Jinx Barker
GFB Scientific
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Posted - 2008.07.15 18:13:00 -
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Edited by: Jinx Barker on 15/07/2008 18:15:59
 Originally by: HawkBlade
Here is the statement I had prepared:
LVV hit the nail on the head. Mis-communication and not enough team spirit.
My analysis, the board of directors is in an awkward position. They've placed Ricdic in an awkward position and how he's adapted to it has placed the board in an awkward position. Given this combination of factors, and the personalities involved, there is little board oversight over Ricdic's actions.
This is the fault of the board, the majority, as they've been far too inactive, too quiet, and basically uninvolved far too much. Ricdic has come to develop the habit of not seeking the board's counsel or reporting to the board because of that. However this has caused some serious events to take place.
Now, imho, the board has no ability to exercise any authority over Ricdic's actions. Whether it is from apathy, fear, or collusion I really don't know. All I do know is that the board almost barely knows what is going on except for after something has be done.
For my own sake, I tend to be a "wtf" kind of person. I'll see something, find out something, or be told something and I'm like "wtf?" Ricdic, himself, can sometimes be impetuous, defensive, and occasionally falls for his own hype. This means that the sparks between him and myself can be quite pronounced. We are very alike so we tend to slam our heads together quite hard.
But, to the question at hand, Ric believes that I'm resigning because of the nature of someone he recently hired to be part of eBank. I'm resigning because when I asked for accountability I was told to "keep in my place". I resigned because when I told Ricdic to not think to high of himself, that he was only first amongst equals, his replay was "Yeh, ok. Sure."
Thus I found myself totally in a position where the person with their hands on the incoming funds, a person who recently spent 175 billion without asking permission, pointedly looked me in the face and said, "And what can you do about it?"
The answer was nothing but resign.
Now, although it is phrased in most polite manner, or as polite as you can be - you have raised some issues that should be of concern to the shareholders and depositors? Don't you agree? This does not appear a simple tension that results in someone quitting a position as not to be disturbed.
Things like:
"...[B]oard, the majority, as they've been far too inactive, too quiet..." and, "Ricdic has come to develop the habit of not seeking the board's counsel or reporting to the board because of that. However this has caused some serious events to take place."
Accountability and responsibility, and involvement are pretty important when managing assets like those of EBANK, no? So, this has to be elaborated on by the remaining directors and Ricdic.
"[B]oard has no ability to exercise any authority over Ricdic's actions" - again a very serious statement, which is further underpinned by "board almost barely knows what is going on except for after something has be(sic) done." Needs to be clarified by the remaining members/directors.
Everything else seems to be a personal conflict between yourself and Ricdic, which is fine, and really is no one else's business, unless you want them to know.
The major issues you seem to try and, smooth out - but without too much "smoothing" - seems to be that according to you EBANK is in shambles when it comes to leadership, that decisions are being made one-sidedly and that mistakes are being made which will potentially affect the investors and depositors detrimentally.
Those are the important points that need to be considered by the Directors, Investors, and Depositors - sensible people would be worried after hearing those quotes. So, clarification from the board, or some soothing sounds should probably be forthcoming.
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