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| Mar 28th 2008, 16:16 Arnaud Villota |
An Open Letter to The CEO of SLCAPEX | |
| Bo, you accuse me of having an agenda. I have no agenda. You accuse me of wanting your job. I don't want that either. I wouldn't know what to do and even if I did, I still wouldn't want it. It is a tough job and it takes a tough person to fill it. You are such a person, however tough also carries the responsibility of reasonableness and understanding. These are qualities that I personally see lacking in your latest behavior. I would be willing to forgive these indiscretions as stress, but, imo, you have gone beyond that. You have halted YEP and MECH for good reason according to SLCAPEX rules, however...... You have implied with flaming posts that neither have ever posted financials in over three months. This is a flagrant lie. They have posted financials, though incomplete,they have posted them. Let me use YEP as an example. As you know YEP came over from WSE. A wise move in my opinion. When they came over the only requirements for financials was the income statement. A balance sheet was opitonal. They complied. When Arb took over and you became CEO the decision was made to provide GAAP compliant financials. Ok, no problem. Did anyone from SLCAPEX ever sit down with YEP or any exisitng CEO to explain the new rules, or did you assume that all CEO's would read every post that came from you or SLCAPEX personally? I truly believe that YEP had other things on their plate other than attach themsleves to every post that came from SLCAPEX. Yet YEP continued to file every month, on time, an accurate financial statement and paid dividends. Some of the highest actually and consistenly. Unless you or a compliance officer actually had a ONE ON ONE with YEP concerning the rule change, SLCAPEX really has no ground to stand on. Maybe that explains the lack of enforcement since SLCAPEX took over. I remember when Skyranger was the compliance officer, you fired him after a month or so because he wasn't doing his job. So if he wasn't doing his job then how can you assume that he spoke with all CEO's about the new rules and/or pointed out deficiencies in reporting and/or point them to the applicable rules for conformance? YEP and MECH asked for your help, you didn't give it. You thought better to flame them privately then publicly. You told them to hire an accountant. They did. The best in SL! The very same accountant that you would have used to approve their financials. Yet when they resubmitted with the accountant's blessing, you still found something wrong. You have basically said that SL's best accountant isn't good enough. Yet you worked with that accountant for over an hour to get things straigtened out, and still found time to flame danielz. The legitamate quesiton is asked, why couldn't you spend that same hour with the CEO's when they asked for help in the first place. I beleive that you have wasted more time slamming the CEOs of these two companies in public than you would have spent helping them out in the first place. As Sando said in a another forum, this is not conduct expected of a leader of a first class exchange such as SLCAPEX. I will state it publicly, that if such behavior on your part or any other officer of this exchange continues, I will personally vote my shares in YEP and MECH or any other stock that I own, for a move to another exchange or go private, if it ever comes up in a shareholder meeting. This behavior is inexcusable from a leader who everyone looks up to and trusts that they are leading a business in the right direction. It is also frustrating to a common shareholder to see this kind of thing going on for no apparent good reason. I will repeat this post on the YEP and MECH forums as well. Thank you for your time. |
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