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
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
"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:
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.
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022