Slicked and Slabbed, the Barbarians are at the gates: Slabbed peeks inside the world of shareholder derivative lawsuits as we take a closer look at Transocean and the disaster in the Gulf

Amazing what one can find buried in financial filings at the SEC website. This is from a stock in liquidation:

Kwaku O. Kushindana, having a mailing address of…….Baton Rouge, Louisiana……., owner of 10 shares of EDCI common stock, has notified EDCI that he intends to present the following proposal at the Annual Meeting. As required by SEC rules, the text of the proposal and supporting statement are included below exactly as submitted by the stockholder. EDCI is not responsible for the contents of the proposal or the supporting statement.

Stockholder Proposal

“Hereby, that Kwaku O. Kushindana of Louisiana be hired as an Independent Consultant (based from Louisiana) to insure the rights of disaffected concerns (i.e., small shareholders, small firms doing business with EDCI, women & minority owned firms, gay & lesbian entities, artists under the purview of Entertainment Distributions Company, Inc, small retail stores, etc).

Further, that named person receives a three year contract during the winding down period of EDCI which would include a salary, plus expenses to insure the fairness of this process to all disaffected concerns.”

(Disclosure: I am long this issue. Cavet emptor)

The above is an example shareholder exercising his right to petition the ownership with a proposal. In this instance it is of the completely self-serving variety.  As such it represents fodder for big business shills like the folks over at the Competitive Enterprise Institute which is a front for Bermudian reinsurers and other business interests.

Along those lines and since a shareholder has the right to petition the ownership there is an entire class of investors known as activists shareholders who endeavor to change bad corporate governance from the inside out. And that brings us to the opposite, or forced change from the outside in, taking the form of shareholder derivative lawsuits. On Continue reading “Slicked and Slabbed, the Barbarians are at the gates: Slabbed peeks inside the world of shareholder derivative lawsuits as we take a closer look at Transocean and the disaster in the Gulf”

Gentleman start your attorney! Phil Bryant may not smell oil on the coast but the bar smells money. Slabbed updates the Oil Spill.

This post has a little something for everyone as the media frenzy on BP’s little mess is exceeded only by the feeding frenzy of the legal profession as seemingly every ambulance chasing lawyer in the nation has descended upon the Gulf Coast like a swarm of locusts. And we have some video for those folks that are wondering what the heck Jefferson Parish Council at large members John Young and Tom Capella are doing these days besides suing the blogosphere as it appears they are hunting a new washed up celebrity to pal around with as their boy Steven Seagal is currently out of the picture (due to recent accusations involving making a staffer his sex slave during filming of reality TeeVee show). Well, either that or they are cuddling up with the managing partner of Wendell Gautheir’s old firm, John Houghtaling, hoping they can finagle a redo of the Pan AM Flight 759 crash from 1982 when then Kenner mayor Aaron Broussard managed to steer the boys at the Gautheir firm the lion’s share of the after crash legal work. Lets begin with this Channel 4 video of a washed up Kevin Costner, the gang from Jefferson Parish and Costner’s contraption which he claims will cure the slick:

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more about “New Orleans News, Local News, Breakin…“, posted with vodpod

So with much of the gang in Jefferson Parish accounted for let’s shift over to New Orleans City Business and Ben Myers who covered the attorney problem a bit over a week ago: Continue reading “Gentleman start your attorney! Phil Bryant may not smell oil on the coast but the bar smells money. Slabbed updates the Oil Spill.”

Former Exxon Employee to BP: You guys suck!

Don’t take my word for it though. Nicole Dow has the skinny for the Sun Herald:

Gulfport resident Wilton Marble said he’s shocked at how BP and government officials are handling the oil spill cleanup.

Marble knows about cleaning up oil spills. He worked as a safety director for the Exxon Valdez cleanup in 1989. Continue reading “Former Exxon Employee to BP: You guys suck!”

The "fix" was in before the spill as Slabbed introduces its readers to the Oil Pollution Act. (Formerly titled "Class action? BP wipes its ass with class action.") Updated

OK boys and girls, courtesy of a reader, I’m happy to illustrate why I ran that Alexander Pope quote in yesterday’s fishing story post in the Oil Pollution Act. As per normal it is the fishermen that cut to the heart of the matter so lets hit Rod and Reel and join the discussion as user BMiller enlightens the board:

In response to concerned,

You are correct. Under OPA, there is a 75 Million dollar liability cap which does not include clean up costs (they still have to pay that). So claims of charter captains, fisherman, property owners who suffer economic loss will be affected by the cap. It makes me sick. What happened is the oil industry lobbied to have that put in when it was being passed after Valdez. Scum bags considering they make billions quarterly. Continue reading “The "fix" was in before the spill as Slabbed introduces its readers to the Oil Pollution Act. (Formerly titled "Class action? BP wipes its ass with class action.") Updated”

Slicked and Slabbed News Miscellany: Pressure grows on BP. Changing "our way of life even more profoundly than anything we have seen before, even the great storms."

Dambala over at American Zombie has taken to the streets, or in this case the bayou with video camera in hand documenting the impact of the oil spill on the fishing community in Barataria. He takes BP to task for those self-serving settlement agreements:

I spent Saturday interviewing (video) some folks in Barataria whose livelihood is about to be wiped out. One of the shrimpers I spoke with showed me this agreement and told me what happened at the BP Meeting last Friday when BP tried to push this asinine contract on our fisherman.

Stay tuned for Dambala’s footage which he says will be posted here around Wednesday.

Editilla over at the Ladder is all over the unfolding disaster. Having gained a second to think this morning I took his friendly advice and hiked over to Firedog Lake and this article by the Scarecrow on a Halliburton presentation from last year which explained the challenges of sending concrete “down the hole” in the deepwater environment. Continue reading “Slicked and Slabbed News Miscellany: Pressure grows on BP. Changing "our way of life even more profoundly than anything we have seen before, even the great storms."”