The Five Dumbest Things on Wall Street This Week

Instead, Chapman spends most of the letter raking CEO Cassidy over the coals. There's the coarse language, putting it politely, which Chapman alleges Cassidy used in an October telephone conversation between the two men.

There's Cassidy's alleged involvement with a 1985 insurance company leveraged buyout that ended disastrously. Not to mention some information Chapman says he found about a divorce proceeding in which Cassidy fought for custody of a Yorkshire terrier.

NWH general counsel James Kardon declined to comment on the substance of the letter. "We try to run the company responsibly," Kardon says. "The letter is a little bit of a puzzle because it's a personal attack."

Chapman won't say what he's up to next with NWH, which paid a $1.30 dividend in 1997 and is trading pretty much where it was in 1996. Whatever he does, says Chapman, "Terry Cassidy cannot complain that we didn't give him notice."

To read Mr. Chapman's response, click here.

3. Library Honoree Gets Booked

Another day, another person with his name on a building at New Jersey's Seton Hall University gets into trouble.

Seton Hall of Shame Bad men on campus

Only last Thursday, the Board of Regents of Seton Hall decided to remove the name of convicted money-lending felon Robert E. Brennan from its recreation center.

Then this Tuesday, Frank Walsh -- who had been one of those regents up until this week -- pleaded guilty to securities fraud in connection with his former role as a director of Tyco International (TYC - Cramer's Take - Stockpickr).

Walsh's name is on Seton Hall's library, by the way. And former Tyco CEO Dennis Kozlowski's name is on a building housing Seton Hall's business school.

Seton Hall didn't call us back to say what would happen to the Walsh Library following Walsh's plea.