Delcath Systems Inc (DCTH)

[ddaurelio]

OK. So you actually think the outcome would have been different if the R/S had passed? They asked us to essentially vote to dilute our shares -- and couldn't even narrow the ratio down to a single number. They had already done it twice previously, so why would anyone believe that "this time is different". No one could have anticipated the sleaze move that Simpson and the BOD pulled with the preferred stock just to implement the RS by circumventing shareholder approval. The whole reason shareholders voted this down in July (and again in September) is that they wanted the BOD to seek other alternatives to the toxic financing they have been using, or to more aggressively seek a partnership. Not to mention other cost-cutting measures (say for example reducing the exorbitant salaries of Simpson and the CFO) that could have been taken in good faith to show shareholders that the management was willing to "share in the pain" they were going to cause by yet another RS. Of course, given the fact that most of them hold less shares in their own company than do many of the investors on this board, they weren't going to feel much pain from an RS.
Honestly, the vote results were more a no-confidence vote on the management team than anything else, IMHO.