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Re: More shares for everyone.. - New News for the Board
Per Jeff's admonition to not talk about VHC's poor corporate governance unless we have something new to share, I am writing to the group because I have new information to share
regarding VHC's corporate governance.
In conformity with my 01/27/2017 message to the group at VHC Message Board Message No. 118057, I sent in the appropriate paperwork to be on the ballot for director at the 2017 ASM. I received a letter back from the Wilson, Sonsini law firm shortly after the filing deadline informing me that I did not qualify for the ballot because I did not timely include certain disclosures required by the U.S. securities regulations. I dispute that legal conclusion but I do not have the energy to sue VirnetX in the Delaware state court system to get ballot access so I am going to let that matter go.
This response from VirnetX does not surprise me. I suspect the following:
(1) Kendall Larsen knows that VirnetX's corporate books cannot stand scrutiny from someone who does not owe his position to Kendall Larsen. Let me be clear, I am not accusing Kendall Larsen of outright embezzlement. I am saying that I believe Larsen has used his position at VHC to cause it to misallocate VHC's corporate money so that it was used to purchase and maintain a luxury skybox at the 49ers stadium for the use of Kendall Larsen and his friends and family, a private jet for the use of him and his friends and family, inappropriate employment with VHC for his relatives, and inappropriate bonuses for him during a time when the value of VirnetX's stock has dropped roughly 95%. None of that is new. I suspect there are more of these types of self-dealing flavored transactions that would come to light if there was an independent director at VHC.
(2) Kendall Larsen also knows that there is such discontent among VHC shareholders and distrust of VHC's management that an outsider who manages to get on the director ballot is likely to win a directorship. Consequently, VHC's management will do anything to prevent an outsider from being on the ballot.
The bottom line is that we should consider Kendall Larsen's corporate management when we decide whether to authorize VirnetX to create more stock incentives for people associated with VirnetX. Larsen is asking us to trust him that he will not use his position to take advantage of us again, and that he will use his authority properly this time. In my humble opinion, we will discover that the primary beneficiary of these new stock incentives will be none other than Kendall Larsen and his family members.