SitNews - Stories in the News - Ketchikan, Alaska


RE: Cape Fox Corp. Lack of Respect for Shareholders
By Eric Trout


July 26, 2010

TO CAPE FOX SHAREHOLDERS: Marilyn Blair's letter is just another attempt to twist the issues while protecting her real personal interests. We all know there are two types of politicians, the ones who tell the truth and fight for what's right, the other politicians who twist the issues to benefit their own personal interests. Marilyn has been in the Cape Fox Board room for over 15 years I would say she has a history and experience in twisting issues.

Marilyn Blair states, Once again the Cape Fox Board of Directors are showing their total lack of respect for the shareholders! I highly doubt that the Board of Directors (BOD) are deliberately disrespecting the shareholder body and I'm sure the BOD did everything they could to notify shareholders of the meeting cancelation in the short time frame the BOD had. I'm also sure there is more to the story and the Board will fully disclose all information once the Board has had the opportunity to do so. Keep in mind this was pulled together over the last weekend and it must be a serious issue to cancel the annual meeting and not put out an immediate discloser. Yet before allowing the Board to properly respond, Marilyn Blair makes accusations and comments in her letter which lead me to question her motives.

I know Albert White and know his history on how he grew up in the community representing Saxman as Vice-President of the Saxman IRA and Vice-Mayor of Saxman City Council and now the Chairman of the Board of CFC. I also know Albert worked for CFC for over 14 years before joining the Cape Fox Board only to follow an opportunity to Alabama leaving his family behind for two years before his family was finally able to join him in Alabama. Four years later Albert White who had been working independently for CFC with a company named SESI accepted a new job with NLCF rejoining the Cape Fox family only to be criticized by Marilyn Blair because of all his hard work, dedication, and skill set weren t the reason he was offered the job. All you have to do is look at the accomplishments and lifestyle choices Albert took and it s no wonder he is succeeding today, not much can be said for the spin master still looking out for once again her own best interests. I can also say Albert misses his family, friends, and community; but Albert left for a greater cause to bring jobs back to the community of Saxman eventually. Albert didn't know fully what he was getting into but knew it wouldn't be easy, Albert's sacrifice for the shareholders of Cape Fox and the community of Saxman is one big example of many selfless acts by Albert for the best interest of the Corporation, Community, and Tribal Organization.

Marilyn also goes on to claim monthly Board salaries are not disclosed, well if she took the time to read the CFC proxy statement she would see it was disclosed last year and this year just like Sealaska!

The rest of Marilyn Blair's letter goes on to bash Albert White and make points that are meant to be politically twisted so you see a glimps of information to make a decision. Well if that is what kind of picture Marilyn Blair wants to paint, let me paint a picture of Marilyn Blair for you.

Marilyn Blair was on the Board of Directors for 15 years and in those 15 years she:

  • Supported the purchase of an art collection even after being warned by Sealaska NOT to purchase the collection. A collection of which most artifacts sit in boxes today and is a debt the company could have done without
  • Supported the purchase of barges which the company did nothing with and eventually sold
  • Supported the purchase of a Naval ship which again the company did nothing with and eventually sold
  • Supported the purchase and remodel of the Market Place in Ketchikan which is up for sale today
  • Supported the purchase of George Inlet Cannery which loses return on investment hand over fist

Not to mention and this is the kicker She also worked in the offices of CFC while sitting on the Board to which she criticizes today, talk about hypocrisy!

It's no wonder dividends aren't bigger today, Marilyn supported ideas that the current Board are paying for today. Just think the list above is just a snap shot of the 15 years of bad choices she made.

It's obvious Marilyn hasn't gotten over the loss of her Board seat some years ago and has been the puppet master for several members of the Board who follow her; to which she praises. Marilyn's era had a chance to use millions of dollars to invest in the areas the Board is making money in today, instead Marilyn supported bad ideas and a mountain of debt to hand over to the future Boards.

The current Board is actually fighting to turn things around from the mess she left behind. I believe the current Board is recovering some of the worst Boards ever from the past.

I believe the Current Board truly respects the shareholder body; Marilyn can continue to try to paint the picture of disrespect but where was Marilyn's respect to the shareholder body when she was President? Hypocrisy I tell you! I believe that the growth and continuation of the Corporation is what's important, not dollar amounts.

Eric Trout
Saxman, AK

About: Saxman resident for 35 years.
Saxman IRA Council Member
Cape Fox Shareholder

Received July 21, 2010 - Published July 26, 2010


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

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