ANB Directors being Sued

[Terrel L. Shields]

http://www.nwaonline.com/articles/2008/07/11/business/071208anblawsuit.txt

Ralph Clift, filed a class action lawsuit against the directors Thursday in Benton County Circuit Court

Some of them lost $60 million...this guy probably lost a few thousands.

 

[Roy Courtney]

I think it is GREAT! The directors of a lending institution acting reckless with other people's money should be sued! Who knows, maybe other bank directors will behave more responsibly in the future it they know there could be some repercussions. If we could only extent that liability to the holders of public office!

 

[Terrel L. Shields]

I would venture that like most banks or for that matter large companies, about 1/3rd the board and the CEO actually control business. The rest rubberstamp the results or don't get elected back to the board. I know a small bank whose biggest individual stockholder is not on the board. He inherited his interest and the board simply don't like him although they liked his dad who was on the board for decades. Boards can be very petty.

 

[Ron D. in NWA]

http://www.nwaonline.com/articles/2008/07/11/business/071208anblawsuit.txt



Some of them lost $60 million...this guy probably lost a few thousands.

Heard some of the former employees who lost their 401K are also filing.

 

[Terrel L. Shields]

The employees owned a big chunk of the shares....30% maybe. Lost it all. No one learned anything from Enron where employees who had the option of putting their 401k money into almost any other stock, chose to stick with their employer's stock.

That's stupid. I saw some farmers do much the same thing. They were paid tens of thousands of dollars by some over the counter oil company so they went out with the money and bought stock in the company at $3 a share. It went to 12¢....and they drilled dry holes...which is why they went to 12¢. Farmer lost twice. Had they taken that money and bought a mixed bag of Exxon - Devon - Halliburton etc....they would have doubled their money.