election of director - gerry pauley , page-5

It appears that the Hofmeister loan was poorly secured, and Hofmeister did not put any money into the purchase of the engineering division...........unless we elect Pauley to the board it is unlikely that shareholders will find out the details of the loan to Hofmeister and the reasons why it has now been written down.

in any case it appears that the directors have not looked after shareholders interests as this is non-core to the runing of the business and clearly CMI should not be in the business of extending loans to 3rd parties.