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Dear Members of the SPHC Board:
I've received a few replies to my inquiry about Cooper
Square. Mr. MacAvery and Mr. Mandelbaum acknowledged
the validity of my request for more information on
this issue. One Board Member, however, dismissed my
request for details saying: "Appropriate measures
have been discussed. Your interest is important and
warranted but does not require a play by play response."
To clarify, I am not looking for a "play by play"
response. I recognize the sensitivity required in
matters of finance, law and negotiation, and I appreciate
that Board Members maintain an appropriate degree
of confidentiality when engaging in such matters on
behalf of Shareholders.
However, this issue may represent hundreds of thousands
of dollars, and I'm afraid that the same lack of controls
that allowed these problems to occur in the first
place (and prevented them from being discovered as
they continued) may be preventing us from accounting
for and collecting what is due. In that context, as
a Shareholder, it is appropriate for me to seek evidence
that measures that are being taken (not just
discussed), and to press for a timeframe
in which substantive information — ie, how much
is due — will be made available to me. It is
appropriate, in my opinion, for our Board to deliver
such substantive information.
Respectfully,
Dan Strum
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