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Tuesday, April 29, 2014 7:19:51 PM
It just means they met the mailing/announcement requirement. They've set it up so insiders (Northstar, etc) control everything anyway, so it clearly states they needed, nor wanted no returned "vote" from common shareholders, regarding the proxy filing.
It was a done deal, from the day they first posted it on the 17th, IMO. Just more massive dilution to come, IMO. They must be burning through shares even faster than anticipated when they had to revise the corporate documents end of 2012, to up it from 190 million shares total allocated (they were already blowing through that number, passing 200 million shares then from dilutive financing), to then upping the allocated/available to about 950 million.
It's staggering, IMO, to think that since end of 2012, they went from 190 million authorized and used common shares, to then 950 authorized (of which they've now used already over 460 million as stated in that form 14) and that's still not enough on a sub, 3 cent stock, so they're now going for 2 billion shares? Amazing IMO. And, going back to only around 2010, they had a grand total of something like 20 million total shares outstanding. Talk about diluting away the common shareholder? And one wants to know, IMO, why it's at 3 cents or below, even going as low as .0063 (yes, 6/10ths of a penny) just a few months back?
Can't be good for the common holders IMO, gonna dilute down even farther than they already are- if that's even possible. Not much room left between 3 cents and zero.
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