Blum added, “This Board seems to have adopted a ‘bunker mentality’ hiding behind the by-laws of the company, intended for the protection of the shareholders, not to entrench the tenure of this Board of Directors. They are out of touch with how to solve the business problems at Cosi, and they are wasting valuable money and time.”
As of today (November 9, 2011), it has been 75 days since the NASDAQ notification of potential de-listing and 70 days since the former CEO resigned. The Board has been absent in announcing how it intends to solve these serious problems, and appears to be burning through the Cosi company’s remaining limited cash at an alarming rate.
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