There were a few quotes she listed that I really didnt understand how they played into the "argument" she was making.
Quote:
Since Howard seemed to enjoy invoking conditions set forth by their operating agreement, I will quote one pertinent line from the agreement that puts that conversation in context: “Members have no managerial authority. The members, other than the Board and the Managers, shall have no power to participate in the management of the Company, except as expressly authorized by this Agreement of the Articles of as otherwise expressly required by the Act.”
That is exactly what Howard told Juanda [albeit a bit more politely]; if you arent on the board, then you do not run the company. if you want to run the company, get rid of the board and/or ray. That quote completely backs up what Howard said. Is that what she was trying to do? Her wording seems to suggest this somehow contradicts what he said.
Quote:
“The Managers shall perform managerial duties in good faith, in a manner reasonably believed to be in the best interest of the Company and its members and with such care, including reasonable inquiry, as ordinarily prudent persons in a like position would use under similar circumstances. In performing duties, a Manager shall be entitled to rely on information, opinions, reports or statement, including financial statements or other financial data, of the following persons or groups, unless it has knowledge concerning the matter in question that would cause such reliance to be unwarranted, and provided that such Manager acts in good faith:
-any member, officer, employee or other agent of the company whom such Manager reasonably believes to be reliable and competent in the matters presented;
any attorney, independent accountant or other person as to matters which such manager reasonably believes to be within such person’s profession or expert competence; or
a committee upon which it does not serve, duly designated in accordance with a provision of the Articles or this Agreement as to matters within its designated authority which committee such Manager reasonably believes to merit competence.”
Bolding mine. This again reaffirms exactly what Howard said. Yes, if they had gotten independent accountants he would be allowed to listen to them, but nowhere in there at all does it say that he must consult all of those sources, or even that he has to consult any. Further, it says that he is allowed to take what other managers say about finances at face value unless he has reason to believe it is incorrect which he didnt until April. Again, everything she quotes supports exactly what Howard said.
I dunno, I mean I think Howard ****ed up big time and that there is plenty he isnt telling us, but this first installment seems like she is really grasping for straws. I dont want people to think Im a Howard defender, because I dont think the poker community should just let those guys [including Ivey] show up to tournaments without getting some serious questions asked, but honestly, read the things she is quoting and ask yourself if her conclusions are correct. Unless I am severely misinterpreting these quotes, they support Howard and not DF. Hopefully the next installments will be more thorough and less ambiguous in regards to DF's implications.