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Vancouver, British Columbia, January 19, 2023 /CNW/ – Today I officially resign from the Board of Directors of Thunderbird Entertainment, the company I helped found 12 years ago. Thunderbird remains the only public company board I’ve ever served on, after I decided many years ago to dedicate the majority of my time to philanthropy and served as co-chair of the International Crisis Group.Out of my admiration, I remain on Thunderbird’s board Jennifer McAllen’s Leadership, the respect I have for the rest of the management team, and more importantly because we are executing a smart growth strategy sets us apart from many of our peers.
Thunderbird’s growth has been steady and responsible. Year after year, earnings have grown phenomenally, the company is debt free, and generates free cash flow. Content buyers love the quality of the work, and thanks to Thunderbird’s impeccable reputation, the company continues to forge new relationships. I firmly believe that Thunderbird is on the right path to grow into a major content provider by expanding their IP.
Recently, hedge fund shareholder Voss Capital, LLC launched a proxy contest to replace our entire board with individuals who I believe have far less expertise in content than the current board members. From the negotiations that followed their announcement, I could tell that Voss’ only goal was to put Thunderbird up for sale. There are no other strategic plans.
As the largest single individual shareholder, I believe that selling Thunderbird is the most irresponsible course of action to achieve the best outcome for shareholders. Anyone who knows anything about M&A, especially in this industry, will agree with this. It’s more strategic to continue to grow the business, and if at some point someone is willing to pay full value, we’ll seriously consider it.
Proxy battles like these are costly and damaging, and the only beneficiaries are lawyers. No matter who wins, it is the shareholders who pay the price.
I respect the Thunderbird board’s decision to avoid these costs and the jeopardy to the company’s continued business by settling with Voss. However, given my strong opinions and busy schedule, I have decided it would be best to resign immediately.
It is my sincere hope that the restructured board will determine that what Voss did is not only wrong, but potentially damaging to shareholder value. I will miss my Thunderbird colleagues and wish you all the best. As an interested shareholder, I will continue to monitor future decisions.
SOURCE Fiore Financial Corp.
View the original content: http://www.newswire.ca/en/releases/archive/January2023/19/c6531.html
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