By Heshem Gad, a convicted embezzler. And he's agitating for better corporate governance and lower board pay! Oh the ironies. That's how the current exec chairman got his cushy position in the first place.
Here's a report, you can find the link by googling.
"He may face deportation to Egypt because of a 2008 theft conviction, even though he completed two years of probation as a first offender, made full restitution of the stolen money, and former Superior Court Judge Steve Jones signed an order that exonerated him.
The U.S. Immigration and Customs Enforcement doesn’t recognize that exoneration, however, and because of his 2008 guilty plea, sees him as an “aggravated felon” and subject to mandatory deportation, according to Karen Weinstock, an Atlanta immigration attorney who represents Gad.
When Gad pleaded guilty, neither his attorney nor the judge explained to him that a conviction could lead to deportation, according to Weinstock.
“Judges basically tell people that if they enter a guilty plea it could affect their immigration status, but I’ve never heard a judge ask someone if they understood that if they signed a guilty plea they could be deported,” she said. “If the question was put that way, a lot of people wouldn’t have signed those pleas.”
Even Gad’s trial attorney, Edward Tolley, signed an affidavit in which he admitted that if he’d been aware that Gad faced deportation, he would have encouraged his client to take his chance at trial.
“In view of the fact that I feel that I failed to fully advise Mr. Gad and he relied on my advice to his detriment, that his guilty plea was not knowingly and voluntarily entered,” Tolley said in his affidavit.
Gad was charged with felony theft by taking for stealing more than $4,000 from Earth Fare — a natural foods store in Five Points — when he was the store’s marketing coordinator in 2004.
In an August 2010 letter addressed to “officers of the court,” Gad blamed his “stupid and selfish actions during the course of several months that led to this conviction.”
The problem is, even if he does get control of the company, it's still dead in the water. I expect big restructing charges/layoffs, which could cost more than $1/share. So that shaves cash down to $3, and the stock trades at $3. And many of these distributors (see PCMI) trade at less than cash. So I don't really see much value here.