Thursday, April 23, 2009

Shame on you!

Rambus Inc. founders, Mike Farmwald and Mark Horowitz plead in an open letter to shareholders to approve further dilution . . .

Donkey responds:

Where have you been? No, I am serious.

Are you not aware that when the 2006 Equity Incentive Plan (Plan) was adopted a very vocal group of shareholders opposed the Plan? No effort was made to explain to the shareholders without a parking space why the Plan was necessary or even prudent.

You are aware. If not, shame on you.

Is it because Mr. Steele has threatened to derail the proposed amendment to the Plan that Rambus realizes it should became more transparent? 

Of course it is. Shame on you for allowing yourselves to be played like a cheap fiddle.

What was the common wisdom in the Rambus C-suites in 2006? We know best and those shareholders can’t touch us?

You knew better. If not, shame on you.

As a Rambus shareholder without a parking space, I am very longsuffering.

I have endured the unpleasantness of Judge Payne, the FTC, innumerable litigation delays, stock option backdating, cloaked board posting by the CEOs wife and the sacking of GC Danforth, a personal favorite of mine because he at least appeared to respect shareholders without a parking space and provided information during conference calls and annual meetings.

Yes, you have endured as well, but from a different position. You’ve both pocketed millions of dollars from the sale of founder’s shares and options and you have access to information from the C-suite. Harold Hughes returns your calls. I am guessing he at least pretends to care what you think.

Aren’t you a bit embarrassed by your open letter?

Of course you are. If not, shame on you.

Return to your roots.
Align the interests of all shareholders.
Communicate regularly with the shareholders.
Go forth and invent . . .

An open letter to Rambus Founders from a shareholder without a parking space
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