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The "Projects" Meeting, March 2, 2011

The March 2 meeting presented an overview and details of many projects. In particular, a great deal of time was spent discussing the fiasco of our hallways project (which seems to be well under control at this point and reaching its end), the resulting costs, and the "lessons learned".

One of the most significant questions came from a Shareholder who pointed out that a similar meeting was held to explain the window-installation debacle about a decade ago, and asked how "institutional memory" regarding the failure of the Hallways project might be retained to guide future SPC boards (Q&A:07:20).

Board President Margarett Jolly responded that "one of the things we've been discussing is producing a procurement manual that will lay out and sort of codify a lot of these requirements", and went on to say that such requirements could be integrated into our contract with management and even into our bylaws (Q&A:08:50). Aside from "discussing" the production of such a manual, there was no indication as to whether one would actually get produced.

Michael Tumminia also responded to this question in what might be the opening salvo of Campaign 2011, saying "It's also a function of electing directors who have certain profession experience... come June, we should be voting for people who have certain skill sets that are needed on the board" (Q&A:09:45). It should be noted, however, that there were professional lawyers and architects on the board throughout the time that the hallway project was being planned and implemented.

The main powerpoint presentation that guided the meeting is available on the official SPC site.

Audio files of the meeting can be found below. It is disappointing that our Board and Management are not diligently posting audio-recordings of our informational meetings on our internal site. Meetings such as this are important for more than the 40 or 50 shareholders who managed to attend, and publishing such information is important for informing shareholders, building institutional memory and weighing our voting decisions.