Barnwell Directors Adjourn Annual Meeting Again, Impose Bylaw Amendment to Restrict Opposition Shareholders' Voice - Seite 2

If you count the inappropriate use of the Company pension plan to buy up Barnwell shares to pad their "insider group" ownership stake, that 6.2% interest brings them to 32.8%. This implies that EVERY SINGLE director candidate on Management's white card, including Grossman, Horowitz, Hopkins and McPherson currently have less than 5% shareholder support outside of their "insider group."

Why would any shareholder support the antics of these two lone directors or the two others they propose to elect? Grossman and Horowitz have literally pushed BRN into a going concern warning with their wasteful spending padding the pockets of Grossman's lawyer brother at Skadden, among other law firms. They have also refused to move forward with an investigation into the Texas investment, damages that could bring the Company $10.0 - $15.0 million in recovery against Kinzler and many of the current and past directors, including Phil McPherson (the candidate chosen by Grossman and Horowitz to rejoin the Board)). Grossman and Horowitz are too busy manipulating the corporate machinery to keep their board seats rather than investigate this matter, a gross violation of their fiduciary obligations in my opinion.

I have said it before and will say it again. These so-called stewards of BRN take zero accountability for any of their actions on the Barnwell Board, blame me every chance they get, claim they have made credible settlement attempts with me and spew rhetoric about being open to resolving matters. But why would I bail them out now? They have taken every opportunity to drive BRN into the ground and fundamentally disgrace the very tenets of good corporate governance, so much so that not even the lone director who was elected through the consent solicitation process could stand to remain on the board with them. No reputable director would agree to join this board with them.

Grossman and Horowitz are happy to put off seeking out potential damages of $10.0 - $15.0 million for BRN but have no problem stripping shareholders of their rights, manipulating the bylaws to get themselves elected, selling off Company assets in fire sales, failing to collect the small amount of cash promised to the Company from the Water sale and literally pushing BRN to the brink of bankruptcy.

Grossman and Horowitz should immediately pursue any possible recoveries that stem from improper actions of Kinzler and certain other directors who were on the Board in 2022 at the time of the Texas investment (including Peter O'Malley, Frank Kelly and Phil McPherson) before the statute of limitations on this improper transaction expires. They also should take a long look in the mirror if they want to understand why BRN is currently in the position that it is in today. Only they, along with Kinzler until he was ousted, created the havoc that is BRN today.