Although little information was revealed about the five individuals selected to have voting interest in the restructured asset management entity one important point not revealed in the original filing is David Etkind is the partner in the law firm of Echtman & Etkind, LLC. Both attorneys represented Buttner/Value Line against me in my "failed" arbitration. Echtman appears to have filed bankruptcy after billing Value Line/Buttner over $400K in legal fees. Remarkably, later I discovered the JAMS arbitrator, Ms. Vivien B. Sehlanski's husband, Dr. Michael L. Shelanski, (1) worked for and reported to Dr. Herbert Pardes, a then Value Line Board Member. (2) the arbitrator's husband's research program received a large grant form the Arnold Bernhard Foundation in 1999 of $100,000 3) and had close educational and professional ties to the defendant's son, Dr. Edgar A. Buttner and of course there were other things. Shelanski, of course, was required to disclose this but did not. Since Ms. Shelanski has absolute immunity, there is little I can do. However, if any one is threatned with legal action by Value Line/Buttner please contact me and I am sure I can help. Recall, Buttner and Henigson invoked their constitution right not to provide testimony to the SEC for a reason. They essentially have 3 choices when tesitfying under oath 1) not remember/recall 2) tell the truth 3) take the fifth 4) faint. Lying is not an option and Buttner, Hengson, Brecher & Ecthman know why.
It purports to routinely report the results of the company's annual meeting and election of directors.
Further on in the Form 8-K, however, it discusses the EULAV disposition. In that discussion, it states that
"One of the proposed trustees and non-controlling shareholders of the asset management business originally selected by the independent directors from among more than half a dozen interviewed candidates, David Etkind, has determined that he does not wish to serve as a trustee or a shareholder of EAM. The independent directors of teh company will promptly seek a replacement."
This is really spectacular as the gift keeps on giving.
There also is a discussion of the process that the Board went through in determining to structure the disposition of the asset management business in this fashion.
It now appears to me that the endgame plan is in sight.
The company will move the asset management division into ownership by others purported to be "independent" but among whoom are people such as Mr. Elkind, described in an earlier post as one of Mrs. Buttner's attorneys.
After the transaction is completed, I believe it is Mrs. Buttner's intention to take the remaining operations of Value Line, the publicly traded company private.
Only time will tell if my supposition/suspicion is correct.
However, the November 4th deadline for her dispose of all of her shares of Value Line is fast approaching.
I read the filings on the settlement. It seems to me that, it didn't require Mrs. Buttner to dispose her stake of the Value Line Inc, instead, it only barred her from any involvement in the asset management or broker-dealer business. So Mrs. Buttner can still get involved in any operations of the rest of the Value Line's business. In other words, she can still serve as CEO of value line any time if she likes.