"Accordingly, effective immediately, I hereby resign from the Board of Directors of Helios and Matheson Analytics, Inc., and from any and all committees of which I am a member.Stunning, rarely available 1 bedroom 1 bath in luxurious, 5 star, full service Bentley Bay condominium with gorgeous 180 degree panoramic views of the Atlantic Ocean, Fisher Island, Star Island, cruise ships and Miami's rapidly growing skyline. Taken together, they confirm that, despite my best efforts, my ability to effectively dis charge my duties as a director has been compromised beyond repair. "These and other actions have interfered with my ability to exercise my responsibilities as a board member. Just last week, I learned that management withheld material information from the Board for several months. "These concerns have increased substantially over the past eight weeks as management apparently has made a number of important corporate decisions and executed significant transactions either without Board knowledge or approval, or in Board meetings initiated with only a few hours of advance notice by email (at least one of which I did not even know had been called until the meeting had concluded).
I have objected to the manner in which a number of business decisions have been presented to the Board of Directors by management, without sufficient time for the Board to examine complex documents, to review significant transactions, or to discuss how the proposed actions fit into the Company's strategic plan. I have sought, often unsuccessfully, information about the Company's financial status and operations, and explanations of Company strategy. "As you know, for several months now, I have raised questions and expressed concerns about the corporate governance of Helios and Matheson Analytics, Inc. Though Helios' management has said the changes helped slow MoviePass' cash burn dramatically, Helios' stock price has not recovered. After subscriber outcry, MoviePass quickly reversed those changes and instead instituted a cap of three movies a month. First, MoviePass announced that it would raise prices to $14.95 and bar major blockbusters from the app, at least for the first few weeks of release. MoviePass then made drastic changes meant to bolster its business model. After the service shut off in late July because the company ran out of money, Helios took an emergency loan of $5 million to turn it back on. The company subsidizes the tickets its users buy, however, and with advertising and other anticipated partnerships failing to have a major impact it has struggled to control its monthly cash burn, which rose to an estimated $45 million in July.
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Over 3 million subscribers have flocked to the service, which last year began allowing subscribers to see one movie a day in theaters for $9.95 a month. The past two months have been tumultuous for MoviePass and its parent company. He'd served on the board of Helios since November 2016, a few months before the company took a majority stake in the popular movie-theater-subscription app MoviePass last summer. Schramm is a professor at Syracuse University who previously ran the Ewing Marion Kauffman Foundation, a nonprofit focused on entrepreneurship and education. "Just last week, I learned that management withheld material information from the board for several months." "These concerns have increased substantially over the past eight weeks as management apparently has made a number of important corporate decisions and executed significant transactions either without board knowledge or approval, or in board meetings initiated with only a few hours of advance notice by email (at least one of which I did not even know had been called until the meeting had concluded)," Schramm continued. He also accused management of not giving the board "sufficient time" to examine "complex documents, to review significant transactions, or to discuss how the proposed actions fit into the company's strategic plan." In Schramm's resignation letter, he said that for several months he'd raised "questions and expressed concerned about the corporate governance" of Helios, and he accused management of withholding material information from the board for months. It often indicates a user profile.Ĭarl Schramm has resigned from the board of MoviePass' parent company, Helios and Matheson Analytics, the company disclosed in a Securities and Exchange Commission filing Thursday. Account icon An icon in the shape of a person's head and shoulders.
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