Part of being an activist investor is convincing the board of a company that changes must be made. Some people do it wrong, some people do it right.
From Joseph Stilwell, founder of Stilwell Value Partners, we have an example of how it is done right.
Stilwell launched an activist campaign against Wisconsin-based Harvard Illinois Bancorp in 2012. According to government filings, as of last month, Stilwell owns about 9.6% of the bank’s stock. (Via @john_hempton)
As such, Joseph Stilwell felt it was his duty inform his fellow shareholders that the Chairman of the Board of Harvard Illinois Bancorp apparently completely passed out at the last shareholder meeting — and that none of his fellow boardmembers woke him up because… Who knows?
Check out a screenshot of the letter below.
You can’t say you don’t love that “winning with teamwork” is painted on the wall there.
Sweet dreams, bud.