In the conference call to announce the proposed merger with NM the management of NM stated that NM would show significantly improved financial results for the quarter ended 12/31/97. VVTV stated that they had seen the numbers and that, yes indeed, NM was already turning around. This was the entire justification VVTV management used to rationalize the deal.
Well, the numbers are out and by all measures except EBITDA (which is not a commonly used measure of performance in the retail sector) the results point to a continued decline in operations. The 3rd quarter loss widened, they failed to come close to the few remaining analysts projections and there is no suggestion that a turnaround is near.
VVTV management should be ashamed and embarassed of their public representations.
This merger must be stopped. The deal must be killed.
Does anybody out there have have any suggestions on how to proceed with a proxy fight to kill this deal? Are lawsuits a viable option?
The company can be liquidated for almost $6 a share. If the deal goes through we will be left with nothing.
Management and the board of directors do not have the stockholders best interest in mind. We must protect ourselves from them. If anybody has any suggestions please post them. If it appears there are enough like minded investors I will be glad to post my E-Mail address and assist in organizing the opposition in any way I can.
Management only owns about 13% they will come begging to he shareholders to approve the deal, they are going travel everywhere to meet with anyone they can.
So just vote NO if you want this stock to be worth anything or if you want to give some charity to the NM shareholders then vote yes. NM is worth nothing without VVTV. Just remember there was no annual report last year or a shareholders meeting. The SEC or the NASD will not have to look any deeper. This is just some friendly pay off. FIGHT BACK . We are the owners