Mide,
Correct. But they will still control 128,000,000 voting share from the "E" warrants, plus whatever shares they get from employment agreements.
The votes depend on the "outstanding" shares, not the authorized shares.
So the scenario exists that if there are any important issues that they want passed, they would hold a proxy vote and still have a LOT of voting power.
I'm not saying that they could be assured of winning the day....but they have 37% of the vote if (let's say) 350M shares are issued and outstanding.
How many people actually send in their votes to count...or attend a meeting?
Also, how did they authorize the "E" warrants with this special voting power? The BOD voted it in, correct? What is to prevent another BOD vote to increase their ownership in "E" warrants?
It could happen.
I think you make light of this scenario where they did it for a "one time deal to get the 500M share authorized through...IMO". Maybe there wouldn't have been a problem to put it out to a shareholder vote...maybe it would have through anyways.
But maybe it wouldn't have. Maybe the shareholders would have said "enough" and put their foot down.
But they couldn't take that chance so they ramroded it through.
Too bad.
I keep telling myself....deep breath....count to ten....try to answer without personal attack...if available, always try to present fact to back up your opinion.
