You make a number of relevant points that strike with me about Rick Deurloo's resignation.
I communicated my concerns to Ross Love directly, because my initial reaction was one of it being quite damning. Without going into details I have accepted Ross' response as being quite plausible. And whilst Ross certainly indicated his disappointment with the resignation it appears to me that maybe there are a few issues that are also in play.
Firstly the Roberto letter specifically states: "We do not know what caused the final break" a reference to not being aware of the exact reason for Deurloo's resignation.
For some time I have been asking myself what would Rick Deurloo, a successful career aviation professional, with a full-time senior role at Pratt & Whitney, be thinking about the current board fight that he's been innocently become a party to. Certainly being in that position I wouldn't want to have anything to do with the company. Thus his resignation could have been expected some time ago. And this despite (or perhaps, because of) his friendship to some of the players in this debacle.
There is no doubt that Deurloo's full-time role at Pratt & Whitney, with an expanded brief in stepping up to his new role plus his former responsibilities, must have been a big part in his decision to resign. The very fact that the AGM/EGM communication by the Company was some time ago must indicate his minimal focus on SMN matters.
And I wonder what influence (pressure) Faillace may have put on Rick Deurloo. We know that Drake, from past experiences, is prepared to fight for its causes, and my personal view is Drake probably wouldn't stop doing anything available to achieve its end game. Drake is not the sort of Investor I would want on any Company I was involved in. And frankly, in continuing that reasoning, I shudder to think of what continued crap will come if Drake gets board representation. I'm already fed up with this destructive behaviour, I cringe to think it continuing for much longer, and certainly those wanting Drake on board is inviting a possible extension of the conflict until Drake achieves its own unwritten agenda. Most likely all retail investors, including current Drake supporters, will be fodder to irs cause!
Going back to Rick Deurloo again, I wonder what actual contribution into the future he may have been able to provide, notwithstanding his credibility and aviation experience. If he becomes increasingly busy with his Pratt and Whitney expanded role seems to me he would be far less able to contribute to SMN's future. And thus his resignation, whilst disappointing, may not be as bad as first thought.
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