Sorry DM,
I still don't get it. As far as I can see any "vote", yes-no-maybe, on the simple question: "Resolved, The Board is authorized to issue another x million shares to complete the suspended conversion", will be enough of a stake in the heart to kill this company as far as I am concerned.
One way or another small shareholders who did not/do not buy in at these 2bit prices will be shafted. Indeed they already have been if they aren't day trading well. Before the dust settles even they may be crying foul.
The ONLY thing that would surprise me at this point would be for the Board to actually call for such a shareholder "vote" if they were not already assured of the proxies to win it. Then again they were sufficiently lacking in judgement to enter this death spiral preferred deal that put them at the mercy of "investor sentiment", so I suppose the possibility exists.
But what I do not see, and you have not explained to my satisfaction is why a "No Vote" on the simple question proposed would leave us "wee" investors all dancing in the streets? If there is going to be a white knight riding to the rescue he will have to arrive before any votes are taken, IMHO.
The Trustee has a 12/31/98 deadline for paying a healthy sum to his Swiss bank creditor based on a share price of at least $10/sh if memory serves. I have apparently missed your explanation for the Trustee's willingness to "Vote Yes" on the proposition that you and the company(?) are warring over. Certainly a "Yes Vote" on this simple proposition will do more harm to his creditors than it will us "wee" folk. More importantly as you know, his "interests" have shown no shyness about filing suit when the need arises.
Perhaps you are just too "optimistic" for me. As far as I can see, the announcement of a vote on this simple question will be tantamount to asking for a vote on litigation meltdown or three years of $4 highs.
Which reminds me. I know Neil's problem, but what exactly is it in my reply to your new novel that makes you think I like this mess any more than you do? Or perhaps I should say than Frank does, since its my guess that I am a lot closer to his average price than yours.
Have a happy Thanks Giving. If you don't like turkey, try steak. Owl is off the menu due to an acute shortage. |
