ku, I didn't change my opinion about that long post. The shelf should be adjusted and that would be FAIR.
The rest is for a court of law if the infraction is made. An "authorized vote" is a vote on participation/voting power change.
Hence, not splitting the authorized means PPHM changes the voting power without permission. HOWEVER since they SAY UPFRONT that they will not split the authorized everybody that vote FOR the RS automatically accepted voting power change.
Yes I move on because there is a difference between what would have been fair and a solution that doesn't sound fair at first but is if it is not abused. As I said before BoD/Management NEVER EVER abused of the ATM and always used it for contingency (dose switching) or funding (Sunrise, Avid Labs, etc) or money bridge deals (as probably Eastern was one in view/hopes of Sunrise outcome).
So bottom line: I prefer the authorised to be adjusted, i can live with it if not done when not abused and in that scenario I see the advantage of HAVING the AUTHORISED as an insurance for incidents as we have all seen that happen regularly in this business.
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