|
Sent: Thursday, July 10, 2003 11:10 PM
Subject: Management declines invitation to cooperate
This afternoon I received a telephone call
from William Verdon, Senior Vice President and General Counsel of Crowley
Maritime, courteously informing me that the company's board had decided
not to engage in my suggested discussions to resolve the interests of both
controlling and public shareholders. As indicated in the text of my
letter copied below, I told Mr. Verdon I was disappointed that the
alternatives available to public shareholders would be limited to things
that they could implement on their own, in the absence of management
cooperation.
I will be proceeding with the definition of a
plan to establish liquidity for your investments, and hope to have
something to present for your review within the next week or two.
GL - 7/10/03
Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
(Tel: 212/605-0335)
(Fax: 212/605-0325)
[letterhead]
LUTIN & COMPANY
575 Madison Avenue
New York, New York 10022
Telephone (212) 605-0335
Facsimile (212) 605-0325
July 10, 2003
By telecopier:
510/251-7601
Mr. William P. Verdon
Crowley Maritime Corporation
155 Grand Avenue
Oakland, California 94612
Dear Mr. Verdon:
Thank you for calling this
afternoon in response to my June 24th letter to Mr. Crowley and my June
26th conversation with Mr. Wolfe.
I was disappointed to learn from
you that the company's board does not want to engage in the suggested
informal communications. As indicated, I believe that -- in most
situations -- significantly better solutions can be defined through
cooperative processes.
Based on your advice, I will
necessarily be proceeding with the development of recommendations that can
be implemented by shareholders unilaterally, without management
involvement. But I will of course continue to welcome constructive
communication if the board changes its position.
Sincerely,
Gary Lutin
cc: Mr. Thomas B. Crowley, Jr.
Cameron W. Wolfe, Jr., Esquire
|