Ann: Board and Management Changes, page-62

@Sojourner what you've said is fair enough as far as it goes but you conveniently leave out the key details namely AC was getting paid on shareholder's dime, overwhelmingly in cash, and not sharing much if any of the pain of the underperforming stock price; and also he showed no willingness to bend and listen to shareholders who wanted different/new representation on the board back in late 2020 (the Doug Jendry episode). he also showed zero willingness to return capital from the first CPC sale, or accretive buyback shares - an idiotic decision, really, in the face of a negative EV at the time and one that only spoke to his desire for empire building over proper capital allocation.

and even if we were to grant that many of the issues facing CVN were external and not necessarily his fault, the fact remains, this entity is not properly capitalized, or properly costed, to get credit from the market as a one-asset junior in this kind of market. he never realized (or more likely he did, but wanted to keep his personal gravy train going and hence didn't cop to it and sell the company). just because he personally may not have been fully responsible for the predicament CVN finds itself in now, it doesn't mean he's right to keep the company independent if there is no credible market value without it being sold to a larger entity.

especially when he's presided over a gargantuan destruction of shareholder value whilst getting paid all along.