From: Rosalie Steele [bobandlie@mailserver.trellis.net]
Sent: Tuesday, March 30, 2004 1:39 PM
To: rule-comments@sec.gov
Subject: Corporate board elections

PLEASE, allow shareholders to nominate candidates to the boards of companies!

My company's parent is grossly mismanaged!  They give themselves raises while 
"curtailing" everyone else's salaries.

They boughtat company with ONE customer - GM.  They paid $130 million, and GM 
promptly went on strike.  Needless to say, GM was in no position to upgrade 
its facilities and buy from this $130 million white elephant.

The board sat on this bleeder while it hemorrhaged red ink for 3 years.  They 
cut all divisions' salaries by 10% - all except the folks working for the 
bleeder - and themselves, of course.

Then, they sold it back to the people they bought it from for - $25 million.  
Taking a loss of  $115 million (not including the red ink over the 3 years 
they held it), the board thought they had just made a brilliant coup!

The partners who originally sold it for $130 million and bought it back for a 
mere $25, turned it around in 6 months - no more red ink, the company is now 
turning healthy profits.

Still, the board thinks it was brilliant for unloading the unprofitable entity 
for a loss of a mere $115 million.

The partners who bought the company back have laughed all the way to the bank.  
They are candid when they say, "Those people are idiots."

We have tried "withholding" our votes to no avail.

Help up get good corporate governance by allowing shareholders to nominate AND 
elect responsible people to our boards!

Thank you,

Rosalie A. Steele