The letter agreement (which has been posted here again recently) requires an independent board be seated by Nov. 15, 2013 at the latest, unless waivers are given or the agreement is amended. If not, then the investor group will have the right to buy Bordynuik's preferred shares and control the voting rights to JBI.
Wesson's slate of people came close to meeting the director requirements, but first Rauber stalled them coming to NF in January, then the investor group said no, they're not good enough. Hence no waivers were offered to Wesson's slate of people. At least that's how I read it.
So the investor group is willing to give waivers to themselves or their cronies? Even though they themselves do not meet the same requirements demanded in the letter agreement? Wow!
As a next step, there seems to be a proposal to get 10% of shareholders to call for a proxy fight, and vote on their own BOD candidates. I'm just not sure whether a "shareholder friendly" slate of new independent board members would prevent the investor group from "calling in" the letter agreement provisions, and trying to buy up the voting rights that would essentially give them full control of JBI's future?
Anybody hazard a guess?
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