NEW YORK, NY / ACCESSWIRE / September 27, 2017 / Earlier today, Ephraim Fields, of Echo Lake Capital, issued the following letter to certain members of the Board of Directors of Command Center Inc.:
To:
John D. Stewart - Board Director of Investors Real Estate Trust
Frederick Bubba Sandford - CEO of Command Center
John M. Schneller - Town Councilor for Bedford, New Hampshire
J.D. Smith - Owner of Real Estate Investment Consultants, LLC
Richard Finlay - CFO of BNB Builders, Inc.
As longtime shareholders of Command Center Inc. (OTCQB: CCNI), we are disappointed, but not surprised, that you have once again taken steps to further entrench yourselves and protect your generous paychecks while further limiting the rights of CCNI's shareholders.
Recently, you amended the company's bylaws to make it even more onerous for shareholders to submit Stockholder Proposals. Among other things, the amendment provided shareholders only approximately one week to submit a proposal for the 2017 shareholder meeting. We fail to see why this amendment was necessary or why it was in the best interests of all shareholders. We also note that in what we consider to be a cowardly, inexcusable and non-transparent move, you waited three days to publicly file the amended bylaws, which made it even more difficult (but clearly not impossible) for shareholders to submit a proposal for the 2017 meeting.
Your decision to amend the bylaws follows your decision earlier this year to cancel the annual shareholder meeting that had been scheduled for May. As we noted in our April 13, 2017 letter to you, we find it inexcusable that you canceled the meeting and, to make matters worse, provided shareholders no justification for your actions.
Considering how poorly CCNI's stock price has performed during your tenure, don't you have better things to do with your time (and shareholders' money) than to take steps that further limit shareholders' rights and further entrench your positions?
We believe you have repeatedly failed to uphold your fiduciary responsibility to act in the best interests of shareholders. In addition, we believe you lack the appropriate industry and public company board experience. Furthermore, we find it disgraceful that despite your many years of Board service, most of you own very little CCNI shares (besides those that were given to you as compensation) so your financial incentives are clearly not aligned with those of other CCNI shareholders.
Based on CCNI's poor performance, we wonder what exactly each of you has accomplished and contributed during your tenure as a Director and why you think shareholders should support your continued service. We believe any reasonable person would agree that a more qualified and incentivized Board of Directors could easily create significant shareholder value at CCNI. Your failures at CCNI (and elsewhere) deserve further scrutiny.
Sincerely,
Ephraim Fields
Contact:
SOURCE: Echo Lake Capital
ReleaseID: 476326
