We feel the new CEO will not have the power to lower expenses enough to make the company profitable because the Board of Directors is comprised of the same individuals who failed to prevent the problems that began in 2005.
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Santa Fe, NM (PRWEB) October 23, 2008
Nick Levis, CEO of NSL Capital, has issued a letter to Tandy Brands shareholders urging them to vote the Gold Proxy Card.
Investor who holds 5% of Tandy Brands Common Stock, Nick Levis, says, "We are impressed with Rod Mcgeachy's qualifications, however, we feel he would have a better chance to save the company given the current state of the economy if Tandy lowered board fees and rental expense as well as other overhead that is unrelated to headcount. Frugality, in my opinion, is the cornerstone to any turnaround story -- especially when the economic times are as worrisome as they are today."
In NSL Capital's last two letters to shareholders, the discussion focused on implementing cost cuts. "I feel the first step is lowering board pay and lease expenses. I am sure these suggestions have made me unpopular in the short run at the company, but given the present perilous times we face, drastic action is necessary for survival. We all have to sacrifice in this environment," says Mr. Levis.
Mr. Levis said, "I believe I have the experience to aid in this turnaround having advised on the sale of private businesses, having helped place capital with several companies, and having relevant experience investing in financial markets. Survival today depends upon a program of forceful expense reductions. Who is going to save this company -- the same board of director members who have lost significant shareholder capital?"
Mr. Levis continues in the letter, stating, "We feel the new CEO will not have the power to lower expenses enough to make the company profitable because the Board of Directors is comprised of the same individuals who failed to prevent the problems that began in 2005."
The shareholders are the true owners of public companies, points out Mr. Levis, who says, "If I am elected I plan to help reduce overhead by urging the new CEO and Board to reduce overhead by at least five million dollars per year by working to implement lower convention, travel, lease, legal, and compensation and other SG&A expenses. This step will provide immediate aid to the company's turn around."
Mr. Levis concludes by saying, "Please Vote the GOLD PROXY CARD. Please note all holders of record should have received a proxy statement and the GOLD PROXY CARD on Monday or Tuesday of this week. Please call me directly if you have any questions relating to voting your shares. The fastest way to vote for NSL Capital's Nominees is to log onto http://www.proxyvote.com and enter the control number located on the GOLD PROXY CARD which arrived in shareholder mailboxes Monday (Oct. 20) or Tuesday (Oct. 21) of this week."