Directors take no action on shareholder demands
Four months of intense debate and controversy came to a close Wednesday at a seven-hour-long board meeting of the Multiple Listing Service of Northern Illinois in Chicagoland. MLSNI directors discussed and voted against shareholder recommendations made earlier this month regarding the results of a forensic audit of MLSNI and its CEO Jay Huffman.
Board members took no action on shareholder recommendations to resolve all issues related to Huffman's performance as CEO, according to sources present at the meeting. They also voted to keep Robert T. Cichocki as corporate legal counsel, rather than terminate as shareholders recommended.
During the meeting, Huffman answered more than 12 pages of detailed questions, said Karen Levine, Huffman's attorney with Chicago-based firm Novak and Macey. It was the first time Huffman had the opportunity to answer direct questions about the audit since results were given to shareholders more than three weeks ago.
"After these questions were answered, it was clear that Mr. Huffman had acted properly, with full board authority and full board participation with respect to all matters regarding REBIG," Levine said.
She added that board members and MLSNI legal counsel confirmed they were present when the decisions in question regarding MLSNI and REBIG were made.