When I said that the BoD may have engaged in wrong doings I was speaking about some of their decisions which may not have been in the best interest of the shareholders (share price).
1) By-Laws were established which protect the Board members from ever being removed. There are no term limits, no salary caps, and no easy way for the shareholders to change any of this. As long as Johnson, Felcyn and Faulk remain, they are the majority voters on the Board and unless an SEC attorney can advise us as to how or if this may be changed, looks as if we are stuck with them and their decisions. They can continue to make bad decisions regarding who to hire, how to run the company, the direction that it should take and how to spend shareholder money. We can continue to live with bad decisions or decide, as a group, that we can and should induce change.
2) In my opinion they have been irresponsible with shareholder money (with my money) and this is wrong.
examples: 3 separate lease agreements (from Wolf's post)
ASHM in Chicago
Poor hiring decisions re: CEO(s) and their severance deals
Lameter investment and subsequent divestiture
I hope this answers your question. Again, this is my opinion and I am sure that others on this board can provide a more extensive list of "wrong doings."
Regards,
Laurie