Threats of litigation, personal liability exposure, and sustained pressure campaigns affected directors, service providers, shareholders, and potential board candidates. These actions did not occur in isolation — they had a direct impact on participation, governance decisions, and ultimately shareholder choice.

Caused directors to resign under duress

On August 22, 2025, ASA announced the resignation of the Legacy Directors. I have not consulted those directors regarding this statement and do not speak for them. Based on my own assessment of the surrounding facts, I believe their resignations occurred under duress. A refusal to indemnify service providers, combined with credible threats of personal liability, made continued service untenable.

Chilling shareholder advocacy and disclosure

In 2025, Saba obtained a preliminary injunction in Bermuda court that had a significant chilling effect on shareholder advocacy and disclosure. At the time, I was engaged in a proxy campaign intended to raise awareness about governance concerns at ASA. Although I was not named in the injunction, the surrounding legal threats materially constrained my ability to publicly discuss conduct that I believed had denied shareholders a meaningful voice — including pressure exerted on directors and other participants in ASA’s governance process.

Threatened service providers, leading to multiple resignations

Service provider cornered

In November 2024, a service provider threatened by Paul Kazarian and Ketu Desai’s counsel wrote: “We are expressly precluded from withdrawing in circumstances that would be prejudicial to a client and we are duty bound to act in the interest of our client, even if doing so may pose some individual risk to ourselves.”

Administrator threatened

In April, 2024, counsel of Paul Kazarian and Ketu Desai threatened ASA's Administrator. Importantly, Paul Kazarian and Ketu Desai blocked the indemnification request to the Fund that followed in response to the threat.

Service provider rejected baseless assertions

In May, 2025, a different service provider threatened by Paul Kazarian and Ketu Desai's counsel writes: "Messrs. Kazarian and Desai make utterly groundless assertions regarding communications or conduct by [..] or our [..] firm..."

Resignations followed

Following these events, ASA’s Administrator, Principal Financial Officer, and Secretary each submitted resignations effective June 30, 2025, later agreeing to temporary extensions. The Chief Compliance Officer also resigned later that year.

I have also received threats in my personal capacity, as head of Merk Investments, and as the Fund’s Chief Operating Officer. 

These actions did not occur in isolation—they had a direct and predictable effect on participation, decision-making, and ultimately on outcomes of governance processes.

Threatened potential director candidates

On February 25, 2025, Paul Kazarian and Ketu Desai wrote to potential board candidates: "......, to be clear, any attempt ...to seek to nominate and seat any director candidate that is not agreed to by a majority vote of the Board, will result in litigation naming such director candidates in this instance [list of candidates] -- personally as defendants." One of the director candidates withdrew her candidacy in response to the letter.

Investors intimidated

Investors have told me they feared retaliation, liability exposure, or that their votes and positions could be traced back to them if they opposed Saba.

Related concern: Suppressed Shareholder Rights

If you are a shareholder, regulators should hear directly from you. File a complaint with the SEC to help ensure these actions receive immediate scrutiny before further harm occurs.