To All .. This will be my last post on the subject of the personal agendas of some on this Board that are at odds with the best interests of IDCC shareholders. I have been raising this issue periodically for over two years and gotten into some pretty heated and nasty debates with those who have felt that I was being unfair to some shareholders who were merely exercising their rights as "owners" of the company. I'm sure I will be flamed again for my interpretation of what has just transpired but I am not going to respond to any of it. This board just might not survive another month of pizzing matches. Anyway, here goes:
The second shoe fell out of the proxy envelope and it fits Corp-Buyer's smelly foot perfectly. There is not a doubt in my mind that Corp is Michael Cohen .. just read his bio on RB, if he hasn't wiped it squeaky clean by now. Mr. Cohen has been playing "bad cop" for two years trying to beat a confession out of Harry for his repeated rapes of the shareholders, some of which he turned into gang rapes by his paid lackeys on the IDCC management team. During this entire time Harry's wrists have been handcuffed to a chair with his mouth duct taped firmly shut while simultaneously Mr. Cohen's hands dug ever deeper into the pockets of every unsuspecting long on this board. I am equally certain that Mr. Marchma willingly played "good cop" during this period in the belief that he will personally benefit in the end well beyond any appreciation in his IDCC stock. There are others on this Board that I also have strong suspicions have agreed to play minor roles, albeit unwittingly, in the relentless beatings of Harry and his gang. And, of course, the mysterious Mr. Espy has been lurking in the shadows the entire time. BUT, Harry just wouldn't give up and confess so they had to go to plan B the details of which began to unfold yesterday.
Plan B is simple: takeover the Board as quickly as possible and you get to takeover the company and profit very handsomely in the process while the shareholders are left holding the bag. I'll give them this: the proposition is a well disguised Trojan horse for them to hide within until they are inside IDCC's gates where they will wait for IDCC management to fail as they have knowingly set them up to do. It is clear that they have already fooled some on this Board into thinking that the horse is a wonderful gift from the benevolent crusaders and protectors of shareholder rights.
The way I read the proposition Harry would be subject to re-election next year if the proposition passes. That may be wrong but it doesn't matter because if the proposition passes Harry's goose is cooked as a practical matter anyway which they insured by making the proposition "non-binding." Say what??? How can that be?
By making it non-binding they significantly raised the possibility of its passage. Many shareholders who can't quite bring themselves to "withhold on Harry" for a myriad of different reasons would still like to give him a message that they think he and others in management have been overcompensated relative to their accomplishments (or more accurately, lack thereof). On the face of it, the proposition seems like a good way for each shareholder to send a wake-up call to management that they are not happy now and that they intend to do the same each year should they remain unhappy. Just an annual report card .. no big deal .. everyone in life should be held accountable for their actions.
Should this pass I predict you will see Mr. Cohen, et al get out their erasers and scrub away 24/7 until the "non-" has been obliterated, Just look at the no-win situation they have created for the BOD and IDCC management. What can a Director do in one year to demonstrate that he or she should be re-elected? Every one of them will be campaigning for re-election the day after the ASM every year. How much time can he or she afford to put into long range plans for the company when the shareholders constantly have their fingers on the "what have you done for me lately" trigger. What about management? How would you like to face the prospect of getting an entirely new set of bosses each year?
So, if it does pass the BOD will have no option but to state that they have decided to not be bound by it. Now we know Mr. Cohen and friends are not going to let that go unnoticed, even though the BOD has every right to do so in what they believe is the best interests of the shareholders. But Mr. Cohen insists that Harry and the other lap dog members of his management team are just greedy pigs feeding at the trough 24/7 and have never been aligned in any way with the shareholders best interests. That the BOD are in cahoots with them will just have been proven once and for all by their refusal to be bound by the shareholder proposition. They will have laid the predicate for a shareholder revolt to throw all of the bums out and, coincidentally, they will just happen to have their replacements at the ready. You haven't seen pizzing matches until you see what happens on and off this board in that eventuality.
For those of you who think I've lost it again and taken paranoia to the extreme I can only say again that shorts don't play fair and M&A guys don't play fair. They prey on the unsuspecting and will stop at nothing to eat their lunch every day. They have forgotten more devious ways of doing just that than we will ever conceive.
I am going to vote for Harry and against the proposition. I am also going to send an e-mail to the BOD asking them to stand firm and to do whatever they can to yank the grubby hands of Mr. Cohen and his friends out of my pockets before they do any more damage than they already have. I hope that others will do the same.
Good luck to all (except Cohen and friends).
Danny
AI
