"Tell me why do you think our management so eager to disperse cash?"

Balance. They have cash to invest in other activities. They have more cash coming in in the future - right? You must believe that. So you try to grow shareholder value by investing in other avenues slowly and carefully. Not in fits and starts. And reward shareholders at the present time. Should ALL money be held to invest in an acquisition or jv? Then you'd be screaming that we shouldn't be putting all of our eggs in one basket.

Your cynical view (the new BOD person will be Swartz's puppet) says you have more than just slight concerns about management. And yes, that is my rebuttal to your concerns. Becuase if you want to take your original thoughts a little further, IT WILL NEVER END. Swartz will always be in control. Therefore, management will never change. Based on what you've posted, how can you come to any other conclusion. Now you answer me a couple of questions - what event do you think will happen that will replace management with someone who will be more to your liking? Also, how would you do things differently as far as growing the company?