The other week, Essex Rental held a conference call allowing shareholders to "express their feelings." Here are some of the highlighted concerns:
Board Members Edward Levy and Lawrence Levy have been paid $200,000 a year each in Board Fees. In addition, under the Board's stewardship Essex pays over $100,000 a year in rent to a related party for extravagant 50th floor office space in Manhattan. Essex also has its own corporate headquarters in the vicinity of Chicago, Illinois.
When the payments to the Levys and the payments for office space in Manhattan are added up, they total more than $500,000 a year, a truly staggering sum for a company with a market cap today of around $30 million.
Now Casey Capital is running a dissident proxy solicitation. It also owns 5% of Essex.