MIAMI--(BUSINESS WIRE)--Montana Advisors issues open letter to the Board of Directors of Servotronics, Inc (NYSE: SVT):
Dear Members of the Board of Directors:
As a significant stockholder of Servotronics, Inc (NYSE: SVT) or ("The Company") we are beyond troubled by the recent lawsuit filed by an employee of the Company. We believe there have been numerous breaches of fiduciary duty by management and most importantly the Board. Upon reading the lawsuit in detail with our legal counsel, Montana has come to the conclusion that existing management can no longer be trusted to run our Company. In addition, we also believe the Board can no longer be trusted to provide oversight that is in the best interest of shareholders. It is clear that Servotronics is not run in the best interest of shareholders, and rather it is run as a private Company for the benefit of one person, Mr. Kenneth Trbovich. We demand the Board form a special committee to begin an immediate sale process of the Company to the highest bidder.
Should you ignore this, we will be forced to pursue all available legal measures, including holding each director liable for breaches of fiduciary duty. It is imperative that the Board act now.
We look forward to hearing from you in a timely manner.