There are really two separate issues you're referring to, makinezmoney, and I'd like to address each one, if it's OK with you:
1. As regards whether the Winthers will have enough proxy votes to get a majority of the issued and outstanding shares, which means getting around 45 million shares in their favor out of about 90,000,000 (assuming it's a matter where the denominator is all the shares, rather than just the shares being voted):
a. 10K filings indicate that the three major company/family/executive stockholders hold around 36 million shares.
b. Fife/TCA may or may not have any/some/all of his original 8 million shares acquired through debt conversion.
c. I'd be totally shocked if PLY hasn't picked up something just under 5% of the shares (low enough to avoid an 8K filing), so that's around 4.5 million shares.
You can do the math and see that even if all the individual shareholders come out in full force and vote no, it still might not be enough to defeat the resolution to sell out.
2. As regards whether this business would sell for less than a million dollar valuation, right now the most compelling argument in favor of believing that it would is that sales in the second fiscal quarter basically died, i.e. to a level of 250K per month, after the company had been celebrating a few million dollar sales-months. If you buy into the theory that "they're all a bunch of crooks" (and there's actually a good case to be made for that), then it seems to be true that the executives basically took the company down the drain after the transaction was announced on December 30, so that there wouldn't be any company left if the transaction were to be called off.
As I've mentioned in earlier posts, there are also reasons to believe that we've all missed something here and that at least the value of items not included in the Purchased Assets would take the sale of the company to well over a million dollars. My primary reason for thinking there can be some hope along the lines you're raising is that the family/officer group did not dump any of their shares during the Spring 2014 pump and dump, and in fact were greatly economically damaged by the skullduggery. So there's some basis to believe in their uprightness.
Also, Kyle appears to have grown up a lot in these intervening years, e.g. getting married, cleaning up his Facebook page from the shenanigans of his early adulthood, looking professional while doing interviews, etc. I would find it hard to believe that Kyle and friends would lose a whole potential career which would otherwise be ahead of him to strike an employment deal for himself with PLY that actually couldn't possibly be that much more than a fair sale of VHUB shares would have yielded, based upon the enormous growth of sales in these past two years and running a wildly profitable first fiscal quarter of the 2017/2018 fiscal year.
So, I wish you well and hope that you turn out to be correct (though it damages your case somewhat when your write about 25 cents per share as the end result of all this). ...and I hope that I've laid out the situation here in a reasonably balanced way for the rest of the faithfuls around here.
