( ESNUG 454 Item 4 ) -------------------------------------------- [04/28/06]

From: Lauro Rizzatti <lauro=user domain=eve-usa spot gone>
Subject: A Wall Street investment firm sends a public Nastygram to Wally

Hello John,

I wonder if you noticed an open letter on the Investor Relations page of
Mentor Graphics, written by Citadel Ltd., allegedly the largest shareholder
of Mentor stock, to Wally Rhines.  Here is the link:

   http://www.mentor.com/company/investor_relations/upload/Citadel.pdf

It reminds me of the report card a teacher hands out at the end of a quarter
to a student who flunked his performance.  It's a mix of reprimand and
encouragement to improve next quarter.  Difference is, Citadel claims Mentor
underperformed both relative and absolute measures of shareholder return for
many years.

I wonder if you would pose a question or two to Wally.  I would be intrigued
to hear his answer.

    - Lauro Rizzatti
      EVE USA


  Editor's Note: Lauro, I read the letter and as best as I can understand
  these Wall Street guys are demanding Wally's pay be linked to his laying
  off lots of Mentor employees (i.e. "margin expansion").  Ugly.  - John

   !!!     "It's not a BUG,
  /o o\  /  it's a FEATURE!"
 (  >  )
  \ - / 
  _] [_     (jcooley 1991)