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Magnetek Inc. Message Board

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  • magconcerned magconcerned May 10, 2005 11:31 PM Flag

    Quality guy

    Tend to agree. Must be an extremely incompetent BOD not to even have a back-up plan and revert to a Board member to run the company. Good point as to his relocation and commitment, anyone else have specific facts as to how he will "manage" the organization? Hard to project the next quarter when MAG will post a positive EPS, given that Boren was as responsible for the historical decisions as previous management, sort of have to expect more of the same.

    Does the company get a refund for Galef's service fees for the previous 20 years if BK is the final solution<

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    • ...Well if this guy's as ineffective as you suggest it sounds like they may be moving towards a BK solution and simply want the ol CEO out during the process to avoid a potential conflict of interest. After a BK situation you don't need a very active CEO...What you need is a figurehead with no ax to grind nor material conflict of interest. The Trustee and the team of attorneys together with the BK Judge make all the major decisions outside of normal day to day operations...

      • 1 Reply to fghton
      • You swing from elation last night (wasn't there one comment about how today would be "woo hoo" exciting?) to dejection tonight. Be patient, folks. After all, the last I looked, to qualify for BK, your liabilities had to exceed your assets. And who, seriously, thinks BK would be in anyone's interest. Just wait for the (eventual) announcement of the settlement. It may happen this week, or it may not. As I said in several prior posts a couple of days ago, the devil is in the details, and these things often require several rounds of reviewing the release, the press announcement, fine-tuning the payout details, etc. That's why I was surprised by Squid's comment that it all was nailed down last Friday. I still think you should look to RIMM for guidance. Once the uncertainty is removed, the stock should find equilibrium at a price nearer to 20% below it's trade the day before the award was anounced. In my opinion (and just my opinion), that should be about $3.20 ($4 X 20% = $.80; $4 - $.80 = $3.20). The award, after all, was 20% of the market cap when the stock was at $4. It's not rocket science.

        Good luck to all who entered in the low 2's.

        I bought a puny 300 shares at 2.21 and I don't plan on selling anytime soon. However, I don't plan to buy any more either.

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