Sent: Tuesday, June 27, 2006 9:55 AM
Subject: Views of a long-term Crowley Maritime shareholder
Jack Norberg, Chairman of
Standard
Investment Chartered and the son of one of the plaintiffs in the
litigation against the Crowley directors, asked me to report to Forum
participants that as a personal owner of the Company's stock for the last
decade, account manager to several Crowley family members' brokerage
accounts and as fiduciary for Standard clients that own Crowley Maritime,
he's not aware of "one outside shareholder that is happy about the manner
in which Mr. Crowley is managing this Company as it relates to the
interests of the minority shareholder."
Mr. Norberg goes on to say, though, that
"Crowley Maritime is a very well managed organization with an excellent
customer centric philosophy," which is why he continues to maintain his
investment. "However, Mr. Crowley, the Board of Directors and his
management team do not have the same enthusiasm for outside shareholder
focused initiatives that would lead to any reasonable market valuation
and/or liquidity in Crowley Maritime shares. Every action that has been
taken to bring more equitable treatment of its minority shareholders and
provide transparency to Crowley's financial reporting has been done
through the legal system with great expense to every shareholder! It is
no surprise that the Board of Directors has lent Tom Crowley tens of
millions of Company funds at no interest to pay for personal insurance
coverage to insure the Company will remain in private Crowley family hands
at Mr. Crowley's passing or issued treasury shares to an ESOP plan at a
significant discount to the Company's book value."
Mr. Norberg would like to know if
other Crowley Maritime shareholders agree or disagree with his views. If
you report your views to me, please let me know if I have your permission
to report your comments, and, if so, whether I should do so with or
without identifying you as the source.
- GL
Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
Tel: 212/605-0335
Fax: 212/605-0325
Email: gl@shareholderforum.com
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