SitNews - Stories in the News - Ketchikan, Alaska


Cape Fox Corp. Lack of Respect for Shareholders
By Marilyn Blair


July 12, 2010

TO: CAPE FOX SHAREHOLDERS, Once again the Cape Fox Board of Directors are showing their total lack of respect for the shareholders! They reschedule our annual shareholder meeting two days before its scheduled time and the only notification we get is a sign on the Saxman Community Hall and don't even get a reason why! Last year they rescheduled all the way into October and that was because of the audited finacial statements.

In my opinion, this is the worst board in the history of Cape Fox Corporation.(CFC) Though I do have to stick up for the board members who try to do things properly but get voted down while trying. Which board meeting minutes would prove if we could get our hands any of them. They don't answer shareholder petitions. Two years ago myself and another shareholder asked for board meeting minutes from the past several years from a board member who worked in the office (and still works in the office today) and never recieved anything to this date. Where are the Board Minutes? Are they lost or missing? Who is in charge of keeping those records? We know as shareholders we have a right to any information we ask for from CFC and keeping any information from us is wrong and deceitful and causes reason for distrust.

For years shareholders have been asking for individual financial information of board members who work for the company or it's subsidiaries (subs). We know Clifford Blair works in shareholders services receiving a monthly salary. Albert White has been employed in Alabama for what was one of CFC's 8(a) contracters? Now we find out he is also working for another one of our 8(a)subs making thousands more per year. SO, they make monthly board member fees and are also making monthly salaries that they refuse to disclose to us. If you think about it, they must make in one month more than we get in dividends per year! Sealaska discloses this information about their board every year, AND anytime we ask for anything from them, they ignore our requests and do not return our calls.

If CFC in 2008, is making close to $225. million and employs 625, all that Mr. White keeps bragging about, why haven't our dividends grown significantly and why aren't any shareholders working in any of the 8(a) subs like we were promised? Oh, wait a minute, I almost forgot, Albert is working for one of our 8(a) subs. If there are any others, how many and who? If you look at the annual report closely you will see that all those millions of dollars goes right back out in expenses. Who is really profiting from CFC and its subs.

I think it is time we shareholders stand up and make a statement to these guys! We know we can't trust them and we can't get any info or answers out of them. So let's NOT vote them back in as board members anymore! It's time to say no to people who do not treat us with respect. Let's show them that we shareholders matter and we have rights that should be respected.

Marilyn Blair
Ketchikan, AK

About: "Was a Cape Fox Board Member for over 15 years and am a Origional Shareholder."

Received July 11, 2010 - Published July 12, 2010


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