Filed under: Management, Activist investing
Robert Falcone, CEO of Nautilus (NASDAQ: NLS) has sent a letter to the company’s shareholders. He urges them to support the current management team, oppose Sherborne’s efforts to give the board of directors the boot, an also outlines some of the steps the company is taking to turn the company around.
Mr. Falcone owns 25,000 shares of the company — an astoundingly pathetic .08% stake. Sherborne owns about 25% of the company.
In his letter to shareholders, Mr. Falcone writes the following, in capitals:
“SHOULD ONE SHAREHOLDER’S NOMINEES CONTROL NAUTILUS?”
Perhaps not… But isn’t that at least better than having Nautilus controlled by people with no stake in the company?
Sherborne Investors should show up at the annual meeting an recite this speech from Gordon Gekko: Substitute Nautilus for Teldar Paper, and it’s the exact same situation,
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