Well Phil,
I have owned shares since the day the news release came out that Digital Focus (1999 I think)would be working with TMMI to develop the codec. What has transpired recently seems like a rerun of 10 years ago. People posting that a product would be available soon, just like 10 years ago. lawsuits just like 10 years ago. Nothing ever seems to happen.
One question I have. When the old directors voted out, there were only a few shares voting against the new directors.
Were Fernandez and Shields not permitted to vote their shares because they probably held many?
Shareholders were asked to vote for Gerard Cavanaugh and Michael Kozole CPA as Directors to replace Michael Fernandez and Dan Shields as Directors of the Company. A total of 113,086,663 shares out of the Company's 202,475,200 issued and outstanding shares as of the record date (55.85%) were voted and the results are shown in the table below:
Proposition For Against Abstain Total
Gerard Cavanaugh as Director 109,732,458 3,093,151 315,054 113,086,663
Michael Kozole CPA as Director 109,689,321 3,093,788 303,554 113,086,663
The percentage of shares voting that are necessary for a quorum for a shareholder meeting is 50.1% of the issued and outstanding shares, which in the case of TMM, Inc. in terms of actual shares voting needed for a quorum was 101,440,075 shares. The TMM, Inc. shareholder meeting had the necessary quorum and the voting shareholders voted overwhelmingly (97.03% - For versus 2.7% - Against) to replace Michael Fernandez and Daniel Shields with Gerard Cavanaugh and Michael Kozole as Directors of the Company.
