The three board members not up for re-election have been unwilling to commit to the proposed Chapter 11 Liquidating Plan and disbursement of the sale proceeds to us, the former owners. There is a blatant and growing animosity between them (the dissidents) and the three board members that voted for PHG and achieved the sale of the ranch. With the board hopelessly tied, 3 to 3, and with the possibility that the three negative board members could gain a majority by electing one new board member, it is time to recall all board members and start fresh.
At each board meeting the dissident Directors’behavior has become increasingly disruptive and dysfunctional. At the most recent Board Meeting on Saturday, May 18, 2013, one Board member, Greg Maizlish announced his intention to file a lawsuit naming individuals who served on previous Boards. We don’t need another malice-inspired lawsuit further depleting and delaying the distribution of our sale proceeds! We need to take action!
This Board must commit to the Liquidating Plan if approved by the court, which provides for an independent Trustee with the expertise to implement the provisions of the plan and complete the disbursement of proceeds. The Board must immediately approve a motion that WSRA funds shall not be appropriated in support of legal action against prior Board members. Failure to support these two positions shall constitute cause to petition for recall of the Board in its entirety.
