Current Report — Form 8-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 8-K Form 8-K for the Period Ended June 1, 1998 5 23K
2: EX-7.1 Proxy From Cyber Depot, Inc. to Frank W. Denny 2 10K
3: EX-7.2 Proxy From Robert J. McNulty to Doug Hay 2 10K
4: EX-7.3 Proxy From Robert J. McNulty to Paul J. Hill 2 10K
5: EX-7.4 Proxy From Robert J. McNulty to Edward F. Bradley 2 10K
6: EX-7.5 Proxy From Robert J. McNulty to John Markley 2 10K
7: EX-10.20 Employment Agreement Between Co. & John Markley 7 19K
8: EX-10.21 Termination and Buyout Agreement 5 24K
9: EX-10.22 Consulting Agreement Between Co. & Cyber Depot 8 20K
10: EX-10.23 Consulting Agreement Between Co. & Stilden Co. 7 18K
11: EX-20.2 Letter of Resignation From Robert J. McNulty 2 10K
12: EX-99.1 Press Release Dated June 5, 1998 2 10K
EX-20.2 — Letter of Resignation From Robert J. McNulty
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EXHIBIT 20.2
RESIGNATION LETTER OF ROBERT J. MCNULTY
DATED JUNE 1, 1998
[LETTERHEAD OF SHOPPING.COM]
June 1, 1998
To: The Board of Directors of Shopping.com, Inc.
From: Robert J. McNulty
It is with deep regret that I find myself writing this letter. Although
I continue to enjoy your full support and appreciate that the action I have
decided to take was neither requested nor recommended by any of you, I must
tender my resignation as President and Chief Executive Officer as well as member
of the Board of Directors of the Company effective June 1, 1998.
After three years of hard work in conceiving and developing
Shopping.com, it is most gratifying to see that the company has become the
internet retailer. No doubt, the company has faced a number of challenges in its
path of success. In addition to being an ongoing topic of yellow journalism, the
company has been subject to an orchestrated attack by short sellers who
evidently got caught in a squeeze. It appears that there is absolutely no limit
to the abuses the short sellers will employ in order to exploit and damage our
company. From the filing of lawsuits containing false allegations to the
manipulation of the offices of a United States Senator to pressure the
Securities and Exchange Commission to suspend the trading of the company's
stock, the short sellers conduct matches the reprehensible business they are
in--destroying companies rather than building them as I have done.
Although the courts have summarily thrown out the short sellers'
frivolous actions, it appears that the Securities and Exchange Commission has
yet to investigate the true market manipulators. Rather than deflecting
attention from profiteers whose sole agenda is avarice, the Securities and
Exchange Commission should return to the course chartered by Congress,
protecting shareholders and prosecuting the short sellers who have violated the
law. I firmly believe that the vast majority of Shopping.com's shareholders are
pleased with the value that has been created, the putative class actions'
allegations to the contrary notwithstanding.
In order for the company to continue on its path of success, it will
need to raise additional capital from institutional investors and eventually
become a company that is listed on NASDAQ. So as to expedite accomplishing these
goals, I have decided to resign. I trust that my stewardship has laid the
foundation for further growth which inures to the benefit of our shareholders.
It has been a pleasure to work with talented and loyal staff at
Shopping.com. I wish everyone the best of success.
Very truly yours,
/s/ Robert J. McNulty
-----------------------------
Robert J. McNulty
Dates Referenced Herein and Documents Incorporated by Reference
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