BigMoneyAtl, The COMPANY is telling us that the vote passed.
As I understand this they only need a simple majority of the shares voting in favor, and that would be 51%. And, of course, they are also the ones "counting" the votes.
If you read the PR again you will see that it is very carefully worded, and probably for good cause. But the message is clear. There is a bold and highly questionable statement embodied in that PR. It should be challenged by us.
They say "...the majority support for our plan...". Majority of what? Shares or shareholders? Which plan? The one to R/S the stock? Sounds like BS to me.
They also say "An overwhelming majority of shareholders are behind our plan to grow our company."
Well, growth is good, and I'm certainly in favor of that. But just who IS this "majority" ?
From what I can tell from reading various forums, virtually NOBODY is (was) in favor of this R/S.
If they had, for example, 100 shareholders in total and 51% of the voting stock was in the hands of only 5, then they would only need the votes of those 5 shareholders. Certianly, 5% of the voting shareholders is NOT an "overwhelming majority". That is just an example to demonstrate my point.
I smell something very fishy about this! Either a lot of shareholders simply DID NOT vote, or else the company is exaggerating to the point of outright lieing in this PR.
Have you ever heard the term "plausible deniability" invented by Ronald Reagen? What it means is that IF you can't get caught in a lie then you can lie your azz off with impunity (no penality).
The company may have had the 51% share votes to pass this R/S but I seriously doubt they have anything that constitutes "overwhelming support". And they won't bother to prove their claim for the reason I stated.
In my opinion, the company is lieing about the outcome as described in the PR. This PR is probably just the latest of many PRs comtaining bold lies like this. They have become emboldened because they have always succeeded in these lies. This sucks!
I am a small shareholder here and I am terminally disappointed with this company. By "small" I mean less than 10 million shares owned and I'm now down ~70%. I am considering dumping out of this just out of disgust for the whole affair.
All just my opinion...
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