Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
5Activity
0 of .
Results for:
No results containing your search query
P. 1
Open Letter to Gmcr Board of Directors - May 11, 2012

Open Letter to Gmcr Board of Directors - May 11, 2012

Ratings: (0)|Views: 14,176 |Likes:
Published by mistervigilante
I express my concern over various statements that former Chairman Robert Stiller, current CEO Larry Blanford, current CFO Frances Rathke, and others have made recently in this detailed letter.
I express my concern over various statements that former Chairman Robert Stiller, current CEO Larry Blanford, current CFO Frances Rathke, and others have made recently in this detailed letter.

More info:

Categories:Business/Law, Finance
Published by: mistervigilante on May 11, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

05/11/2012

pdf

text

original

 
 
OPEN
 
LETTER
 
TO
 
GREEN
 
MOUNTAIN
 
COFFEE
 
ROASTERS’
 
BOARD
 
OF
 
DIRECTORS
 
Friday,
 
May
 
11,
 
2012
 
 
DISCLAIMER
 
The
 
information
 
contained
 
herein
 
reflects
 
the
 
views
 
of 
 
Longshorttrader
 
(“LST”)
 
as
 
of 
 
the
 
date
 
of 
 
publication.
 
These
 
views
 
are
 
subject
 
to
 
change
 
without
 
notice
 
at
 
any
 
time
 
subsequent
 
to
 
the
 
date
 
of 
 
issue.
 
LST
 
has
 
an
 
economic
 
interest
 
in
 
the
 
price
 
movement
 
of 
 
the
 
securities
 
discussed
 
in
 
this
 
presentation,
 
but
 
LST’s
 
economic
 
interest
 
is
 
subject
 
to
 
change
 
without
 
notice.
 
All
 
information
 
provided
 
in
 
this
 
presentation
 
is
 
for
 
informational
 
purposes
 
only
 
and
 
should
 
not
 
be
 
deemed
 
as
 
investment
 
advice
 
or
 
a
 
recommendation
 
to
 
purchase
 
or
 
sell
 
any
 
specific
 
security.
 
While
 
the
 
information
 
presented
 
herein
 
is
 
believed
 
to
 
be
 
reliable,
 
no
 
representation
 
or
 
warranty
 
is
 
made
 
concerning
 
the
 
accuracy
 
of 
 
any
 
data
 
presented.
 
In
 
addition,
 
there
 
can
 
be
 
no
 
guarantee
 
that
 
any
 
projection,
 
forecast
 
or
 
opinion
 
in
 
this
 
presentation
 
will
 
be
 
realized.
 
All
 
trade
 
names,
 
trade
 
marks,
 
service
 
marks,
 
and
 
logos
 
herein
 
are
 
the
 
property
 
of 
 
their
 
respective
 
owners
 
who
 
retain
 
all
 
proprietary
 
rights
 
over
 
their
 
use.
 
This
 
presentation
 
is
 
confidential
 
and
 
may
 
not
 
be
 
reproduced
 
without
 
prior
 
written
 
permission
 
from
 
LST.
 
 
Dear
 
GMCR
 
Board
 
of 
 
Directors,
 
I
 
am
 
writing
 
to
 
you
 
to
 
express
 
concern
 
over
 
various
 
statements
 
your
 
former
 
Chairman
 
Robert
 
Stiller,
 
current
 
CEO
 
Larry
 
Blanford,
 
current
 
CFO
 
Frances
 
Rathke,
 
and
 
others
 
have
 
made
 
recently.
 
I’ve
 
been
 
tempted
 
to
 
buy
 
your
 
stock,
 
as
 
it
 
appears
 
to
 
be
 
cheap,
 
but
 
I
 
frankly
 
cannot
 
get
 
myself 
 
to
 
do
 
so.
 
Here’s
 
why:
 
I
 
don’t
 
trust
 
you,
 
I
 
don’t
 
trust
 
your
 
management
 
team,
 
and
 
I
 
don’t
 
trust
 
your
 
reported
 
numbers.
 
I
 
wanted
 
to
 
give
 
GMCR
 
a
 
chance,
 
but
 
Stiller,
 
Blanford,
 
Rathke,
 
and
 
others’
 
recent
 
public
 
statements
 
leads
 
me
 
to
 
the
 
belief 
 
that
 
something
 
is
 
very
 
wrong
 
with
 
your
 
company.
 
I
 
fear
 
the
 
worst
 
is
 
yet
 
to
 
come.
 
See,
 
the
 
problem
 
is,
 
I
 
don’t
 
think
 
it’s
 
 just
 
me;
 
I
 
think
 
the
 
market’s
 
reaction
 
since
 
last
 
Wednesday’s
 
earnings
 
conference
 
call
 
suggests
 
others
 
do
 
not
 
trust
 
you
 
as
 
well.
 
Your
 
stock
 
is
 
down,
 
not
 
because
 
of 
 
short
sellers,
 
but
 
because
 
market
 
participants
 
are
 
collectively
 
trying
 
to
 
price
 
in
 
a
 
‘dishonesty
 
discount’.
 
A
 
word
 
of 
 
advice:
 
If 
 
you
 
care
 
about
 
the
 
long
term
 
value
 
of 
 
your
 
stock
 
and
 
your
 
reputation,
 
come
 
clean
 
as
 
soon
 
as
 
possible.
 
It’s
 
better
 
late
 
than
 
never.
 
This
 
means
 
no
 
more
 
excuses,
 
finger
 
pointing,
 
skirting
 
with
 
the
 
law,
 
evasion,
 
inaccurate
 
statements,
 
etc.
 
I’m
 
willing
 
to
 
wager
 
that
 
the
 
market
 
will
 
reward
 
you
 
in
 
time,
 
if 
 
you
 
come
 
clean
 
now.
 
