tradero, the why is very simple.
The phone call will indeed be enough but someone is going to have to do the processing. Why? Because the Broker will now need to vote for that specific client and in deviation from what he does/will do for all other clients that didn't give any instructions. And since the broker votes only ones in BULK, the same way for ALL clients that didn't give instructions, he will now have to vote for that ONE SPECIFIC BIG party using the standard proxy mechanism and that one NEEDS IDENTIFICATION of the owner of the PPHM shares you vote for to avoid voting more then ones for the same shares.
So the broker will take the phone call (actually in the far past they did just that) and will confirm by letter that they where instructed to vote according the given orders and will then use that clients SPECIFIC proxy material to execute the NO vote.
News 
Market Data 
Discover 
