alea, I don't see how it matters how many one votes off,
there are 5 standing, top 5 get in regardless of the breakdown of numbers beyond that.
this is a ballot with one name (or in this case 5), vote for the name(s) or don't vote.
the names on the ballot alone determine the seating unless folks actually weave their way through the bylaws to insert a name.
in the absence of insertion the whole bloody board can be rejected, and still all be seated in the end.
precious.
the point plain and simple:
Lee will do what Lee wants, compensate as Lee desires, and populate a board as Lee desires with the bylaws effectively prohibiting probative shareholder input.
the only thing that matters, the ONLY thing in Lee, is their ability to get somebody to buy shares when they roll the presses. The only voters, the only input, the only oversight is the VCs that decide to take on private placements. They view this (sensibly) as a penny stock where as long as the discounts, warrants, and whispers and hype are enough for them to suck a profit out of participating in a placement, then it is all go.
Wave's only governor in any and every sense is potential private placement participants. Current shareholders are sooooo much part of the past in Lee as to make the ASM comparable to a Soviet Communist Party meeting in 1949 .... one can go for the drinks if they are so inclined.
But things look bright, Samsung is good for $1m in 2014, GM BASF and PwC are expected to combine for another $1m in 2013, and there is a massive pipeline ... $100m or $100b or smething like that.
The above content is my opinion.
AI
