Even The Board Is Fleeing

One of the few independent Directors (corporate, not IMRs) has realized that a a Board member his input is ineffectual.

From the SEC Filing late this afternoon:

John D. Simmons resigned from the Board of Directors of YTB International, Inc (the "Company"). Mr. Simmons resignation was prompted by his belief that as a general matter he could not effectively influence the practices of the Company's management. Mr. Simmons has not furnished the Company with any written correspondence concerning the circumstances surrounding his resignation. Mr. Simmons was considered an independent director by the Company and was a member of the Company's Investment Committee.

Wow, so now we have the RTAs, the Reps and now the directors of the company bailing out! I bet Bob Dickinson is enjoying a nice glass of wine and toasting his good fortunes!

This is the guy who Coach made a deal with on his house. I am guessing that the attorney did not like the paper asking questions and saw the writing on the wall and decided to get out while he still is able. I wonder what this means in terms of Coach's continued residency.