Certainly, as an investor, I find "having a vote" just because... is a far less interesting prospect than enabling success. There always is a proper hierarchy... there ARE priorities... so, for instance, basic survival needs will matter more to me than voting about anything...
I'm not ignorant of the benefits of proper governance... nor ignorant of the risks that adhere to board members and companies who improperly avoid it. When things are to and beyond that point of excess already, the issues will tend to be more likely to be addressed, and will be more properly addressed IMO, in court, rather than by holding a vote. The history here, IMO, is better addressed by taking legal action than by holding a vote.
I'm an active participant in the governance of those companies in which I hold shares. I vote. I'm an advocate of enhanced shareholder rights, and think much of what is broken in our larger economy is broken as a function of empowering managements at shareholders expense.
Here, the lines that matter were crossed a long time ago. There is a lot that is broken, a lot that needs to be fixed, and I'm an advocate for fixing it, and returning things to an even keel, with proper governance. That doesn't mean I'm going prioritize things by advocating for voting right now, rather than for doing what needs doing for enabling survival.
The new board, unlike prior boards, appear to actually understand their responsibilities, and the nature of the risks they are taking, given what it is that they have inherited. I expect they will act to constrain those risks they have full exposure to now... by holding an election. I also expect, in time, that they will do many other things that are useful to do, in structuring proper governance, and meeting their obligations to shareholders, in ways that have never happened here.
I accept that they have not, yet, likely is more a result of putting their responsibility to defend the shareholders interests ahead of their own interest in having their liability limited.
Voting is good. It doesn't, by itself, fix anything... and, as before... I care more about fixing it than voting on it.
I think we will learn a whole lot more by seeing WHAT it is that we will be asked to vote on next, than we will from WHEN it is that the vote is enabled.
The former Soviet Union held elections, too... which didn't make any difference. I'm in favor of having it make a difference... and doing what is necessary to structure things to enable that before doing it.
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