Or they would tell shareholders about the business relationship and let them vote on the propriety.

Q. In a difficult time like this, what do you tell nervous shareholders?

And why did the company still neglect to tell shareholders about the losses when it reported quarterly earnings last month?

Mr. Bays told shareholders today that he expected a decision within the next 30 days.

The board told shareholders that the regulatory objections "did not have the legal effect of a formal action."

"Obviously, at this point we cannot predict the outcome of the process," the letter told shareholders.

What it failed to tell shareholders was how much it would cost them.

"He is trying to tell shareholders he will receive value on his money just like they do," she said.

At the time, he told shareholders the lower price was "a win-win arrangement for both companies."

This year, he's down $4 million, but, as he told shareholders, "We still have a lot of the year left."