Thursday, May 14, 2009

Timminco Prepares Investors for Shearing

Timminco (TSE:TIM) has come out with a string of bad news. Some new executives have been brought in. The controlling shareholder had to put in another $15 million. No one is saying that this is enough to fix the problems. Clients are upset with contracts. Asensio has been critical in the past and Globe and Mail has noticed the ineptness of management. Shareholders are meeting and you have to ask yourself will they elect the same board of directors and confirm the same senior managers or do they like getting sheared? We will have to see.