Often, the scenario we are discussing (i.e., persons holding 'shorts' are allowed to vote those shares) occurs. I believe that if a company is on top of the situation, works with the transfer agent and monitors the voting, the likelihood of having 'extra' votes is greatly diminished. It is my understanding that much depends on the brokerage firms that are involved. Remember, the shares of persons who trade via brokerage firms (e.g., E-Trade, TDA, etc.)are held in 'street name' and it is the shares held in street name that are 'borrowed' for short trading. FYI, individuals can contact their brokerage firms and go through a process in which those shares are not allowed to be 'borrowed'.
Again, I would need to verify that everything stated above is 'accurate' (often-times, it is hard to definitively state that 'this is how it works 100% of the time') However, I'd like to table this discussion for now as our sole focus should be on removing Messrs. Lacle, Syed and Saleem from the BOD, and I do not believe we have to worry about extra votes coming from those holding 'short shares'. If it's okay with you, let's revisit this issue in the future.
Sincerely,
Dino A. Sawyer
savemichelex@gmail.com
