Cyrus Capital Partners, who owns 28.3% equity stake in Sphere 3D Corp. (NASDAQ:ANY) released letter on December 20, 2016 outlining operational, performance and management issues held by the company, which furthermore resigns an associate from the company’s board.

Mentioning frustration, lays out segments of address comprising separation of company’s assets into distinct operational divisions, establishment of subsidiaries to maintain assets linked with each segment, specific debt-for-equity exchange, compensation and management modifications, and contemplation of options to increase revenue growth across all its businesses.

In anticipation, Sphere 3D considers the letter to be suggestive of Cyrus’s view that the business has yet to hit its full potential, and there lies a prospect to increase shareholder value.

The highlights

Sphere a containerization, virtualization and data management offerings provider, stated that it has obtained a letter from Cyrus Capital Partners, which the stakeholder has submitted pursuant to Schedule 13D with the U.S. Securities and Exchange Commission. The firm finds the letter to be suggestive of Cyrus’s stance that there is still ample of room left for the overall development in the operational section. If taken necessary measures, the company has a real chance to maximize its shareholder value and focus on overall growth.

As stated in the firm’s filing, any suggestion from Cyrus would intend to enable Sphere to achieve its full potential considerably maximizing and increasing stakeholder and shareholder value. In conjunction with this submission, Daniel J. Bordessa, an associate of Cyrus Capital Partners, has submitted his resignation to the Company’s board of directors.

Sphere 3D obtains another unsolicited expression of interest, a party and proposal, from those disclosed initially. Ongoing assessment of this and other prospective stakeholders-enhancing transactions is mentioned, with the firm viewing this new submission as sign of confidence in its operations. Financial advising on valuation and guidance to be retained at appropriate time.