|
[letterhead]
LUTIN & COMPANY
575 Madison Avenue
New York, New York 10022
Telephone (212) 605-0335
Facsimile (212) 605-0325
September 27, 2004
By telecopier: 510-251-7601
Mr. Thomas B. Crowley, Jr.
Crowley Maritime Corporation
155 Grand Avenue
Oakland, California 94612
Dear Mr. Crowley:
As you may know, I had stated my intent in a September 16th
“Forum Report” to once more encourage your cooperative discussion of
alternatives that would allow both you and Crowley Maritime’s minority
shareholders to benefit from your investments. Hoping you view respect of
minority shareholder interests as a critical foundation for long term
prosperity, rather than as only a duty, I look forward to your response.
I will also appreciate your response to two issues raised by an
article in the September 24, 2004 issue of TradeWinds. One is
reported speculation that a 10% holding of common stock could not be
acquired because nearly all the shares are controlled by you and “loyal
employees.” I sought to eliminate potential confusion with the following
statement, and ask that you tell me immediately if it is incorrect:
“…as reported in the company's most recent proxy statement filed April 19,
2004, directors and officers together with family members controlled 62,597
of the total 89,249 shares of voting common stock, leaving the remaining
26,652 shares, approximately 30%, in public hands. Calculating the voting
rights of the ‘Series A Junior Preferred Stock’ and ‘Series N’ common stock
which were recently issued to the Crowley family, the public common stock
holdings appear to represent a net 23% of total voting rights.”
The other issue raised by the article is a statement attributed
to a “source with good access to Crowley” suggesting that you consider
attention to the interests of minority shareholders to be a “nuisance.” I
assume you will want to correct this impression, with a public statement as
well as by your actions.
Sincerely yours,
Gary Lutin
|