Ann: McGrath Limited Announces Appointment of New Directors, page-12

My view is that you have to look at this as a cautionary tale.
The McGrath story...
1. You take a successful business - making good money (and it did - prior to float)
2. Load up the board with investment bankers and financial engineers and not the people who understand the business
3. Focus on the math of the market and ignore the fundamentals of why the business is successful.
4. Create a culture of math not people and success
5. Drive away the most successful people who deliver sales
6. Sit around 18 months later and wonder why it all fell apart

I really like the old CEO being re-appointed. I think he gets the business and has the respect of the agents and grow the business back to a $2 share.