Compass Bank remains committed to serving the unit holders of the Trust and maximizing unit holder value. We ask unit holders to support Compass Bank by VOTING AGAINST all of Southwest's proposals using the Trust's BLUE proxy voting card.In its report, Glass Lewis* states, among other things, that:
- "[W]e believe that the Southwest case should be viewed as an unambiguous non-starter from the perspective of unaffiliated San Juan unit holders."
- "[M]any of Southwest's core claims fail to hold up under even modest scrutiny , which lends considerable weight towards Compass's withering rebuke of the dissident's current campaign. Indeed all factors considered, we have identified few issues that clearly support Southwest's position at this time and thus find no cause to support the dissident agenda."
- "[T]he Trust's expenses have shifted in mostly nominal fashion. This conclusion stands in stark contrast to the dissident's decidedly non-standard, low-utility, context-free emphasis on San Juan's escalating general and administrative expenses between 2015Q3 and 2016Q1 ." Given that the Trust's fee structure is fixed by the trust indenture, "there is no measurable case for change in terms of the central fee arrangement that governs San Juan's relationship with its trustee."
- "Southwest's case is pegged to overestimating the significance of Ms. Anderson's departure, overstating short-term changes to San Juan's cost structure without addressing the underlying cause and overemphasizing nominal conflict risks."