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In March 2007, the controlling shareholder of Crowley Maritime offered $2,990 per share to buy out public investors, a price equal to 258% of the last traded price of shares when the Forum started in April 2004.

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Market Commentary: Standard Investment Chartered

(May 24, 2004)

Standard Investment Chartered, Inc., a securities firm recognized for its expertise in thinly traded companies, has granted its permission for Forum use of the firm's May 24, 2004 "Market Commentary" report on thinly traded securities, which includes a section on Crowley Maritime Corporation.  The Commentary reports on the recent annual meeting of shareholders, and refers to Standard Investment's October 8, 2003 equity research report on Crowley.

The text of the section on Crowley is copied below, and the complete Commentary can be downloaded from the following link:




Member . NASD. SPIC



Thinly Traded Securities

Market Commentary

May 24, 2004

2801 Bristol Street, Suite 100

Costa Mesa, California 92626


Jack Norberg (800) 746-5743

Jan Koltai –Trading Desk (714) 444-0033

Richard Dixon – Arbitrage (714) 444-4300







Crowley Maritime Corp. (NASDAQ-CWLM: $950 bid - $1,200 ask):


The company’s annual meeting was held May 20th. Management’s proposals for director candidates and executive bonuses were approved, given their 76% control of votes. During the discussion period, two family member shareholders expressed concerns about the absence of dividends and the amount of the CEO's compensation compared with other companies. The Board declined to discuss its views on issues presented at the annual meeting and failed to respond to the concerns raised by the proxy advisor Glass Lewis & Co., which recommended voting against the Incentive Plan and four of your eight director candidates.


Regarding corporate governance issues, the company's Chairman, CEO and controlling shareholder, as well as his cousin are members of both the five-person Audit Committee and the six-person Compensation Committee, and that the Compensation Committee is chaired by the company's lawyer. While the membership of these committees may meet applicable regulatory requirements, most investors prefer to see fully independent members of audit and compensation committees. Independence of the Compensation Committee is particularly relevant to the new "2004 Management Incentive Plan," which appears to give that Committee discretion to define the bonus payments for all executives, including Mr. Crowley.


For further information on the company and a detailed analysis of investment rationale, please see our report “Crowley Maritime Corporation – A Convergence of Trends, Circumstances and Regulation” published October 8, 2003.




The material contained herein was prepared by Standard Investment Chartered, Inc., 2801 Bristol St., Suite 101, Costa Mesa, California 92626. Phone (714) 444-4300. The information presented herein has been obtained from sources believed to be reliable but no guarantees or representations are made or intended as to accuracy or completeness. In and of itself, this report should not be construed as a solicitation for the purchase or sale of securities inasmuch as such investment decisions should also take into account a potential investor’s objectives, risk tolerance, investment experience, financial resources, and other factors relevant to determining the suitability of a potential transaction. Any opinion expressed herein is as of the date this report is written and subject to change without notice as corporate events and market conditions change. Standard Investment Chartered, Inc., or its employees, officers, directors or shareholders, including the author of this report, may own or buy and sell the securities referred to herein. Past performance in neither a guarantee nor an indication of future profits or losses.



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