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Message: Re: Dissent vs. Voting No.
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Mar 23, 2011 08:57PM
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Mar 23, 2011 10:59PM
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Mar 23, 2011 11:40PM

I've been reading posts here for the last couple of months, but had to sign up just so I could respond to Item 4 of this post.

We need to stop wasting our time and energy complaining about securities fraud, manipulation, breach of fiduciary duty, etc. I come from a law background and I can tell you it'd be extremely difficut to prove fraud, price manipulation or breach of fiduciary duty with the evidence we have here. Save your energy / complaining. Like it or not, we're probably stuck with Daniel Major. Finskiy controls the board... and the board chooses the CEO, so like it or not, Daniel Major is here to stay. While I have no doubt that Finskiy is manipulating CMM's share price, and Daniel Major only cares about Finskiy's bottom line, we can't do much to stop them.

There is an obvious breach of fiduciary duty here. Peggy Kent entered into a legally binding Shareholder's Agreement with Finiskiy and there were two key provisions that were violated and the BOD did nothing about it.

The first was the composition of the BOD was changed to give Finiskiy control over the Board so that he could implement his agenda and the second was the BOD did not enforce the provision that Finiskiy was to provide up to $15 million in working capital on demand. Instead we entered into bridge loan agreements with WTG. This was a serious dereliction of duty.

We need to have the two existing CMM directors step down and four new ones appointed, including an independent Chairman so that this group appoints the CEO - not Finiskiy.

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