Petition for Removal of Mr. William B. Wachtel fro...

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Author: kfk aus

Started: February 2, 2007, 9:35:05 am

Target: Realizing the Dream, Inc.

Category: Government & Politics

Supporters:

Goal:

100,000

Goal Progress:

Status

Active

Dear Members of the Advisory Board of Realizing the Dream:

We, dreamers and members of the public, are writing to petition the Advisory Board of Realizing the Dream to relieve Mr. William B. Wachtel from his advisory duty for the following reasons:

1. Mr. Wachtel is a controversial financier. He is the principle manager of hedge fund Chelsey Direct, LLC. In June of 2002, Chelsey Direct agreed to finance then-public and controversial company Edison Schools, Inc. seeking to privatize administration of public schools. We, the petitioners, let alone the majority of the American people, are neither ready nor willing to entrust Chelsey Direct and/or Wall Street with the education and future of our children.

2. Mr. Wachtel is a frequent public speaker whose remarks are unthoughtful at best. On November 6, 2006, Mr. Wachtel is quoted in the LA Times saying "what better lure than cash to entice the public?" We, the petitioners and members of the public, find Mr. Wachtel's remark inconsiderate, hurtful, demeaning and insulting.

3. Mr. Wachtel is the chairman of the boards of two public companies, Hanover Direct, Inc. and First Flight, Inc., managed underground and publicly traded on, respectively, the pink sheet and bulletin board. Both companies are incompliant with the rules and regulations of the Security and Exchange Commission. Both companies routinely announce unfathomable news, even shocking news. For example, Hanover Direct recently announced that it will squeeze out its 7,500 shareholders in a going-private transaction in which the squeezer is none other than Mr. Wachtel's hedge fund. Furthermore, the monetary consideration offered to those shareholders, the company's announcement reveals, is 80% less than another consideration announced and rejected by the company's legal and financial advisers several months earlier. We, the petitioners, are under advised in this regard.

4. Mr. Wachtel is a drain on public resources. He is a frequent recipient of advice and opinions from the regulatory and judicial systems. In 2003, the regulatory system advised Mr. Wachtel's hedge fund regarding an improper purchase of marketable securities. In 2006, the judicial system served defendant Mr. Wachtel three complaints alleging manipulation and deception. We, the petitioners and tax payers, weary of frequent consumption of government services, believe that Mr. Wachtel is unqualified to advise any society, let alone the society of dreamers.

5. Mr. Wachtel is described by a number of authors in the online community as "loathsome", "thief", "thug", "scum", "swine". While these nouns and adjectives are clearly inapplicable and likely based on mere allegations, they nonetheless paint an unwholesome picture of Mr. Wachtel. We, the petitioners, recalling the adverb "no smoke without fire", urge the Advisory Board of Realizing the Dream to act before any potential fire sets in full view.

6. Mr. Wachtel is a self-propelled activist. His lucre-based model of activism confounds dreamers, drummers and democracy. Mr.Wachtel's personal quest for material wealth is not shared among all dreamers, neither is his professional conduct as a drum major for inequity shared among all drum majors. Moreover, his publicized fund-raising activity for political campaigns is dilutive to democracy. We, the petitioners and concerned citizens, aware of the debate over ethics and fund-raising reforms, believe that Mr. Wachtel is of limited benefit, in fact a liability rather than an asset, to the Advisory Board of Realizing the Dream.

In conclusion, and in fairness, Mr. Wachtel may well be a fine individual, even an exemplary one despite his public record. In which case, it is unfortunate for Mr. Wachtel that, in these on-line and politically-correct times, even the appearance of impropriety by any single member could undermine the genuine efforts of all members of the Advisory Board of Realizing the Dream.

Sincerely, The Undersigned