Your problem geocappy1 is that you assume PPHM feels they are in a fight that requires they use all their ammo. There are at least three logical rationale why they might not be replying from a position of strength.
First, as I have explained before, PPHM either controls or has influence over a substantial block of shares that only votes on substantive, non-routine items, and votes as PPHM recommends.
Second, take note of this week's P&G proxy fight. The activist only wanted a single seat on the BOD and millions were spent in the fight. P&G succeeded in part because of the large percentage of Mom n Pop funds and retail, which breaks largely for the company in a proxy fight.
Third, there are other reasons why the Proxy/ASM has been delayed other that Ronin's assumption that PPHM is unable to find quality candidates to fill an expanded BOD (which has only been officially expanded, and filled by one).
The reason for the delay is actually the most important of the three. I am personally happy to see this past Monday/Tuesday pass without the Proxy as it was the last day for the proxy to be released and still hold the ASM when it has been held in the past. That in itself tells me there is a reason for the delayed proxy. Yes, Ronin could still be correct, but there are many other possible reasons.
FFTT
JBAIN
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