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I agree with chilar. If we were to do this the way to do it is collectivly hire legal council. Then we have our lawyer tell PBLS that we are holding an informal shareholder meeting and that we'd like to extend an invitation to them as well, but that regardless we are hainvg it.
At this meeting would could have a lawyer verify and document share counts of all the investors present. There are plenty of details that have to be filled in, but I thinkk something along these lines is a good start.
Personally I think we should start a process like this sooner as opposed to later. These things take time to put together and I'd just as soon have them know that the investors have banned together and are about to start fighting back if PBLS doesn't follow through on past promises. No harm in finding out just how much of this company we shareholders actually own IMO.
Can you believe we've had about 12M shares trade since 2 days ago when we announced the company would more than double in size and that a mystery partner would buy "well over 1B shares". That in and of itself is a good message, but not good enough. We need to send the message that we aren't afraid of getting the SEC involved if it means getting our company run by real management.
I know everyone is scared of the SEC and rightfully so. But even if PBLS gets greysheeted for a time it's not really that big of a concern...IT'S A REAL COMPANY. If there was an investigation and current management was found guilty of any wrong doing there are probably lot's of scenarios that could unfold that would benifit shareholders planning to hold this long term. What if we got to elect the board of directors? What if it was determined the pref III were unfair compensation and forced into retirment? What if this allowed a buyout to take place by a company that actually did care about the pps?
What if indeed.
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