Joel .. Really can't agree with you at all. My concern is confined to the lobby's strategy and tactics not their objectives. I am also concerned that their agenda for shareholder activism will extend beyond prop 2 which would likely involve further lobbying of institutional investors and the corresponding additional risk of unintended bad consequences. They believe that dilution and the spectre of more insider selling that could result from prop 2 passing far outweigh any motivational, employee recruitment, etc., benefits that might accrue to the company as a result of its passage. I strongly disagree, but I have never doubted that they clearly see their efforts as helping to build shareholder value, not diminish it.
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