The stock of XLS is a defacto non-cash bonus train for insiders. They incent the insiders so heavily with stock at -$0- cost outside shareholders support the non-cash bonus. It's a real shame that the Board of Directors is so stupid and overpaid to correct the situation but Melcher pays them so much they don't want the gravy train to end. Look at board compensation in the proxy. They are paid way too much as is Melcher.
Seems to me that XLS has inept pension fund management. I have almost never heard a CFO explain underfunding related to a "asset" taht imploded. What is the story at this company??? Fire the pension manager and seek restitution for mis-management. The Board of Directors had better act or I smell grounds for a shareholder suit for lack of oversight.