Does anyone have a feel for how many shares are held by key people or investment organizations who've helped the company all along and will certainly vote with company recommendations. I don't know, but suspect that the number is so great that it would take something like 70 to 80% of the other investors voting against management proposals to have them defeated.
If we should get an equity partner, and if that partner receives 25% or more of the shares, effectively that partner would have control of the company. Why? Because by that time Institutions friendly with the partner will also be buying in, together they may not own 51%, but lets say they control 35%, it's almost impossible to defeat someone with that percentage totally loyal to them, in a vote they can gain approval of anything they wish.
Gary
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