Loop (this post) & Bulldzr (post #28289) .. RE:"What matters do you think are appropriate for a shareholder to discuss with an institution?"
It general, it is "appropriate" for a shareholder or group of shareholders (such as the lobbying group) to discuss just about anything with an institution(s) related to the stocks they both own in common if they can get an audience. I have never said anything different, or if I did, I misspoke. However, I would hope we could agree that while any topic is appropriate there are overzealous, inappropriate ways to go about doing so that could inappropriately damage the stock price, particularly if the lobby has an agenda that extends beyond 6/4. It is the potential for the latter and how it came about on this board that has me concerned.
No offense meant, but for Clinton it was "all about the economy, stupid" and for me, when it comes to investments, it is all about the stock price, stupid. In that regard, shareholder activism directed at a specific company is a two-edged sword. Done in an appropriate, balanced manner it could cause the stock price of that company to rise for all the right reasons. However, conducted in an inappropriate way, particularly where an audience with institutions is sought, could cause the stock price to fall for all the wrong reasons. Importantly, I see no real downside risk to the stock price of a particular company if the shareholder activism seeks institutional support and action for securities law-making and law-enforcing changes that will affect all companies .. only good can come from such an effort IMO. I am also concerned that so many of the no voters here appear not to have made that very important distinction.
As Jim would say, "no brag, just fact", but I saw this coming last fall when one of our members was involved with a very large shareholder in trying to get some institutions to join them in an effort to arrange a private meeting with Harry to discuss some "corporate governance" matters. I think they got only one institution (Colorado State Pension, I believe) on board for the meeting. Harry refused to meet with them. I believe Colorado State announced their intention to sell out at that point to the other members of the group and ultimately did so. If I'm wrong about that, and I very well could be, I'm sure postyle will correct me LOL.
A few weeks later this was posted on the board and many were outraged that Harry was unwilling to meet with these shareholders privately to discuss a corporate governance issue. This board has been known to "pile on" to an issue from time to time and I think it is fair to say that this ranked right up there as a prime example. The issue of tactics and the potential deleterious effect it could have on the stock price, our heretofore excellent access to IR as well as the workings of this board, were not even acknowledged as a possibility by these posters. Along with a very few other posters, I tried to raise a warning flag that there are very real downside risks for us in each area associated with poorly conceived and/or unprofessionally executed shareholder activism efforts directed specifically at IDCC. Those posts were at best dismissed as coming from an alarmist and at worst as originating from someone blindly committed to WS and management.
I thought at the time that the poster involved in trying to arrange the meeting with Harry is not going to stop here, particularly since he got so much "attaboy" support on the board for what he did. I figured he would mount his white horse and charge off with any on this board that he could convince to join him in an effort to right the wrongs at IDCC for "the good of all shareholders." It appears that is exactly what he has done.
Bulldzr, you are correct that there is absolutely nothing that can be done about this one. What is done is done. But the next time an experienced, accomplished fire warden yells fire on this board and you and other "moderates" don't even see or smell smoke, I strongly suggest that you all take a few more careful looks and whiffs before you all decide to ignore it and our house burns down.
Sincere wishes for a happy Memorial Day.
Danny
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