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Some supporting evidence in a letter from Blockbuster's shareholders to the company when it filed for bankruptcy. "Jim Keyes and all involved will be held acco
by ColinCochrane 12y ago
Some supporting evidence in a letter from Blockbuster's shareholders to the company when it filed for bankruptcy.
"Jim Keyes and all involved will be held accountable for their actions that led to this today," former shareholder, Niko Celentano, wrote at the time of the bankruptcy filing. "Jim Keyes and his BOD's have failed all shareholders in their fiduciary responsibilities due to them. Jim Keyes is the main reason Blockbuster is in this position today due to his denial of being in a business model that did not work anymore. If Jim Keyes would have seen the changes that were evolving in this industry in the past few years, Blockbuster would not have been in the courts today filing Chapter 11 bk protection.... Jim Keyes has failed in his job as CEO of Blockbuster and should resign immediately."
From http://www.thestreet.com/story/10886236/1/should-blockbusters-ceo-be-replaced.html http://www.thestreet.com/story/10886236/1/should-blockbuster....
- scintill76 12y agoArmchair investor here, but I get the feeling this is a person looking to blame someone. If it was so obvious that the CEO was incompetent or taking the wrong strategic path, wouldn't you have some better option than to wait for bankruptcy, then complain about how you knew it was going down the toilet all along? That article, and some other things I skimmed over, allege some more serious malfeasance, but this quote doesn't say "Jim Keyes has lied to us" or "filed fraudulent documents with the SEC" or something like that. I don't know much about fiduciary duty, but this statement doesn't seem to identify specific ways Jeff Keyes failed to execute the duty. He may have made some bad choices over "the past few years", but apparently this investor chose not to bail out. Why shouldn't he share the blame?