These ratings don't make a lot of sense...
Free agency: C
Some good some bad, most OK.
UFAs have been some good, some bad, most ok. That is pretty much the best you can hope from any GM. Not every signing is going to be great, no matter how good a GM is. He gets a C though.
Undrated free agents he gets a C, with no explanation. Don't mention that the Flyers signed Read, Gus, and Bobrovsky, and a number of guys on the Phantoms that may some day be on the Flyers. But yeah, he gets a C. Nothing to see here.
Drafting: C
Only number #1 Picks have chance of being a regular NHL player.
No #1 Defenseman prospects drafted.
No #1 Goalie prospects drafted.
Drafting he gets a C because he has not drafted a #1 goalie or defenseman and only #1 picks have a chance at being an NHL player. I've got news for you, drafting a #1 defenseman and goalie is not an easy thing to do. In fact, there probably aren't even 30 players worthy of the #1 defenseman or goalie moniker in this league at any given time. His drafting hasn't been perfect, but the Flyers have been solid in the first round, and the later rounds (which is a crapshoot for any GM) has been ok (Lauridsen, Nodl, Ghost, Wellwood, McGinn, Rinaldo, etc). Also there is this guy named Anthony Stolarz in the system who was drafted in the second round. Too early to tell what he will be, but he's certainly a solid goaltending prospect. But let's give him a C anyway because he hasn't drafted 10000 all stars.
Trades: D
Holmgren has made 8 good trades out of a total of 17.
Pronger trade was bad.
Not even sure where to begin with this one. There have been more than 17 trades made, for one. Which 8 were good and which 9 were bad? What of the rest of the trades? What was your problem with the Pronger trade?
Cap management: F
Holmgren’s cap management is atrocious,
overpays, salary dumps mismanages contracts.
This one I can see where you are coming from. His cap management is clearly his biggest weakness.
Intangibles: F
Builds Team backwards, Lack of Patience developing players,
Lack of Plan for future
How is the team being built backwards? Which players have been a lack of patience besides Bob (who I assume is the one you are talking about)?
Homer may not be the best GM in the league, but this "report card" would make him seem like the worst in the league, which is not true by any measure.