Problems With Corporate Management
Initially, the corporation was provided $52 million in settlement money, half of which was disbursed to shareholders. The corporation for investment on behalf of its shareholders retained the remainder. However, the corporation's early losses led to charges of mismanagement of corporate assets. According to a 1998 special report by the newspaper Juneau Empire, the 13th Regional Corporation "still can't say exactly what happened to the remaining $27 million of land claims the corporation kept—records are incomplete. Present management and past management both say mismanagement by administrators or the board of directors was to blame for the 13th's early losses." The Juneau Empire followed with, "Lawyers looked into the corporation's books. They determined that there may have been enough evidence of dubious activity to pursue lawsuits but proceeding with litigation would have cost more than would be recouped, Engelstad said."
Read more about this topic: The 13th Regional Corporation
Famous quotes containing the words problems, corporate and/or management:
“The three great problems of this century, the degradation of man in the proletariat, the subjection of women through hunger, the atrophy of the child by darkness.”
—Victor Hugo (1802–1885)
““It’s hard enough to adjust [to the lack of control] in the beginning,” says a corporate vice president and single mother. “But then you realize that everything keeps changing, so you never regain control. I was just learning to take care of the belly-button stump, when it fell off. I had just learned to make formula really efficiently, when Sarah stopped using it.””
—Anne C. Weisberg (20th century)
“No officer should be required or permitted to take part in the management of political organizations, caucuses, conventions, or election campaigns. Their right to vote and to express their views on public questions, either orally or through the press, is not denied, provided it does not interfere with the discharge of their official duties. No assessment for political purposes on officers or subordinates should be allowed.”
—Rutherford Birchard Hayes (1822–1893)