Thursday, August 28, 2008

NASDAQ: McCain's Son resignation from SSB "in noncompliance with the rules"

When Andrew McCain resigned abruptly on July 26 he not only abandoned his responsibilities as Chairman of the Audit committee and left the shareholders with a massive loss, he was also in noncompliance with the rules.

MarketWatch - The holding company for Silver State Bank, announced today that the company received a letter on August 15, 2008 from the Nasdaq Stock Market indicating that the company no longer complies with the audit committee composition requirements as set forth in Marketplace Rule 4350, which requires a listed company to have an audit committee of at least three independent members.

As a result of the resignation of Andrew K. McCain from the board of directors on July 26, 2008, the company's audit committee has only two independent members. In accordance with Marketplace Rule 4350(d)(4)...

SSB has lost ovr 90% of its market share and more than $120 million in shareholder equity in the 116 days that Andrew McCain was chairman of the audit committee. His resignation was obviously timed to let him leave before they announced a $70 million operating loss that remains largely unreported by the news media.

The stock continues its decline from $ 8.6 per share when McCain joined the board to 0.54 today.

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