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Southbird66

09/15/15 2:22 AM

#36275 RE: XenaLives #36269

We won't have a shareholders meeting at all, unless we/someone files suit in the Delaware courts of Chancery to compel it. Under Delaware corporations law, a shareholder meeting must be held within 13 months after the last one. We're past that date by a couple of months. So we could file a lawsuit to compel it to happen. But who's going to pay for it? Posinelli has, so far, represented our Ad Hoc EC on a contingency basis, and incurred over $100k in costs, but, even if they are successful in getting an official EC, under applicable law, the federal bankruptcy court will not pay them for bringing an action in Delaware state court to compel a shareholder meeting, etc. So who pays? And what is the point to be gained? We have a new CEO with a new game plan and two new BOD members added recently without shareholder approval and without a stated goal. Perhaps there is a new consensus game plan, perhaps not. Do we want to to throw all/some of them out? That may be the end game, but, if so, who is going to pay for it? Maybe we will find a way.
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stocksablaze

09/16/15 10:29 AM

#36303 RE: XenaLives #36269

I've missed the last few weeks, so this has probably been acknowledged but just in case it's not the EC hearing was moved to Friday 10/16/15 right?

Just making sure because this says 10/17/15 on the docket name, but within the doc itself it says 10/16/15.
Court Docket: #2260
Document Name: Order Allowing Assented-To Motion to Continue Hearing on Ad Hoc Committee of Equity Interest Holders' Motion for Appointment of a Committee of Equity Interest Holders; Hearing Continued to October 17, 2015 at 10:00 a.m. (EST)

Just make sure those of you who have to be there show up the 16th, not the 17th... :) Thanks!! :)