Complaint Review: Michele Russo Opera SGR Screen Service Chromavis

I am quite concerned about the manner in which Opera SgR, run and own by Michele Russo, has handled the portfolio of assets od Cape Natixis that it was given for free from the Bank of Italy.  It was fortunate to capture management fees based on book values of assets that are now largely in bankruptcy.  It used company cash flows solely to sue previous directors, and made zero effort to put competent management in place. 

In one instance, a company received a generous takeover offer, and a fairness opinion was presented by Roberto Tasca (who had a clear conflict of interest as he was the Bank of Italy appointed commissioner who generously gave the assets to Dott Russo for free while firms like Quadrivio and others were willing to pay money, aligning them to the performance of an asset.  Dott Tasca ruled the bid was too low by more than 50% based on assumptions that can generously be described as absurd hockey stick growth. 

The offer was rejected, and half a year later, the Company is now bankrupt.  I have never seen a single instance of this type of crooked behavior and shareholders have very good cause to sue the board of directors of screen service.  Tragically, one of the key members of management died of a heart attack Christmas Eve after being terminated (Beppe Gatti).  Unsurprising considering how stressful and tragic the situation was for managers and shareholders alike (he was both).

Screen Service shareholders need to collaborate and file an action immediately against the board of Screen Service.