The board at Cardinal Bankshares Corp. responded Thursday to a series of demands by Douglas Schaller, rejecting the activist shareholder's assertion that the company should sell itself.
Schaller, through his investment company, had written to the company last month, encouraging the board to
In its response, Cardinal's board questioned Schaller's motives, noting that he had only started investing in the Floyd, Va., company in February and that he had continued to buy shares ever since.
"Your attempt to make an issue of facts already known when you first bought your stock, your extreme and somewhat inexplicable reaction to Mr. Logue's departure while continuing to accumulate our shares, and your attempt now to try to influence a sale of this company are all quite curious," the
