David. I have been concerned with the inaction of this Board for 1.5 years now. i wish they would have followed my 3-step acquisition strategy to the NASDAQ years ago, but they obviously are waiting because it is just too complicated and they do want to what they think is their largest asset. The NOL's....All I can come up with for their inaction is they do not want to impact the 3 year lookback rule on ownership change. or....they are waiting after the "no restriction" use NOL's are locked in and they just sell the shell..
I can't think of any other reason for their inaction...caveat..I voted against retaining all except Willingham. once the provisions in the POR for repayment to the SNH's the rats can be replaced. They probably think because they got KKR as a strategic investment partner they can just sit there and twiddle their thumbs.
WMILT needs to recover funds to pay off the debt, so the board members from the SNH's and AAOC can be relieved of duty and take their inaction shares back to where they came from. if we can get rid of them and especially Charlie Smith of the same debtors who wanted equitable interest in WMI cancelled on behalf of themselves, so they could pull a K-Mart on us.
Will someone post the link and page # to the provisions in the POR7 that put those Yahoo's on our BOD so I can read it please?
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