----- Original Message -----
Sent: Thursday, November 07, 2002 11:35 AM
Subject: Stock Purchase
Cameron,
If I have my facts wrong I apologize now, I
will apologize later, and I will do everything I can to set the record
straight. This is going around and concerns our membership. I figure
I am best going to the source for the facts.
A little birdie informed me several days ago that
you have purchased 28 shares of WSC stock for your personal account with no
intention of placing these shares into the WSC stock buyback
program.
Not believing that you, as an officer of WSC, would
self deal I have checked around. It seems to be true?
If this is true (if not -- inform us) I would like
you to consider:
- You are a director, Commodore, and officer of
WSC.
- The WSC board passed a motion this year
under your watch authorizing a stock buyback program.
- The existence of the buyback program was not
effectively communicated to the membership or the stockholders.
- Board consensus was against providing our
stockholders with a balance sheet.
- Each board member is effectively a buying
agent for WSC with the charge of pursuing outstanding stock for the WSC
buyback program.
- Board members have had access to stockholder
records NOT generally made available to other members or
stockholders.
- We need to be very careful with the trust of our
membership.
In this light, it is my opinion that
any stock purchases arranged by a board member should be in the name of WSC
and WSC should have right of first refusal on any stock acquired.
I hope that the lead line which I share
with our membership will read "Good work by Cameron Coburn has secured 28 shares
of stock for the WSC stock buyback program." ?
...Gil