merchant funds, page-2

I'm not too concerned with Chapman's blatant ramping of Dr. Aston, which is merely egregious and of little consequence.

I am concerned that Mr. Chapman, who is after all just a shareholder like I am, and not a member of the Calzada board of directors or part of Calzada's management team feels himself entitled to issue a statement like "...Calzada will be entering a period of change and consolidation..."

Really? Is Mr. Chapman in possession of information that has not been revealed to the rest of us? I suppose this statement could just be an example of innocent malphrasing, but I am not reassured. It's true that he gave himself an "out" by prefacing the thing with an obligatory "I feel..." but I must say in response that I "feel" that Mr. Chapman may have overexpressed himself in this instance.

I also "feel" that 2014 may well be a year of change for Calzada - or at least I hope that it is. But, I do not feel that I am in any way edified or reassured by the prospect of "consolidation," whatever might be meant by that phrase in these circumstances.

I don't think that this kind of statement is the least bit helpful, and I would hope that Mr. Chapman might consider taking a more constructive perspective, especially considering the fact that his fund is rather heavily invested in Calzada and would therefore have a vested interest in nurturing the company's future.