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  "documentTitle": "Macellum Christopher Banks Letter April 2015",
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  "presentationDate": "2015-04-01 00:00:00",
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  "notes": "The slide presents a critical argument against the board's performance, supported by a table of insider stock sales.",
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      "text": "Lastly, and particularly worrisome given the initial third quarter guidance cited above, are the recent stock sales by Board directors just weeks before the Company was forced to lower its guidance.",
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      "text": "We question the wisdom behind hiring a new CEO whose prior CEO experience was in footwear with disappointing results.",
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      "text": "We believe that the Board has been careless with the Company's cash. The Board voted to continue paying a dividend for over 3 years while the Company's operating earnings were deteriorating significantly.",
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      "text": "We believe that the Board failed to direct the Company to develop contingency plans to deal with the West Coast port strike.",
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      "text": "We wonder where the Board oversight was while the Company was communicating its third quarter and 2014 guidance to shareholders, guidance which was lowered one month later.",
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      "text": "Source: Bloomberg L.P. and Company filings.",
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      "text": "Since the resignation of the Company's founder in 2005 the Board has gone through many changes. We believe that on the whole, the current Board's oversight has been weak...",
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      "text": "Date, Board Member, Type of Sale, Shares, Price, % of Ownership Sold. 9/5/2014, Paul Snyder, Open Market Sale, (20,000), $10.56, 16%...",
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      "text": "IV. Weak Board Governance and Oversight",
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