Forum for Shareholders of Crowley Maritime Corporation

Forum Home Page

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.

Crowley Home Page

Crowley Archive Reference


Forum Report: Responses to Mr. Norberg's Request for Views

(June 30, 2006)

The comments below were received in response to a June 27, 2006 report of a statement by Jack Norberg, a vocal dissident, in which he requested the views of other shareholders.


Sent: Friday, June 30, 2006 9:02 PM
Subject: Responses to Mr. Norberg's request for views

Two long-term Crowley Maritime shareholders have responded to Jack Norberg's views with very thoughtful comments, and have given their permission for me to quote them without identification.
This is what Shareholder A wrote:
"As a Crowley Maritime Corporation stockholder for many years and a family member, I totally agree with Mr. Norberg's characterization of the manner in which the Company views it's fiduciary obligations to the minority shareholders.  Save one family member who currently sits on the Board, I don't think any Crowley family member (outside the descendants of Tom Crowley, Jr) who is satisfied with the current state of affairs with respect to the treatment of the minority shareholders.
"It appears that Mr. Crowley's main concern is to keep the value of the Company as low as possible due to the Estate Tax obligation he will face upon the passing of his step-mother.
"On the other hand,  I think that most family members are pleased with the growth of the Company due to the effort of the employees."
And this is what Shareholder B wrote:
"The strategy of using corporate assets to insure the concentration of ownership and control appears to be a conservative approach but exposes the company to a variety of risks that have not been addressed.  Hoping for continued good leadership based on the Crowley name alone is no substitute for a mechanism of governance that sorts through potential candidates and selects on merit.  

"We need to look at expanding the base of leadership by separating ownership interests from operating interests.  And we need to recognize that there is a difference.  Such an approach might be a path to heal the rift between the small shareholders and the controlling shareholder who also happens to be CEO."
Please feel free to offer your own views, whether you're a family or non-family shareholder.  This is a good week-end to think about whether you are properly represented in the control of your property rights.
             - GL

Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
Tel: 212/605-0335
Fax: 212/605-0325




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.

Inquiries and requests to be included in the Forum's distribution list may be addressed to

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