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Resolution of Shareholder Interests

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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Letter Encouraging Respectful Response to Minority Shareholder Interests

(September 27, 2004)

Copied below is the text of a September 27, 2004 letter to Thomas B. Crowley, Jr., the chief executive officer and controlling shareholder of Crowley Maritime Corporation.

The letter refers to the September 16, 2004 Forum report on "Strategy Alternatives," which concluded with a stated intent to make "one final effort to encourage management’s cooperative discussion" of alternatives to respect minority shareholder interests.

The letter also asks Mr. Crowley to clarify issues raised by reported views of unidentified sources in a September 24, 2004 article in TradeWinds, the shipping industry publication, about the alternatives being considered by Forum participants.  The facts he is asked to review were presented in a September 26, 2004 Forum report on the article, and were based on data from the company's proxy statement filed April 19, 2004.




575 Madison Avenue

New York, New York 10022

Telephone (212) 605-0335

Facsimile (212) 605-0325


September 27, 2004


By telecopier: 510-251-7601


Mr. Thomas B. Crowley, Jr.

Crowley Maritime Corporation

155 Grand Avenue

Oakland, California 94612


Dear Mr. Crowley:


            As you may know, I had stated my intent in a September 16th “Forum Report” to once more encourage your cooperative discussion of alternatives that would allow both you and Crowley Maritime’s minority shareholders to benefit from your investments.  Hoping you view respect of minority shareholder interests as a critical foundation for long term prosperity, rather than as only a duty, I look forward to your response.


            I will also appreciate your response to two issues raised by an article in the September 24, 2004 issue of TradeWinds.  One is reported speculation that a 10% holding of common stock could not be acquired because nearly all the shares are controlled by you and “loyal employees.”  I sought to eliminate potential confusion with the following statement, and ask that you tell me immediately if it is incorrect:


“…as reported in the company's most recent proxy statement filed April 19, 2004, directors and officers together with family members controlled 62,597 of the total 89,249 shares of voting common stock, leaving the remaining 26,652 shares, approximately 30%, in public hands.  Calculating the voting rights of the ‘Series A Junior Preferred Stock’ and ‘Series N’ common stock which were recently issued to the Crowley family, the public common stock holdings appear to represent a net 23% of total voting rights.”


            The other issue raised by the article is a statement attributed to a “source with good access to Crowley” suggesting that you consider attention to the interests of minority shareholders to be a “nuisance.”  I assume you will want to correct this impression, with a public statement as well as by your actions.


Sincerely yours,




Gary Lutin



The Forum is open to all Crowley shareholders, whether institutional or individual, and to any fiduciaries or professionals concerned with their investment decisions.  Its purpose is to provide shareholders with access to information and a free exchange of views on issues relating to their evaluations of alternatives, as described in the Forum Summary.

There is no charge for participation.  As stated in the Conditions of Participation, participants are expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

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All material on this web site is published by Gary Lutin, who is responsible for conducting the Forum.