Wednesday, June 29, 2022 6:49:50 PM
Respectfully, I think you are right and wrong, Hweb. I think majority ownership is the trump card here. I think the BOD is powerless. They are now employed by NILE. He can replace them all if he choses to my understanding. Which I do like because he is here at a good price, and I really don't like the way they acted on those Form 4's. They should be very happy that he is very happy with them.
https://corporatefinanceinstitute.com/resources/knowledge/finance/majority-shareholder/
Just to review:
1. A majority shareholder is any individual or entity possessing more than 50% of a company’s stock shares.
MY COMMENTARY: In this case, it is the dictator NILE. We are the BORG. Resistance is futile is the message I got.
2. Majority shareholders have the right to vote for and elect members of a company’s board of directors, which means majority shareholders have a direct say in how the company is run.
MY COMMENTARY: The board are Yes-men to Nile's wishes now. This doesn't mean NILE wants yes-men. I wouldn't. I'd want the truth. I would love for this company to continue, but I do like my hands in their cash. In his shoes. And they don't have a good track record of creating shareholder wealth here, so they really do need a custodian in charge of their cash. Shareholders are already coming out better here. I think shorts were much happier with the prior arrangement.
3. It’s also important to note that corporate members are in a unique position. As members who can be potentially elected (by shareholders) to the board of directors, there seems an almost built-in conflict of interest.
MY COMMENTARY: The most abused buddy-system that Warren Buffett warned about. No watchdogs for the watchdogs here. Foxes guarding the Chicken Coop. We just saw some of that abuse in the recent Form 4's in my opinion. Nile now decides if they stay or get replaced as I see it. They don't need to be yes men. But I wouldn't consider crossing NILE either.
4. So, can corporate shareholders vote for themselves? The answer is yes. As long as they don’t violate any of the fiduciary responsibilities they have to the company’s shareholders as a whole, they can vote in their own interest.
MY COMMENTARY: I would say diluting shareholders would not be in my best interests. With my Stockholm Syndrome Halo still glowing dark green above my head, I still say I love Nile and my interests are in alignment with his.
5. Majority shareholders have the benefit of voting and election privileges. Again, it means that they have a say in the directions the company decides to take. Majority shareholders are consistently updated about how the company is performing, and if they are unhappy, they can request an election for new board members.
MY COMMENTARY: Please, nobody make NILE unhappy. Because if my captors are unhappy, I'm unhappy.
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