TA makes a very good point. One which I hadn't considered until I just read his post. I'm not going to go back and dig up the history, and I wasn't at the Open House, but as I recall, the reason Rich wasn't going to vote his shares was in response to the people asking that he step down; i.e. he wouldn't prevent shareholders from voting him out if desired. Since that was no longer an issue by the SH Meeting, I can see why he exercised his shares. Besides, that would enable the company to avoid a formal proxy distribution.
I doubt that a majority of shareholders (even without Rich) would favor a change of Directors such a short time after the new mgmt took over, so why not let Rich exercise his right? That being said, it would have been nice if he/they would have let us know it was going to take place, but as I have argued here before, our curiosity or interest alone doesn't obligate the company to tell us anything.
I still would have liked to see an explaination before it happened, but since it wouldn't have changed anything, it's really not a big deal. Not to me, anyway.
Good point TAfirehawk. Thanks for pointing that out.
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