PDP, Yamu faithfully corrects me whenever...
I carelessly state that Barney Visser has a controlling interest in LQMT. He is correct that Barney, through his LQMT shares held by his privately owned entities Furniture Row, Visser Precision Cast, and Norden LLC, does not have >50% of the LQMT outstanding shares, a/o 08/26/13 (the date of record for the pending 10/24/2013 Proxy Vote) That does equal 14% of the outstanding LQMT shares a/0 8/26/2013
Indeed, Abdi Mahamedi, President and CEO of Carlyle Development Group of Comapnies, with authority to vote the Carlyle's 20MM+ shares of LQMT(5.6% of outstanding shares) on Carlyle's behalf. That plus the the 11.5% owned by the Insiders (Mgmt + Board) totals 17%.
Mr. Mahamedi evaluates and supervises all of the investment activities and management personnel at Carlyle. Mahamedi is also Chairman of the Board of LiquidMetal Technologies, Inc., which makes him and Insider. On his own, he had 6.3% of LQMT outstanding shares on 8/26/2013. So he himself can vote about 12% of the LQMT shares. That is less than Barney Visser.
But the total Insiders plus Mahamedi's Carlyle shares do equal 17%, which is more than Barney Visser's total holdings (I think?!?!?)
INMHO, the following is the only important proposal in the current Porxy up for vote:
Proposal 2 – Approval of the Amendment and Restatement of Our Certificate of Incorporation. Approval of the amendment and restatement of our Certificate of Incorporation to (i) increase the number of shares of common stock that we are authorized to issue from 500,000,000 shares to 700,000,000 shares and (ii)...abstentions and broker non-votes will have the same effect as votes against this proposal.
NOTE: abstention is NO!
All of the other proposals in the proxy are "advisory". So really they are just a shout-out, but lack authority.
IF, ond only if, Visser votes no on the additional shares and there are sufficient abstentions from non-Insiders or No's, will the added share authorization not be approved.
But it is in the hands of Barney Visser, and last time, he did not respond to Jollyman's letter.
Any bets on how Barney will vote this time?
