quoted pars from the Annual report. Updated 10k focused on bonuses.
""The interests of these stockholders may differ from the interests of our other stockholders"".
""Third parties may be discouraged from making a tender offer or bid to acquire us because of this concentration of ownership.""
Intentional, certainly self serving at Long shareholder's loss...Directors/executives/creditors and even Buldoc...
There are limitations on director and officer liability which may limit our stockholders’ rights to recover for breaches of fiduciary duty.
As permitted by Massachusetts law, our Restated Articles of Organization, as amended, limit the liability of our directors for monetary damages for breach of a director's fiduciary duties except in certain instances. As a result of these limitations and Massachusetts law, stockholders may have limited rights to recover against directors for breaches of their fiduciary duties. In addition, our bylaws provide that we will indemnify our directors, officers, employees and agents if such persons acted in good faith and reasoned that their conduct was in our best interest.
As of September 30, 2016, DMRJ and Montsant, two of our secured lenders, have the right to acquire up to 105,420,837 shares of our common stock upon the conversion of debt, interest and convertible preferred stock. ""Our directors and executive officers"" own, or have the right to exercise options within 60 days to acquire, up to 8,379,707 shares of our common stock. If all of these shares of common stock are issued, DMRJ, Montsant and ""our directors and executive officers"" would own approximately 59.1% of our outstanding common stock, on a fully diluted basis. Accordingly, these stockholders could have ""a significant influence over, or have absolute control over"", the outcome of any corporate transaction or other matter submitted to our stockholders for approval, including mergers, consolidations and the sale of all or substantially all of our assets and also could prevent or cause a change in control.
""The interests of these stockholders may differ from the interests of our other stockholders"".
""Third parties may be discouraged from making a tender offer or bid to acquire us because of this concentration of ownership.""
Change of Control
In the Amended Plan, Net Proceeds is defined as the aggregate consideration paid in connection with a Change of Control, after payment of (i) all secured indebtedness of the Company and any controlled subsidiary, together with all accrued but unpaid interest thereon and all other obligations related thereto, including without limitation all indebtedness owed to DMRJ Group, LLC, and to the holders of promissory notes issued pursuant to that certain Note Purchase Agreement dated as of March 19, 2014, between the Company and certain other parties thereto, and (ii) all other obligations and liabilities of the Company and any Controlled Subsidiary, including all expenses related to such Change of Control.
I apologize for my continued pumping after the first IDIQ and encouraging others to also buy stock after the recent TSA order was released. Dummass...
I still have hope that Mr Bolduc explains his "involuntary termination without cause". I felt back then it was a railroad and extremely weird after the IDIQ win. Took some profits then and now wish I had sold all. On hind sight it would have been a good time to sell the company back then or get better financing. DUH...GLTA...
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