Replies to post #48645 on Calypso Wireless (fka CLYW)

[Calypso123]

If they were bringing a biased person why ask the court for to appoint a provisional director? A provisional director is appointed by a judge and is a professional with experience on these matters. Google provisional director in the State of CA and you will find how and who's usually appointed

California Corporations Code Section 308


(a) If a corporation has an even number of directors who are
equally divided and cannot agree as to the management of its affairs,
so that its business can no longer be conducted to advantage or so
that there is danger that its property and business will be impaired
or lost, the superior court of the proper county may, notwithstanding
any provisions of the articles or bylaws and whether or not an
action is pending for an involuntary winding up or dissolution of the
corporation, appoint a provisional director pursuant to this
section. Action for such appointment may be brought by any director
or by the holders of not less than 33 1/3 percent of the voting
power.
(b) If the shareholders of a corporation are deadlocked so that
they cannot elect the directors to be elected at an annual meeting of
shareholders, the superior court of the proper county may,
notwithstanding any provisions of the articles or bylaws, upon
petition of a shareholder or shareholders holding 50 percent of the
voting power, appoint a provisional director or directors pursuant to
this section or order such other equitable relief as the court deems
appropriate.
(c) A provisional director shall be an impartial person, who is
neither a shareholder nor a creditor of the corporation, nor related
by consanguinity or affinity within the third degree according to the
common law to any of the other directors of the corporation or to
any judge of the court by which such provisional director is
appointed. A provisional director shall have all the rights and
powers of a director until the deadlock in the board or among
shareholders is broken or until such provisional director is removed
by order of the court or by approval of the outstanding shares
(Section 152). Such person shall be entitled to such compensation as
shall be fixed by the court unless otherwise agreed with the
corporation.
(d) This section does not apply to corporations subject to the
Public Utilities Act (Part 1 (commencing with Section 201) of
Division 1 of the Public Utilities Code).

[Mark5047]

I agree with you Jmon. Too many hoops to jump through for financials. You dont try to hide what you are not ashamed of. Something is fishy. That plus the historic lack of communication from the board and / or the officers until the forum, and even that is debatable as to whether there was anything worthwhile announced. Of course, it wasnt advertised a forum where they were going to make an announcement, but common sense says you dont hold a forum with your investors unless you have something really good, or really bad to tell them. I guess I was sort of holding out for a licensing agreement. Gonna be a while it seems, and in the mean time I think my resources will be directed elsewhere. Good luck all....