Rat, You may have got it right.
Jack may succeed in his plan to to take his pound of flesh from the company for his own short term gain but he will lose all in the end. If the other board members are involved, they too will have to answer. The plan will eventually bankrupt the company (Jack's business plan),(which he denies) and all the dealings with the treasury stock, by selling the Kampa note, and the involvement with Sempra Energy is digging a deeper hole for Jack. This has all been done without any Shareholder agreements, votes or knowledge. They think that because they said at the Shareholder meeting this gives them the power to do anything they want, this is legal. The Shareholder meeting was a sham in my opinion because of the low turnout, the botched proxy votes, and the SEC violation of not posting the results in time. None of what they did will hold water under scrutiny. This will be even more serious when it goes to court. If there any illegal activities going on, the court will be obligated to pursue any illegal activities that come out in the trial and prosecute. This will happen whether Jack is present at court or not. He won't be able to get the case dismissed, and he can't talk his way out of the facts. But when has Jack ever let facts get in his way? My belief is that if he wants to save the company and shareholders (We know he really cares about us), the company gets turned over to new management ASAP. I really don't think Jack has any idea of the load of bricks that are potentially about to fall on him. I know there are Shareholders who are willing to spend a great deal of their own time and money to see justice. This will happen even if Jack pulls off his plan to take all he can out of the company and destroy it. He thinks this will make everything go away when he gets what he wants and the company goes bankrupt. Right now he has some chance of redemption if he resigns. If he waits until this goes to court, things could get very bad for him and any others he drug into his "busines plan". Jack, do everyone and yourself some good, Please resign.
I will take all of this back if Jack posts an SEC filing or a PR stating his plans and is transparent about the treasury shares, the Kampa note (where is the SEC filing?, the shareholder vote? we did vote for the sale in the first place), and the Sempra Energy deal(where is the SEC filing? the PR?). All of these, in my opinion, are against the by-laws of the company and SEC rules.
AIMO
Ain't quittin either,
GVibes
