Ann: Letter to Shareholders, page-17

My read on this is:

Greg Camm oversaw the $1b+ write off of Super Partners technology upgrade. He made the decisions which proved to be fatally flawed. He has very little understanding of technology. Further, he has no experience in micro caps.

He has appointed a new CEO, WITHOUT GOING TO MARKET. This is a BIG issue. He has appointed another senior banker with essentially the same background as him. How can he accuse Michael of nepotism!! This is blatant jobs for the boys.

The board appointed Egon Zender to do a search AFTER they had already appointed De Luca. Nothing but a smokescreen.

So now we have a Chairman AND a CEO who are ex bankers with no Tech company experience, no mirco cap experience and importantly NO offshore experience between them. So essentially no skills relevant to the company.

The fact the board are happy to air the dirty laundry to support their case is a disgrace. They clearly don't care about shareholders just themselves.

This is nothing but a clash of ego's which should have been sorted out behind closed doors. It is hurting their market perception with clients and is already costing them new business.

Either way shareholders will be the losers.