Shareholder unhappy with Sealaska spending

Posted: Thursday, May 01, 2008

Sealaska spent $2 million of shareholders' money to enroll 1,600 new shareholders, or $1,250 each, just on the campaign for their enrollment. And what is the new shareholders' legacy amount to in dollars and cents? Ninety-two cents per day.

Sealaska's management (30 people) charged new shareholders $98 per year to handle their accounts, or 25 percent of the total dividend for the first year. Original shareholders have earned an average of $1.63 per day in dividends for the past seven years. Yet Sealaska's CEO Chris McNeal makes $1,700 per day authorized by himself and the other board of directors over the same seven years since management lost $122 million.

Sealaska's unhappy shareholders don't have to worry about spending money to pass a resolution that would allow its shareholders the right to sell their shares and forget about the Sealaska Corp. After all who would buy Sealaska stock?

Dominic Salvato

Sealaska shareholder

Candidate for Board of Directors


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