frustration with management's apparent lack of honesty and incompetence is understandable.

However, I am a bit more philosophical: I think BLY's share price woes stem almost exclusively from a structurally flawed business, to start with.

I think that the only "crime" of the current managment and board is to have done very well out of the company, while shareholders have been lain waste.

I suspect the current executives have been doing their best, but even the best management team in the world would not be able to run this business in a manner that would create value for shareholders.

As the saying goes: "When you put good managers together with a bad business, the bad business will always win in the end."

Best always

Cam