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Magnetek, Inc. Message Board

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  • magconcerned magconcerned May 10, 2003 2:54 PM Flag

    Turn around sentiment again!!

    MAG is not in play. Perhaps if the BOD had terminated Galef and set a new direction some party might be interested. Even that would be a stretch, as there is no indication the company can generate a profit. The Board -- Lawrence, Boren, Cross, etc., are comatose at best. To allow a septegenarian with no product knowledge to run the company is gross negligence. More than fully valued at the current price.

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    • Agree. How many quarters of successive losses does it require prior to the fiduciaries to make changes. Apparently, profit performance not a criteria the board embraces.

      • 1 Reply to tropism1
      • Please send resume and a cover letter on what you can bring to the table. This company is a 5 Million dollar company now. If you can bring in accounts you will make lots of money for along as the company buys. No BS. This company has very low noise 2mv, Very small in size and value added service. Reliability and price is the key. Made in San Jose CA. The whole US is open for the right person who is hungry for big $$$$.
        Contact: VP of Sales

    • >The Board -- Lawrence, Boren, Cross, etc., are comatose at best.


      Go read what I just wrote on the LARS message board. I can't speak to the others, but Mr. Lawrence is used to being the CEO that can do whatever the hell he wants, because he is the chairman too, and the spineless board is in his back pocket. ADAP went bankrupt while Lawrence made it out with $42M, a tale not quite of Enron proportions but certainly within the spirit!

      Now it seems he gets to experience it from the other direction, namely, he is on the board and in the back pocket of the CEO! Based on history, I'd look for your CEO to figure out an exit strategy that makes him millions. When your CEO "goes on to pursue other opportunities" (ha! ha!) it's time to sell, the company has months left at most.

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