Sealaska losses

Posted: Sunday, May 12, 2002

This is in response to the May 7 Empire article "Sealaska loses $21 million", and the $122 million loss of 2001.

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Sealaska loses $21 million

The financial loss of Sealaska is a clear message to shareholders that changes need to be made. The first immediate change is to vote out the incumbent board members. The incumbent directors have held their director position too long. The pattern of financial losses is clear justification for electing new board members. Seven independent board candidates are challenging the four incumbent board members.

Shareholders of Sealaska can reject the strategic direction of Sealaska by casting directed votes for independent board candidates. Directed only votes will take discretionary voting power away from Sealaska management. Never cast a discretionary vote, if you did, call Sealaska and request another proxy ballot and change your vote to directed. Directed votes will tell Sealaska management that shareholders have reached a pivotal point and demand change.

A recent ABC News Web article states in 2001 alone, 327 shareholder class actions were filed, representing a 60 percent increase from 2000. Moreover, already this year, U.S. companies have paid out more than $1 billion in shareholder lawsuit settlements.

Sealaska shareholders need to investigate the financial losses of Sealaska by supporting an external corporate audit of Sealaska Investments and business transactions that led to the losses.

Jeannie T. Austin


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