Boy, what did I miss while I was working? Lawyers, lawsuit, fire CB, kick out the Board, crooks, criminal activity, throw them all in jail???? Did I miss some facts somewhere? What specific acts of criminal negligence or criminal fraud are people talking about? What decisions has the Board made that have exceeded their authority?
Has anyone here read the corporate by-laws or CB's preferred share agreement? Personally, I probably wouldn't understand them if I did, but if the preferred share agreement specifically exempts them from any splits (which may or may not be the case, don't know, been told but would need verification), where is the fraud? I don't like CB receiving unintended (three years ago when the agreement was made) personal gain solely from the R/S, but the decision to submit a R/S to the shareholders is within the Board's authority. Like the decision, agree with it or not, the Board has access to proprietary information we do not have and probably don't have any right to have. We (myself included) may not like it, but I don't see anything illegal. I do believe that if the Board thinks CB has earned additional compensation for his work, they should do it through a stock grant after the R/S. He shouldn't receive the gain through the back door however legal it may be. I also don't like the concept of not adjusting the total authorized amounts of both the common and preferred shares. Too much of a blank check for me, but I don't see any evidence of anything criminal.
Let's chill a bit and see what the final proposal is. It's called a "Preliminary Proxy Statement" for a reason.
AI
