Warwick Valley Telephone shareholder blasts board for keeping director Gareiss

By Lisa Kerner

Charlotte, N.C., March 20 - Warwick Valley Telephone Co. investor Lawrence J. Goldstein, affiliated with Santa Monica Partners, LP, submitted a letter to the company's board of directors on Monday questioning the rationale of having Herb Gareiss remain a director of the company.

Goldstein pointed out that Gareiss resigned as chief executive officer and president due to poor health.

"The board has nonetheless tolerated Mr. Gareiss' remaining as a board member. How could you?" Goldstein said in the letter.

"On what reasonable basis could Mr. Gareiss of all people have anything worthwhile to provide after none of his many promises have ever been delivered upon? Whatever could Mr. Gareiss possibly have to offer or contribute now?"

According to Goldstein, "Mr. Gareiss should have resigned from the board as well as from his executive positions instead of hanging on and clearly should be made to resign from the board now."

Santa Monica Partners beneficially own 114,689 shares, or 2.1%, and Goldstein owns 130,889 shares, or 2.4%, of the Warwick, N.Y., communication services company's stock.

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