Two VIP board members resign, lay out grievances
In two identical March 27 resignation letters, Harry R. Stokes and William R. Silzer each bemoaned the lack of institutional transparency and laid out financial mismanagement.
The letters were addressed to Bob Farren, VIP's president and CEO, as well as the board's managing member.
Silzer and Stokes resignation letter stated:
"To perform this duty successfully requires an in-depth knowledge of the business's proceedings, along with full access to various relevant documents. There have been too many inconsistencies and omissions in what has been received from you throughout the past several months, up to and including at Wednesday's Board Meeting, for me to fulfill my role.
The Board has not been consulted, notified, or involved with such major decisions as risking the company through a bankruptcy filing, for one example."
It later went on to state:
"I say this because we have consistently been denied written materials regarding term sheets, status of various financing options, status of negotiations along with any written supporting documentation for this, bankruptcy filing, and other strategies, as well as verifiable support for effectively every significant matter. Even if I were to suddenly receive everything asked for, there is little that I can do to further help VIP in my role as a Board Member, due to irreconcilable differences between us and discrepancies in our understanding of how matters could and should be handled (including use of funds, personal and professional accountability, and more) as well as our recalls on events that have transpired."
Stokes had a 14.5 percent stake in the company.
Both Stokes and Silzer wished VIP well, but stated they could no longer "remain on a Board that you [Bob Farren] have compromised and mismanaged."
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