Poor Man -,
There has been a 20% of all shares set aside for a long time which as of yet has not been fully implemented and all investors should have known this by reading through their investment materials. There is also a strengthened board position that requires much more than a 50% vote against to overcome.
This lawsuit, in my opinion, is not about the so called “true up” per se, it’s really about weakening the stronghold on the company by management ownership or potential ownership so that enough influence can be bought by retail selling their shares cheap at the first sign of good news. One of the moves made long ago by the company to help prevent this was the proposal of a shareholders bill of rights that included a provision to offer options to purchase more shares by then current holders so that any unwanted offer or purchase of shares could have its value diluted quickly by existing shareholders. That was when the number of shareholders was much less.
Linda has only a long term vision and the short term goals have almost always been about survival and achieving the long term vision. Investors in this company have been left to figure this out for themselves and adjust their investment strategy accordingly. Those with short or even long term horizons, as defined by the IRS, can still get burned and get out or learn to trade in the space. Those who have identified an expected winner and have really long term horizons of 5 years or more can buy and hold when the lows present themselves. This often creates less interim financial gains or even temporary paper losses than traders in the stock or investment elsewhere might achieve. However, this strategy can be very successful in the end because of long term accumulation at relatively cheap prices vs post validation where purchasing to the same level might not be otherwise achievable even with the interim gains made by other means. Those who share in Linda’s vision for this PLATFORM technology are more concerned about maintaining their own ownership diluted to a lesser extent by those within their ranks who share the same vision than being diluted by many more owners to a greater extent from outside of their ranks who may not share the same vision. This is why this vote is only symbolic in nature in spite of the lawsuit. Best wishes.
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