You
 
can
 
start
 
by
 
addressing
 
the
 
following:
 
Questions
 
and
 
Comments
 
for
 
Robert
 
Stiller,
 
Founder,
 
Former
 
CEO,
 
&
 
now
 
Former
 
Chairman
 
of 
 
GMCR:
 
I.
 
You
 
said,
 
“I’ve
 
always
 
believed 
 
in
 
the
 
company,
 
 
want 
 
my 
 
money 
 
in
 
Green
 
Mountain.” 
 
"
…I 
 
had 
 
no
 
alternative
 
but 
 
to
 
sell.
"
 
(see
 
Exhibit
 
I)
 
 
If 
 
you
 
believe
 
in
 
GMCR,
 
and
 
want
 
your
 
money
 
in
 
GMCR,
 
then
 
why
 
did
 
you
 
not
 
meet
 
your
 
margin
 
calls
 
with
 
the
 
green
 
mountains
 
of 
 
cash,
 
or
 
other
 
securities
 
you
 
owned?
 
A
 
margin
 
call
 
can
 
be
 
satisfied
 
in
 
different
 
ways;
 
it
 
does
 
not
 
necessitate
 
that
 
you
 
sell
 
your
 
GMCR
 
stock.
 
 
SEC
 
FORM
 
4s
 
(see
 
Exhibit
 
II)
 
suggest
 
you
 
should
 
have
 
had
 
over
 
$150
 
million
 
in
 
proceeds
 
from
 
stock
 
sales
 
that
 
occurred
 
between
 
5/27/2010
 
 –
 
3/27/2012
 
alone…this
 
was
 
more
 
than
 
enough
 
cash
 
to
 
meet
 
your
 
margin
 
calls.
 
If 
 
you
 
had
 
the
 
cash
 
to
 
meet
 
margin
 
calls,
 
why
 
didn’t
 
you
 
inject
 
cash
 
to
 
satisfy
 
the
 
calls?
 
 
Let’s
 
factor
 
in
 
your
 
non
lavish,
 
recent
 
middle
class
 
purchases
 
 –
 
if 
 
I
 
add
 
up
 
your
 
purchase
 
of 
 
a
 
$10
 
million
 
Palm
 
Beach
 
house,
 
$17.5
 
million
 
apartment
 
bought
 
from
 
New
 
England
 
Patriot’s
 
quarterback
 
Tom
 
Brady,
 
your
 
yacht
 
(let’s
 
estimate
 
it
 
at
 
$25
 
million),
 
and
 
$3.9
 
million
 
and
 
$4.75
 
million,
 
respectively,
 
for
 
two
 
adjacent
 
lakeside
 
plots
 
on
 
Via
 
Vizcaya
 
in
 
Palm
 
Beach,
 
you’re
 
still
 
left
 
with
 
over
 
$90
 
million
 
of 
 
liquid
 
assets,
 
more
 
than
 
enough
 
to
 
meet
 
your
 
margin
 
calls.
 
What
 
am
 
I
 
missing?
 
(see
 
Exhibit
 
III)
 
 
Let’s
 
take
 
this
 
one
 
step
 
further:
 
Why
 
not
 
go
 
‘all
 
in’
 
on
 
your
 
stock?
 
You’ve
 
suggested,
 
on
 
the
 
record,
 
that
 
it
 
is
 
cheap.
 
You
 
most
 
definitely
 
have
 
the
 
cash,
 
you
 
think
 
your
 
stock
 
is
 
cheap,
 
and
 
you
 
‘believe’
 
in
 
the
 
company.
 
Why
 
not
 
put
 
your
 
words
 
into
 
action?
 
You
 
could
 
afford
 
more
 
yachts,
 
within
 
1
2
 
years.
 
 
Like
 
other
 
dubious
 
claims
 
you’ve
 
made
 
in
 
the
 
past,
 
I
 
think
 
the
 
simplest
 
explanation
 
is
 
the
 
most
 
correct
 
one;
 
I
 
think
 
you
 
are
 
lying.
 
You
 
don’t
 
‘believe’
 
in
 
the
 
company
 
nor
 
do
 
you
 
believe
 
in
 
your
 
own
 
stock.
 
You
 
had
 
the
 
means
 
to
 
meet
 
your
 
margin
 
call
 
without
 
selling
 
GMCR
 
stock,
 
yet
 
you
 
did
 
not,
 
claiming
 
you
 
were
 
‘forced’
 
to
 
sell.
 
No
 
one
 
forced
 
you
 
to
 
sell;
 
you
 
chose
 
to
 
sell.
 
If 
 
anything,
 
I
 
this
 
leads
 
me
 
to
 
believe
 
you
 
simply
 
wanted
 
a
 
convenient
 
‘out’.
 
 
You
 
must
 
think
 
(or
 
hope)
 
market
 
participants
 
are
 
foolish
 
enough
 
to
 
buy
 
your
 
baloney.
 
What
 
else
 
are
 
you
 
lying
 
about?
 
Is
 
this
 
how
 
your
 
people
 
over
 
at
 
GMCR
 
count
 
revenues,
 
capital
 
expenditures,
 
and
 
inventories?
 
Do
 
they
 
follow
 
the
 
"’cause
 
Bob
 
says"
 
school
 
of 
 
accounting?
 
 
Perhaps
 
you
 
should
 
resign,
 
as
 
you
 
clearly
 
do
 
not
 
possess
 
the
 
‘’highest
 
level
 
of 
 
honesty
 
and
 
personal
 
and
 
professional
 
ethics,
 
integrity
 
and
 
values?’’
 
as
 
is
 
expected
 
of 
 
director
 
nominees.
 
(see
 
Exhibit
 
VIII)
 

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->