Warwick Valley investors led by Santa Monica Partners continue to ask board for response

By Lisa Kerner

Charlotte, N.C., March 29 - Warwick Valley Telephone Co. investor Lawrence J. Goldstein, affiliated with Santa Monica Partners, LP, submitted a letter to the company's board of directors Thursday expressing disappointment in the board's failure to respond to his two prior letters.

"I believe that you know that the two letters we sent hit squarely home and were right on the money. We, and no doubt you as well, have concluded that any turn around at Warwick as an independent company is almost impossible at this point," Goldstein said in the letter, included as part of a schedule 13D filing with the Securities and Exchange Commission.

"Furthermore, we can only presume that since the silence of the other eight directors means that no member among them has any clue, plan or ability to act their fiduciary responsibilities to shareholders are of course called into question. Is this really what the board now wants someone to challenge?" Goldstein wrote.

On March 20, Goldstein took the Warwick board to task for having Herb Gareiss remain a director of the company after his resignation as chief executive officer and president due to poor health.

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

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