Questions from Shareholders that require REAL Answers from the Estonian House Board

1) Why, when the Estonian House Board has repeatedly promised to be transparent and honest, have they not updated shareholders about the situation leading up to the break-up with Tribute, a developer who according to them, was SO reliable, SO trusted, and who was offering the community the best possible deal, as long as we agreed and acted IMMEDIATELY? Furthermore why did the EH Board seek out a new developer without consulting shareholders? Surely, the shareholders had the right to know what was transpiring along the way. There has NOT been a single update on or elsewhere, since the proud announcement of the resolution passing and the chairman of the board declaring victory.

Perhaps, the EH Board is once again using their well-honed tactic of abruptly presenting an LOI and demanding a response from shareholders within a week to achieve their own agenda –a new EH2 at any cost.

2) Why does the EH Board continue to repeat the mantra that the Estonian House will be bankrupt, yet they continue to be fiscally irresponsible, to say the least? It has been their job, after all, to balance the revenue and expenses of our community house just as someone would, in their own home.

Perhaps, the Board needs lessons in money management. Example: 1. Do not waste money to pay an independent consultant to deal with a joint-venture that many of the shareholders warned you against. 2. Do not create multi-page, flashy, colour brochures for annual meetings when simple photocopies are adequate. 3. Do not keep the air conditioning on in the middle of Jan. ETC. Perhaps, if money was wisely managed, bankruptcy would not be an issue. Perhaps, bankruptcy, in reality is a scare tactic and the situation is not as dire. This impending bankruptcy is only being used by the board as a means to an end. Perhaps, the books need re-examination by shareholders.

3) Why are so called “vabatahtlikud” / volunteer members of the EH Board receiving an honorarium for every meeting they hold if the Estonian House is actually bordering on bankruptcy?

Perhaps, if the EH Board were so fiscally responsible they would realize, that paying each member for every meeting over a number of years is a significant sum of money. Are EH Board members really in need of that extra capital, as much as the Estonian House is in need of that capital?

4) Why, if the EH Board has nothing to hide and is so transparent are the minutes of the Board Meetings not made available to shareholders to read?

Perhaps, this is because the EH Board does not want details of their discussions, including possible dissenting views revealed, since that may jeopardize the appearance of a united front.

5) Why has the EH Board bragged, convinced, and assured the shareholders with every confidence that each of the deals they have presented was the ultimate perfect deal for the Estonian community, yet ultimately the deals have not proven to be such?

Perhaps, we should question their judgment and true agenda regarding this entire process.

Toronto Estonian House Shareholders, who do attend meetings, participate in Estonian House activities and value honesty, integrity and ethical behaviour.

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