Press release
DAILY JOURNAL CORPORATION ADDRESSES BUXTON HELMSLEY’S BRAZEN THREATS AND EXPOSES THE FIRM’S DISINGENUOUS, SELF-SERVING AGENDA
The Company has Referred Buxton and its CEO, Alexander Erwin Parker, to Federal and State Authorities for Consideration of Criminal Prosecution The Company
About this update from Daily Journal Corp. (s.c.)
[{"type":"text","content":"The Company has Referred Buxton and its CEO, Alexander Erwin Parker, to Federal and State Authorities for Consideration of Criminal Prosecution The Company Stands Firmly Behind its Financial Statements and Accounting Judgments LOS ANGELES, Dec. 26, 2025 (GLOBE NEWSWIRE) -- Daily Journal Corporation (the “Company”) today issued the following statement in response to a flood of false, misleading and self-interested correspondence from Buxton Helmsley USA, Inc. (“BuHeUI”) and its Chief Executive Officer, Alexander Erwin Parker, to the Company and members of its Board of Directors (the “Board”). BuHeUI, which until recently held no shares of the Company and now appears to be the record holder of one share, has threatened to run a campaign to take control of the Board unless the Company agrees to enter into a “cooperation agreement” with BuHeUI. Needless to say, the Board has unanimously rejected BuHeUI’s latest shakedown attempts. A Recap of BuHeUI’s Self-Serving Campaign Mr. Parker started sending error-filled letters to the Company in July alleging that it was improperly expensing software development costs that should be capitalized under ASC 985-20, Costs of Software to be Sold, Leased or Marketed. Expensing less and capitalizing more would overstate the Company’s net income and, according to Mr. Parker, “unlock value.” He then demanded two seats on the Company’s Board and a consulting contract that would give him a cash payment of 15 cents for every dollar of appreciation in the Company’s stock price. He estimated that this would pay him $24 million. Keep in mind, he was not a stockholder of the Company – just a young, self-styled activist looking to make easy money at the expense of stockholders. The Company refuted Mr. Parker’s accounting allegations and rejected his transparent hustle, so he’s back with a new approach. In the last two weeks, Mr. Parker has sent no fewer than 13 letters and emails to the Company, its directors and officers. Like his letters from over the summer, Mr. Parker’s most recent communications again baselessly allege that the Company’s software accounting is incorrect, add allegations of securities law violations and governance failures (which we address below) and threaten a proxy contest for control of the Board unless the Company agrees to his demands. The letters also double down on Mr. Parker’s m...