Transcripts from Market Basket Board meetings

[graywarrior]

Wow!


http://www.bostonglobe.com/business/2014/08/14/behind-closed-doors-demoulas-cousins-feud-raged/0dc9gC2d7tNlk9oTH4QIuK/igraphic.html?p1=ArticleTab_IGraphic_Top

[Downwinder]

1. When is the next meeting?

[graywarrior]

2. Was supposed to be last night...didn't happen

If this isn't resolved by today, 61 stores will close.

[Downwinder]

3. Won't be worth $1.5 billion.

Put it in involuntary bankruptcy, let let Arthur T bring it out. F&G have shown they are incompetent to bring it out. No other grocery will have clientele at those locations and they would risk a national backlash. if Kroger stepped in there, I would step out of Kroger here.

Plus bankruptcy could collapse the golden parachutes.

[Bill Todd]

5. Maybe, maybe not

It certainly wouldn't be worth anything like $1.5 billion to anyone who couldn't quickly restore it to its former vitality and capitalize on the 7 weeks of free and almost uniformly positive publicity about the chain. But it's likely that Artie T. could do just that.

Couple that with the likelihood that Arthur S. knows that very well and would be willing to take a significant bath selling to someone else if Artie T. tried to take advantage of the lack of competition at this price and you have the makings of a potential deal between sworn enemies.

Of course, there remains the question of how (financially) liable the Board of Directors may be for its abject failure to perform its fiduciary responsibility to do what's best for ALL shareholders and the company, but that may not be an issue if the deal goes through.

[graywarrior]

6. Another meeting planned for 9:30 PM today

Yada yada yada.

[Downwinder]

14. Must be nice to be able to throw $1 billion plus out the window.

Don't think my cousin would do that, even though he could afford it.

[graywarrior]

15. New rule!

Losing money makes money.

[Blue_Adept]

4. I've lost all hope on it

I try not to put much stock into what you hear via the various local news places trying to get scoops, but the thing that keeps coming back is that the shareholders just don't want Artie T. back and are willing to let it all go down the shitter because of it.

I'll be there day one they go back to work with Artie T. in charge, but I don't believe it's going to happen at this point.

[graywarrior]

7. How can a guy loved so much by the employees be hated so much by the board?

Oh wait....sorry. Stupid question.

[Downwinder]

8. Perhaps the board hates the employees, too.

They are taking all that money that could be going into shareholder's pockets.

[graywarrior]

9. My guess is they don't even consider the employees

Just the amount of money that goes out in employee benefits and bonuses.

[Agschmid]

10. Any update? Will stores close tomorrow?

[graywarrior]

11. Save Market Basket fb pages are making bets on whether or not the 9:00 pm meeting gets cancelled

Artie S is in Greece, honeymooning so we'll see if he can tear himself away from the lovely bride.

[Agschmid]

12. Oh boy.

[graywarrior]

13. Yeah

I'll post if anything happens. So far, it's a clusterfuck. Last week, we thought we'd won it. This week, everyone is depressed again.