Board Changes

[Anonymous]

Okay, EC is out or soon will be. JC will not replace his dad as chairman. These are steps in the right direction But have you read the rest of the agreement struck with Coppersmith? Coppersmith will get 3 board seats by May. For those 3 seats they have agreed on many things including they will not attempt to influence the board or the management in it operations for a period of about 2 years. In other words the Coppersmith board members get 1000 shares of stock every time the board meets and for this they agree not to do anything to manage the current Conmed management (led by JC). This allows JC to continue to miss his numbers, go to Florida for the winter, promote his wife's book, etc. without any influence or management from the board. That's the same deal the hacks from Utica had who are not running fro re election. The primary responsibility of a board member is to influence the management of the company. This deal just continues more of the same for 2 years. This deal is like saying OK you caught us, so we are going to construct a new structure, which is the same structure, only with a different coat of paint. I'm surprised this is legal. Where is the SEC, or other Federal agencies. This is the most anti shareholder, pro management arrangement I've ever seen. You have to give it up to the Corasanti's for being brazen enough to even come up with something like this, let alone go public with it.

 

[Anonymous]

Not sure of all the corporate twists and turns to come, but is is possible that this agreement is only with Coppersmith? From what we have seen already, it is doubtful that VOCE will just roll over and play dead. And there are other groups that have filed with the SEC. One can only hope that this is the beginning of the end for the morons of Mohawk Valley.

 

[Anonymous]

Okay, EC is out or soon will be. JC will not replace his dad as chairman. These are steps in the right direction But have you read the rest of the agreement struck with Coppersmith? Coppersmith will get 3 board seats by May. For those 3 seats they have agreed on many things including they will not attempt to influence the board or the management in it operations for a period of about 2 years. In other words the Coppersmith board members get 1000 shares of stock every time the board meets and for this they agree not to do anything to manage the current Conmed management (led by JC). This allows JC to continue to miss his numbers, go to Florida for the winter, promote his wife's book, etc. without any influence or management from the board. That's the same deal the hacks from Utica had who are not running fro re election. The primary responsibility of a board member is to influence the management of the company. This deal just continues more of the same for 2 years. This deal is like saying OK you caught us, so we are going to construct a new structure, which is the same structure, only with a different coat of paint. I'm surprised this is legal. Where is the SEC, or other Federal agencies. This is the most anti shareholder, pro management arrangement I've ever seen. You have to give it up to the Corasanti's for being brazen enough to even come up with something like this, let alone go public with it.

Don't forget 2 more years of Bill A. in Fla all winter, 2 more years of Joe D (anyone seen him lately), 2 more years of Sean M. 2 more years of declining market share, revenues, and morale, 2 more years of the rest of the "family" members roaming around telling everyone they own the company, 2 more years of making the EPS numbers by cutting hundreds of employee's and not by sales growth etc. etc. etc. Can you stop and think for a minute what the value of this company will be after 2 more years of this group running the company? Maybe the goal is to continue to have Joe C. run the company into the ground without any influence from the board, and make it into such a mess that no potential buyer will want it in 2 years. Then all the "family" members can continue to run it after the 2 year "stand still" agreement has expired? That must be the objective here!

 

[Anonymous]

Don't forget 2 more years of Bill A. in Fla all winter, 2 more years of Joe D (anyone seen him lately), 2 more years of Sean M. 2 more years of declining market share, revenues, and morale, 2 more years of the rest of the "family" members roaming around telling everyone they own the company, 2 more years of making the EPS numbers by cutting hundreds of employee's and not by sales growth etc. etc. etc. Can you stop and think for a minute what the value of this company will be after 2 more years of this group running the company? Maybe the goal is to continue to have Joe C. run the company into the ground without any influence from the board, and make it into such a mess that no potential buyer will want it in 2 years. Then all the "family" members can continue to run it after the 2 year "stand still" agreement has expired? That must be the objective here!

Not sure if we can derive that it will mean 2 more years of same old same old. Need to wait for the complete agreement regarding exactly what "standstill" means. This will be included as an exhibit on Form 8-K, which will be filed with the Securities and Exchange Commission.
Once that is posted we should have a better idea of how things will roll out. My guess it is designed to keep the new Board from starting to sell off divisions in the near term. Linvatec would be a very likely early target given the acquisitions that Stryker and other ortho companies have been announcing lately.

 

[Anonymous]

We question the wisdom of these choices,” referring to the new board members named, J. Daniel Plants, managing partner of Voce, said in a Feb. 27 letter to the ConMed board.

Voce had earlier suggested different board appointees and said the nominees named in the Coppersmith agreement “cast significant doubt, in our view, as to whether this was the result of a genuine assessment of the quality and fitness of the Board’s designees or simply an effort by the Board to depict itself as responsive to shareholder concerns while attempting to insulate itself from the possible election of our nominees.”