You can think Glen Hiner, former Chairman of the Board for bringing Mike Burns to the company. FACT - Burns ran GM European operations and the organization never made money during his tenure. If fact, after his departure to lead Dana, GM Europe went through massive reorganization. Glen Hiner is the real clown. Mr. Hiner was a protege of Jack Welsh at GE. He went on to run Owens Corning and he led them into bankruptcy. Granted, OC had significant asbestos liability. At one point in time, Dana's former BOD (DCN)consisted of 3 members that had led their respective organizations into BK. Glen Hiner destroyed this company behind the scenes through his appointees.
huh - so you're familiar with the existing management?
Funny since the entire BOD has only been in place since emergence and the most of the current executive committee had only been in place a year when Dana went bankrupt.
John Devine - 2008 Bob Marcin - 2008 Margot Hoffman - 2007 Ken Hiltz - 2006 Marc Levin - 2005 Nick Stanagem - 2005 Tom Stone - 2005 Ralf Goettel - 2005 Gilberto Ceratti - 2004 Paul Miller - 2004 Bob Fesenmyer - 2004
The previous Dana BOD, Burns, and Richter (former CFO) are culpable of egregious malfeasance and should be prosecuted by the SEC for false and misleading statements relative to the financial performance and outlook for Dana prior to bk...which was...positive, i.e., "we will achieve working capital reduction of $100 million; meet or exceed cash flow and profit forcasts for 2005.
All of this reafirmation through August 2005. And then.....you know the rest of the story.
It just crossed my mind! We sould stop looking over our shoulders at stuff we really can't do anything about and start looking at the future of this company.
Are the products viable down the line? How will they handle the debt? Does the company have the skill to get the products to market "just in time?" Can the company comply with laws governing the pensions? Will they quit blowing money on legal fees and high priced empty suits.....???