Replies to post #25239 on Praxsyn Corp (PXYN)

[namtae]

This could be a very serious problem for PXYN and its shareholders...Very Serious

DartmouthDan Member Level Wednesday, 03/11/15 09:28:27 AM
Re: sensible post# 25232
Post # of 25241

I hear what you say, but the Illinois statute is clear
Notice has to be given 5 days BEFORE the consent action is taken and a second notice AFTER it is taken.
They did not comply. They provided one notice after it was taken. So the action to reincorporate in Nevada and to elect new directors is void. No good.
Filing an 8-K is not written notice to shareholders, either.

[sensible]

Well, I understand what you are saying, however, the consent action was taken by vote of the majority holders and was stayed until notice was given, at least five days after the vote in late October. This is a common practice. You vote, but effectiveness is not taken until notice is given, giving the other shareholders time to run to court to stop it. That way, you can accomplish the two notices with one. People deliver their proxy, notice is given stating an effective date after the proxies are handed to the Company, the Company waits five days and the vote is effective, both notices given at once, both before and after the vote. The Company then waited an additional fifty or more days before filing in Nevada and posted multiple 8-K's.

This satisfied FINRA and, once again, I assure you, they are far, far, far more finicky then you.