Can you or anyone else give me your interpretation/thoughts of the statement below from the proxy? I bolded some phrases I think are important. I almost read this as saying that the common stock share vote and the super preferred/common stock combined vote are considered separately and that BOTH must be a majority for there to be approval of the proposition. Meaning if Armen votes yes with all his super shares, but the majority of outstanding common stock (the 470 million shares) vote no, then the proposal will not pass. If I'm off base here, someone please let me know. I'd have to go back to the proxy for the A/S vote increase to see if this similar language was used there as well.
Vote Required and Recommendation of the Board of Directors
Approval of this proposal requires the affirmative vote of (i) a majority of the outstanding common stock as of the record date and (ii) a majority of the voting power of the common stock and preferred stock as of the record date voting together as a single class at the Special Meeting at which a quorum is present. Abstentions will have the same effect as a vote against this proposal and broker nonvotes are not expected to occur.
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