Northland investors lost a significant amount of their investment,
Northland's banks took huge losses on their loans, myself and other
officers and employees suffered huge losses on our stock and options.
Since Northland is the largest GROWER in the world it is only logical
that as the value of cranberries crashed Northland like all growers
took the largest share of the industries lost value.
You act like Ocean Spray did not suffer due to the business plans
of it's CEO's during the last 3 years. Please answer this question.
Ocean Spray earned $280,000,000 in 1998. Since that time when the
business plan decided to chase market share Ocean Spray earned
$135,000,000 in 1999, $73,000,000 in 2000, $143,000,000 in 2001.
What happened to the $490,000,000 in lost profits over those three
years with the new business plan?
Like it or not that is money that Ocean Spray's INVESTORS (growers)
lost just like Northland investors lost money during the period.
Northland did not have the luxury of passing on it's losses to its
investors without the results being public like the Ocean Spray CEO.
You also fail to compare Ocean Spray's financials to Northland on
an equal basis. Northland charged over $75,000,000 in losses for
cranberries it grew or purchased from other growers, Ocean Spray does
not grow cranberries thus the loss was not on their books but on the
books of its INVESTORS (growers).
Northland also was forced to charge over $70,000,000 against the
value of it's bogs, Ocean Spray does not own bogs thus once again that
loss does not show on Ocean Sprays financials. The loss of value for
the Ocean Spray INVESTORS (growers) in the value of their farm
property is close to a BILLION dollars. Where is that reflected on the
Ocean Spray financial statement.
Please do not act like Ocean Spray has operated brilliantly while
Northland has acted like a fool.
Ocean Spray's CEO's business plan has destroyed the value of
cranberries for everyone. Clobbering the competition and trying to put
competitors into receivership comes at a price. The impact of that
attitude is reflected in Northland's financials. The impact of that
plan on Ocean Spray INVESTORS is not as obvious. One must add up the
losses of both Ocean Spray the COMPANY and the losses of the INVESTORS
(growers) in order to draw a true comparison with Northland.
As a direct result of the CEO's of Ocean Spray's business plan
Northland was forced to restructure. Its investors, bankers and
employees have taken their losses. Northland is now structured to
compete against the "chase the market share plan" of Ocean Sprays CEO.
As I have stated before YOU WON. You wiped out the shareholders,
bankers, employees of the old Northland. The restructured Northland
will not be such an easy target because like many growers we have
learned how to cut our costs and survive.
Because the business plan of Ocean Spray directly determines the
value of the cranberries we all grow I will continue to be critical of
any plan that sacrifices grower price (and growers) for market share.
Northland can now compete against any plan and we will adjust our
business plan based on Ocean Sprays actions. Northland's Turn-Around
will come at the detriment of it's investors, bankers, and employees.
Ocean Sprays Turn-Around will primarily come at the expense of its
INVESTORS (growers).
In my opinion had the business plan of Ocean Spray been focused on
grower price instead of market share the losses in the industry would
have been minimal. I will continue to voice my opinion on issues that
directly impact grower price because Northland is a grower. I will
continue to fight for any proposal that will increase grower price.
And, like every other grower I will be the victim or beneficiary of
Ocean Spray's CEO's business plan.