Daily Journal discloses activist demand letter; Board rejects $24M equity proposal, hires independent consultant

DAILY JOURNAL CORP

Alexander Parker (Buxton Helmsley) demanded $24M equity compensation and two Board seats to push capitalizing software costs.
Company states it has expensed software development costs for over a decade; three national audit firms reviewed without issue.
Audit Committee hired independent consultant instead of Parker; Parker then threatened SEC enforcement and demanded CEO/CFO resignation.
Company contacted SEC staff to discuss software development accounting and Parker’s actions.
Neither Parker nor Buxton Helmsley is registered as an investment adviser or FINRA broker, per SEC and FINRA websites.

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