Timing is everything. Funny how the timing of this news came out when the stock price was down and the pending news of the settlement was imminent. Please explain to me why the obvious use of shares to pay for the patents was not noticed prior to the settlement.
I believe the BOD is wasting the assets of the company. The investigation into the shares for patents could be done with a phone call. No problem there. The news of the patents would give rise to the funding source. This does not add up properly.
My opinion is to request a shareholder meeting and bring the BOD together to question them. Minutes of the meetings are required. Resolutions to act on asset purchases should have been drafted and signed. Granted some steps may have been omitted the minutes would confirm the affirmation of the actions.
I believe CT acted in good faith and has documentation to cover his actions. The action of the Board to call an emergency meeting and take action against CT appears to be proper. Lacking full documentation in the dismissal of the president and granting stock to a new Board member is not the way the board should act. These actions alone require proper notices of the agenda to be filed with the secretary and timely notices sent out. I am not sure the rules of order have been complied with in order to take such actions.
Shareholders need to be aware of the games played with this company. Time to ousted the current board and audit the company’s books. This heavy handed tactic should have been avoided with an open discussion with CT and a determination posted thereafter. No improper actions appears to have been made as an advisor to value the patents would have been employed and his report on file. No vote could be authorized without proper notices unless a committee was appointed and authorized to conduct business regarding this action. No mention of a committee or other means to issue the stock.
My guess is that the vote was done or authority was granted via a telephone poll or some other means and now in order to shake the weak shareholders this action is being done to gain cheap shares. Yes Isee… go ahead and sell but do stick around and convince others to sell with you. You are a shill and not a very good one at that. How lucky we are for your advice.
Based on what I have seen of the boards actions, I would not put it past them to do a reverse split and issue new treasury stock to themselves, thereby diluting your current position.
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