I can't tell you how incensing [Kenneth] Scheriff's and [Jeffrey] Franklin's giving away the store to Horowitz with 2012 bonus pay was. I posted the following comparison on the Yahoo message board, and I would hope that you would share this comparison with all directors. [link redacted]
I am, frankly, appalled, that you and [the other bonafide independent director] would countenance this kind of outright RAPING of the shareholders of P&F Industries by Mr. Horowitz, and his cronies. Messrs. Scheriff and Franklin have absolutely no credibility, integrity, or self-respect as fiduciaries, when they would grant Horowitz such morally larcenous compensation. Basically, the lowering of Horowitz's base pay became a "shell game" for Scheriff and Franklin, where they could "pretend" to cut Horowitz's pay, while continuing to bestow inappropriate largesse on someone who they are quite apparently 100% beholden to.
P&F's governance will continue to be viewed as fetid and corrupt, as long as this kind of corrupt transference of shareholder wealth continues to be perpetrated. It seems the more things change at P&F, the more they stay the same. You have a brazen, shameless, and unaccountable CEO, who quite obviously "controls" certain board members. This is not operated as a bonafide public company.
No member of this board can countenance the compensation Horowitz received in 2012, and maintain their self-respect. Period.