fly, maybe. Not sure if my 10% rule is accurate. I'm looking for the SEC rule but haven't found it yet. From Glenn et al's side, one way around it (not having it) is, WSGI's net assets have not fallen drastically (one of the reasons shareholders can request a special meeting). Neither have their liabilities though. The share price has, of course. In any case, I would guess that Glenn E. et al would use a counter-rule or simlar, to fight it.
It may be a moot point as far as timing too, since taking weeks is apparently allowed before a BOD even needs to consider it, and several more weeks are allowed before they have to give notice of that type of meeting.
All JMHO
This is from a non-SEC website:
An Extraordinary General Meeting, commonly abbreviated as EGM, is a meeting of members of an organisation, shareholders of a company, or employees of an official body, which occurs at an irregular time.[1] The term is usually used where the group would ordinarily hold an AGM, but where an issue arises which requires the input of the entire membership and is too serious or urgent to wait until the next AGM. Members and/or shareholders must be informed of the purpose of the EGM so that they may attend in a position where they can discuss and exercise intelligent judgment, otherwise any resolutions passed are invalid.[2]
In some settings, this is known as a Special General Meeting or an Emergency General Meeting.
The directors of a public company must convene an EGM if the net assets fall to half or less of the amount of its called-up share capital (s142 CA 1985)
Within 21 days from the date of receipt of requisition the directors must send out a notice in order to convene a meeting within 28 days after the date of giving the notice.
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