As of Sept. 2012 (which is after the departure of Barry) the 8 remaining executives and board members owned 3.8% of stock. CBD owned 7.9%.
Before his departure in 2012 Barry still held more stock than any other person or entity, but it was less than before. Appears to me like he opposed the merger, left the company, cashed in his shares at about .25, and by the end of the year the stock was at .05.
From the annual report filed in March 2012
Our Chief Executive Officer, Barry Cinnamon, beneficially owns a significant number of shares of our common stock, which gives him significant influence over decisions on which our stockholders may vote and which may discourage an acquisition of the Company.
Barry Cinnamon, our Chief Executive Officer, beneficially owns, in the aggregate, approximately 11.4% of our outstanding common stock as of March 15, 2012. The interests of our Chief Executive Officer may differ from the interests of other stockholders. As a result, Mr. Cinnamon’s voting power may have a significant influence on the outcome of virtually all corporate actions requiring stockholder approval, irrespective of how our other stockholders may vote, including the following actions:
· election of our directors;
· the amendment of our Certificate of Incorporation or By-laws; and
· the merger of our company or the sale of our assets or other corporate transaction.
Mr. Cinnamon’s stock ownership may discourage a potential acquirer from seeking to acquire shares of our common stock or otherwise attempting to obtain control of our company, which in turn could reduce our stock price or prevent our stockholders from realizing a premium over our stock price.
