‘In my religion we believe only the pope is infallible.’
A recurring dispute among the Arthur S. and Arthur T. shareholders – and the directors who represent each side – is how much cash should be distributed to shareholders and how much should be reinvested into real estate, construction of new stores, and employee bonuses. In this excerpt from an Oct. 17, 2011, meeting, the directors debate that question in detail. At the end of the meeting, director Levins proposes to investigate how much debt the company can take on in order to make a distribution to shareholders. The board, at the time controlled by Arthur T., rejects it by a narrow margin.
Arthur T. Demoulas
Former independent Director
Former board Chairman, represents shareholders on Arthur T.’s side of the family
Director, represents shareholders on Arthur S.’s side of the family