TRA - Turners Automotive Group [previously TNR - Turners Limited]

[dsurf]

Mr Graham will lose his job if DPC goes under - No more gravy - just the train.

[Dr_Who]

Mr Graham will lose his job if DPC goes under - No more gravy - just the train.

I agree. WE need to investigate where the money has been spent and who it went to. How much are we paying these geezers?

[BlackPeter]

I agree. WE need to investigate where the money has been spent and who it went to. How much are we paying these geezers?

too much ... though if I correctly remember asked the board last time for a payrise (which the meeting declined). According to the latest annual report did we pay Mr Graham $72.000 for his value adding activity. Mr. Byrnes was in with $44.000;

I trust that Paul Byrnes income is better these days - the old CEO (Walker) was in with a salary of slightly above 1 Million Dollars p.a. in 2007 and 780k in 2008 (smaller bonus??? and assuming that it was him taking each time the largest reported remuneration home).

It is probably a fair assumption that Byrnes current salary is in the same order of magnitude. Just delaying the liquidation by one month would pay him already close to $70k more (I shudder when adding this up to months or years).

Looks like Nita has a point.

[Dr_Who]

Thanks BlackPeter. It all seems very clear. I will be voting for the liquidation of DPC. The sooner the better. I would also like an investigation into the going on in DPC with possible legal action. When one starts to put the puzzle together the dirt starts to show.

These geezers are draining the only remaining cash left in the kitty!!

[Lawso]

In his latest newsletter Chris Lee is pretty scathing about Sheppard's action in canvassing for proxy votes and seeking to liquidate DPC. I can't quote in full for copyright reasons, but CL describes it as an "inane request" and "little more than a stunt" that brings discredit to the NZ Shareholders' Association. For some time Lee has been generally supportive of Graham and the board and critical of Brent King.

[Dr_Who]

Lawso, do you have a link?

[Lawso]

chris@chrislee.co.nz

I'm not sure if you'll be able to access or if it's restricted to clients

[winner69]

Lawso, do you have a link?

http://www.chrislee.co.nz/current%20column%20(p1).htm

[Dr_Who]

Thanks guys. This is all so confusing at times.

[BlackPeter]

Thanks guys. This is all so confusing at times.

I've read Chris Lee's comments. They are in line with his previous staunch support of Dorchester and St Laurence. Unfortunately is their information content this time not up to his usual standard - he writes scathing, but doesn't bring a lot of arguments (except mentioning that Bruce Sheppard might have some personal reason to be annoyed with Barry Graham).

Dr. Who - I agree as well: the whole thing is pretty confusing, and I am not sure what the truth is either. I do respect Chris Lee and appreciate his comments (and newsletters). On the other hand - he doesn't get it right every time (just from memory - I think he rated Dorchester and St Laurence still some 12 and even 6 months ago as pretty safe places to put your money).

Admittedly - I don't get it right every time either (otherwise I wouldn't hold any more DPC - would I??? :o ), but I still think that a frank and open discussion with all sides putting their cards open on the table would be much better than the current secret games with seemingly plenty of hidden agendas and conflicts of interest thrown in! I certainly have the guts full and lost trust in the existing DPC board!