Apparently tired of leadership that has steered a once-mighty company into chaos, bankruptcy and interminable reorganization delays, a group of shareholders has finally had enough. More than 300 individual Blockbuster shareholders, claiming to represent nearly 70 million shares of class A and B company stock, have filed a motion to hold a meeting in which BB’s current board of directors will be replaced.
From the “no confidence” motion:
“Prior to bankruptcy, Blockbuster had turned down the request for a shareholder meeting for re-voting on the “class conversion & reverse [stock] split” measures required to maintain the NYSE listing . . . Shareholders believe that the board had demonstrated incompetency in managing the company and estate.”
You’d likely find few people who would disagree that Blockbuster’s board has “demonstrated incompetency” during the last few years. Will cleaning house at the top be the drastic measure this fallen giant needs to start on the road to recovery?
(via Home Media Magazine)