Building Materials Holding Corporation: Unscurrilously Yours, Robert Chapman

As most of my readers know, I'm an unapologetic fan of the letters of activist investors Dan Loeb and Robert Chapman to their portfolio companies. We have a great collection of Chapman's latest authorship in letters to Building Materials Holding Corporation (BLG) contained in a new SEC filing.

Here is a multisyllabic sample:

... it is our sincere intention for this initial written communication with you and the balance of the Board to be considered amicable and productive, rather than invective or, as past activist targets have claimed, viscerally scurrilous. Uncharacteristically, Chapman Capital is not taking this approach because May flowers have intoxicated me with unalloyed happiness or inexplicable tolerance for excessive “agency issues” in BMHC’s corporate governance. Instead, our behavior is the direct response to your responsible, accountable, fiduciary-duty cognizant reception to Chapman Capital’s initial accosting of, and ensuing dialog with, you and Mr. Smartt. In fact, you could provide a public service by calling and educating the corporate cretins in respective management and director positions at Entertainment Distribution Company/EDCI (Clarke H. Bailey - [phone]; and James M. Caparro - [phone]), Vitesse Semiconductor (James A. (Hole)/Cole - [phone]) and FSI International (Donald S. Mitchell - [phone]; and Benno G. Sand - [phone]). Hopefully, this letter will be viewed as yet another in a steady stream of constructive communications, the aim of which is to remedy the undervaluation of BMHC due in large part to its bloated cost structure and depressed operating margins within its SelectBuild construction services division (“SelectBuild”).