Since our last update, much has been accomplished by LKMforwawrd. We have met with legal counsel, The Seiden Group, and counsel drafted a letter to the Board and its Legal Counsel which set forth a reasonable and expeditious path to resolve this matter. After waiting the requisite 48 hours for a response from the Board or its counsel, we have not received a reply to our good faith proposal (see attached letter).
Despite this non-response by the Board proper or its counsel, we have received formal support from several Board members who recognize the reasonableness of our proposal and their respective fiduciary duties to all shareholders. We are gratified by this support, and continue to reach out to all Board members to join these members in upholding their fiduciary duties to all shareholders and quickly resolving this matter pursuant to our proposal. We should also note that our published share count does not include any board member shares.
While we continue to believe resolution at the Board level, as outlined in our letter, is the resolution that quickly ceases continued damage to the company and its shareholders; we are prepared to pursue shareholder requisition rights as discussed in the letter and our previous posts. We again call on the Board to evaluate its duties to all shareholders and resolve this matter before the necessity of further legal action is required.