"Our Board decided to postpone the special meeting of stockholders originally scheduled for May 27, 2009 when it appeared we lacked sufficient votes to approve the proposed reverse stock split."
Quoted by Ray in the Proxy Statement on May 28th
My question is, what makes them think they will have enough votes later this month? In the past week and a half since the meeting was pushed back, nothing has changed. Speculation has taken over. I am wondering why would Genta change the date of record without releasing a breakthrough PR. Without this PR, they know for sure they will lack sufficient votes again...I guess we have 3 weeks to find out.
Furthermore, Let's say Genta pushed back this meeting to allow the noteholders to have majority vote. Let's say they end up with the sufficient votes for the R/S. What would be the point of having the shareholders meeting? If this meeting has a question answer session, I'm positive (keeping in mind w/o any prior groundbreaking PR's) that shareholders will be more likely to be questioning/bashing managements operation tactics. This would not be a good thing, because now you have hundreds of shareholders in the same room realizing Genta just "rigged" the vote.(legally or not) Anyone smell lawsuit?
As of May 27th, We have 4,821,537,092 shares outstanding. Does everyone realize we would only need to have a 1-for-10 R/S Ratio to be where CTIC is at, 500M OS? I don't see a problem with this. I am still wondering what makes everyone so adamantly believe Genta is going for the full 1-for-100? My guess is they just said that to leave their options open. I still believe that we will see a PR early this week and "that" PR will change shareholders mind about their proxy votes.
IMHO
AI
