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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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SCHEDULE 14A
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Luby's Inc.
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GEORGE H. WENGLEIN AND JOHN B. LAHOURCADE
P. O. Box 33069
San Antonio, Texas 78265-3069
December 20, 2000
Dear Fellow Luby's Shareholders:
As major shareholders who have been associated with Luby's for most of
its history, we would like to share with you our thoughts about Luby's future.
While the restaurant business is more competitive than ever and we are
as unhappy as you with the decline in the value of our investment, we have full
faith in the Board of Directors and management. We believe that they are now
leading Luby's in the right direction. We intend to support the Board by voting
our combined holdings of over 900,000 shares in their favor at next month's
annual meeting.
Luby's is a good, solid company with great people. Under David Daviss's
leadership as Acting CEO, Luby's is refocusing on the foundations on which the
Company was built - good people, good food and customer service. The morale at
the store level has improved significantly in recent months, and the new manager
compensation plan has been well received by most of our managers.
The Board and management are well aware of the problems facing Luby's.
They are dealing with those problems straight-up. They are making the tough
decisions and, we believe, the right decisions. There is much yet to do to
return Luby's to the performance level we all want, but we are committed to
Luby's and to the direction and leadership that Luby's has in place.
You have probably received information from the so-called Committee of
Concerned Luby's Shareholders who want you to vote for their nominees for
director. We think that they have nothing to offer Luby's. We recognize that one
of them is the daughter of a well respected former officer and Board member, but
none of them has any food service experience or even retail business experience.
The other two are a litigation lawyer and an investment manager. We do not
believe these individuals will add any value to Luby's Board. In contrast, the
Board has taken action to add Jimmy Woliver, a respected former Luby's manager,
to the Board.
Under Luby's corporate governance guidelines, adopted several years
ago, we are beyond the age where we can stand for reelection as Board members.
Nevertheless, we are firmly committed to the Board and believe that they can
restore Luby's to a successful operation. We will continue to be available to
the Board should they seek our assistance or involvement.
As major shareholders who have seen the Company weather good times and
bad over the past decades, we ask you to support the Board and management as
they tackle these issues. Please sign the white Luby's proxy card (vote for the
Board's nominees, for the auditors and against the shareholder proposals) and
return it so that your support can be counted at the annual meeting.
Sincerely, Sincerely,
/s/ George H. Wenglein /s/ John B. Lahourcade
George H. Wenglein John B. Lahourcade
