Message #243 From:
David Bodley Date: July 25, 2006 10:52:19 AM
Mr Huff MUST step down as CEO!
An open letter to the Board of Directors from a concerned stockholder.
During the recent Stockholders meeting, Mr Huff answered critics who have requested more frequent and more factual information regarding the Sanswire project. He argued that releasing statements was a difficult task because it needed to be cleared through legal channels as well as careful wording and a process to guarantee the accuracy of the statements. He also alluded to the necessity of being very careful to follow all the AMEX rules.
Shortly after that, he strode to the podium, apparently spontaneously, took the microphone and announced that the Stratellite would be float tested mid-July, just a few weeks away. It was known then that there were at least two obstacles, controlled by outside influences (the USAF and a materials vendor) that were not predictable and unlikely to be completed in that time. The statement appeared to be “from the hip”, unplanned and without consultation with anyone. Then, before the clear expiration of the target date, and just a few days before receiving USAF approval, he released the statement saying the goal would not be met, costing us more than a third of what was left of our share value, and causing action to begin to delist the stock from AMEX.
GTE would not have the possibilities it has today without his leadership, but Mr Huff's continued practice of making ill-considered statements has destroyed the companies value and credibility, and led to the AMEX delisting action.
Mr Huff MUST step down from the CEO position to continue leading the company internally, but with no access to public venues. Such a move would perhaps influence AMEX to desist from the delisting process, and stop the hemorrhaging of value.
If you agree, and are a stockholder, please email “investors@globetel.net ” and cc to t.huff@globetel.net. Include your real name if you expect any credibility, and state that you are a stockholder, but don't expect a reply. Be respectful in your comments, but you might use the subject, “Mr Huff, please step down as CEO”.
