Friday, April 18, 2014 10:38:11 AM
What he said is that the SEC only governs the disclosures in the filing which makes sense as the merger is being held up by the SEC for disclosures. He also said that whether the merger is legitimate or not rests with the State where the charter was filed. I asked if the merger could be held up or dissolved for the disclosures and he said yes. He then went on to say something about the need to get shareholder approval and whether proxies were sent. I told him the way it was done was to get around the need to have shareholder consent. I couldn't see his face but if I could I am sure it would have been the equivalent of "not batting an eye."
Not sure if any of that is helpful to shareholders but the SEC is not responsible for determining the legitimacy of the merger. That is the states responsibility as it is a Corporate action. The fact that it can be dissolved through disclosure issues is interesting though. Just a wait and see at this point.
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