Replies to post #42357 on Universal Apparel and Textile Co. (DKGR)

[SMResources]

Interesting, but yeah I agree with you. It is confusing. I would really like to see the paper work showing who has legal control of the company. All we are seeing is fighting in the hen house and not sure which cock has the ultimate legal control over the company...lol

[liketotravel]

"I assume that's the way it works but these guys are so small with only two directors I guess the Bi-Laws are written to allow it to be diffrent? I doubt anywhere in the Bi-Laws it allows for any shareholder, regardless of number of shares held to hire, fire or make decisions?"

Good to see you finally understand how Clayton keeps control, since there has never been a shareholders meeting where the shareholders have any power.

This from Drakes Initial Company Information & Disclosure Statement Period Ending September 31 2011 on their website;
"The Board of Directors, without shareholder approval, has the right to issue one or more series of preferred shares and to determine the price, rights, preferences, privileges and restrictions, including voting rights, of those shares without any further vote or action by the stockholders. The board’s ability to determine the terms of preferred stock and to cause its issuance could make it more difficult for another party to take control of the Company without the consent of the Board of Directors."

You can't say you weren't warned as to any voting rights you might have thought you had, when they've had it posted all along. It just seems everybody want's to ignore the truth. The Smith family is totally in control as you can see.