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Black Diamond, Inc. Message Board

  • tex7779 tex7779 Mar 16, 2010 8:31 AM Flag

    Here is what does not make sense here - looking for comments

    Anyone who has followed Kanders understands that Kanders' career and life is built around making deals. On balance he has been quite successful in particular as it pertains to Armor Holdings. Since then, however, his star has clearly dimmed quite a bit.

    For instance, in 2009 he finally conceded to the BOD and management of Federal Signal. He took a major position, lobbied for becoming the CEO, was rejected, then launched a proxy fight, but then finally gave up.

    Unluckily for Kanders his most recent records wrt to Clarus and others, caught up with him so that the Federal Signal BOD leveled all kinds of accusations against Kanders in their proxy fight with him.

    Here is an excerpt.

    << WARREN KANDERS – A REJECTED CEO CANDIDATE
    AND DISSIDENT STOCKHOLDER –
    WITH NO PLAN AND NO IDEAS TO BUILD VALUE
    × WE BELIEVE WARREN KANDERS WANTS BOARD SEATS AT
    FEDERAL SIGNAL TO IMPOSE HIS SELF-SERVING AGENDA
    • In 2008, Federal Signal’s Board considered and rejected
    Kanders as CEO candidate
    • Shortly thereafter, Kanders embarked on a disruptive
    publicity campaign in an attempt to discredit Federal Signal
    × WHILE WARREN KANDERS IS QUICK TO CRITICIZE
    FEDERAL SIGNAL, HE HAS PROVIDED NO PLAN AND NO IDEAS
    TO BUILD STOCKHOLDER VALUE
    × WARREN KANDERS HAS A TRACK RECORD OF INSTALLING
    DIRECTORS WITH LONG-STANDING TIES TO HIMSELF
    × WARREN KANDERS’ RECORD OF STOCKHOLDER VALUE
    CREATION IS INCONSISTENT
    • Kanders has presided over decreasing stockholder
    value at a number of public companies with which he
    is or has been involved
    × WARREN KANDERS’ #1 PRIORITY IS PAYING HIMSELF
    • Kanders has extracted approximately $6.5 million
    from his affiliated companies >>

    What is truly ironic here is that, though the FSS shareholders voted with the existing management and BOD, that turned out really bad for those shareholders as the share price of FSS basically collapsed soon after the shareholder vote as the market recovered in general but lately has recovered some of that.

    http://finance.yahoo.com/q/bc?s=FSS&t=1y&l=on&z=m&q=l&c=

    Thus, to the extent that Kanders lives for these deals, he really needs to bring the Clarus story to a successful closure soon. To do otherwise will simply relegate Kanders to being a washed out has been that no-one will take seriously in the future. Is Kanders willing to take that risk.

    I wonder.

 
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