#Gould & Ali Injunction?
7 messages in this thread
I think it's time for a class action suit against these two guys. Since they
were fiduciaries, they do have some personal responsibility for the current C=
situation.
..Andy from NJ
"I think it's time for a class action suit against these two guys."
On what grounds? Only shareholders would have a cause of action – and stock
fraud suits are a dime a dozen. But I've heard of none against Commodore.
"Since they were fiduciaries, they do have some personal responsibility for the
current C= situation."
How do you come to the conclusion that they were fiduciaries? And bad
business judgment is exactly that and nothing more. You can't generally sue
people just for being stupid.
Jerry
Gould and Ali are far from stupid. They are very rich, and it isn't with
inherited money. It might be illgotten, but they seem to have gotten away with
it, and that takes some brains, even if it also takes a lack of morals.
FALSE!
A CEO/COO is a fiduciary. I know many who have been sued on those grounds.
Andy
"I know many who have been sued on those grounds."
You must hang out with an interesting crowd of people. <G>
"A CEO/COO is a fiduciary."
I think you're wrong. The directors of a corporation are fiduciaries, but not
the officers. See _Black's Law Dictionary_ (Fifth Edition), Page 563 – 564.
Jerry
I don't have my old annual reports, but werent Gould and Ali both members of
the board of directors, and therefore, under that defininition, fiduciarires?
Gary
Could very well be, Gary.
One thought I had in regard to the liability insurance issue: if Commodore
had been routinely carrying director's liability insurance – almost a given –
and it were simply coming up for renewal, then no one is going to find fault
with the company renewing it.
Gould is a very smart, if eccentric, man. I kind of doubt he would leave
himself open to attack on something so simple. But stranger things have
happened.
Jerry