In a recent press release Carlsbad-based Orange 21 (the parent company of Spy Optic) has announced that it is in discussions with Carlsbad-based No Fear Inc. regarding the purchase of 40 No Fear retail stores. But there is one little glitch: Mark Simo, the Chairman and CEO of Orange 21 is also the founder, former CEO, a director, and stockholder of No Fear, so:
As a result of Mr. Simo’s position, the board of directors of Orange 21 established the Special Committee comprised entirely of independent directors to evaluate and recommend a course of action with respect to the possible strategic transaction.
Anyone want to take any bets on what course of action will be recommended by this “special committee?”
[Link: Businesswire]
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