Yep, because most people toss them away, and the broker default vote for BOD is voted.
I left a message with Innisfree to get the answer as I can see how this may be an issue if we throw away the white proxy and then broker defaults to vote as the board recommends.
When I hear back from them I'll post the answer.
Normally, as I understand it, broker default votes are for BOD recommendation. Not sure if that rule applies in a proxy contest....
I'd personally like to see the convertible preferred nullified, those who purchased them only getting back the amount they invested, if not less. I believe, as stated in one of Wise's communications that there is a stipulation in them that in the event of change in control of the board they'd automatically get redeemed at a premium.
I think that as part of this restructuring, Wise should make the channels available for shareholders to communicate directly with him and the board and not necessarily have to go through investor relations. If the objective is to be transparent and give shareholders a voice, I think it will go a long way to re-instilling confidence in the company as we move forward. This would allow you to tell your thoughts/views directly to Wise...though I have to believe it's on his agenda as he's been affected by their actions more than any of us has been individually.
After reading Mr. Wise's letter accompanying the proxy, I would suggest that after the present Chairman, CEO and Board of Directors are replaced both a complaint to the SEC be made and a law suite initiated against them for their reckless and irresponsible actions in an attempt to make them repay looted funds and if possible a sum representing both payment for damages and punishment. Make it very expensive for them.
Ditto...I was taking shares at .9101 on Wednesday, .8855 on Thursday, and 8325 on Friday. I'm prepared to grab the mother load if we see shares being offered in the .70s.
Agreed. Picked up a few thousand shares @ .85 and it took forever to fill so the thin shares at these prices must be for tax loss selling.
Wise has done a good job communicating current problems and his vision going forward. Clearly ISS also recognizes he's the right choice and time for the entrenched board/officers to go.
It's going to be a landslide win for Wise and team.
Not so...cash bleed stops Dec 31. Look for clear GAAP profitability within two quarters. Gravy train has been derailed by Wise. No reason to trade below cash value...short sellers taking advantage of tax sellers. Just a few more days until I take advantage of them all and rip their faces off.
well said. I've known about FORD and it's sheitty management team for years. And for years FORD traded around cash value or less. A clear signal that FORD is operated as a management retirement vehicle. I wonder how many management/employee homes were paid for with shareholder funds over the years? I remember when FORD had $28 mill cash, then $20 mill cash, then $15 mill cash, then $10 mill cash and now cash fumes. When cash gets low, #$%$ execs will likely do some toxic financing to keep the salary gravy train going.
The more Terence reveals about what has been taking place the more I support him. Beyond that, though the share price obviously looks awful today, being exacerbated by end of year tax selling, I am taking advantage of it. I continue to watch the Level 2 quotes very carefully and these puny shorts play their games for a measly penny or two for 100 and 200 shares - very funny. However, I am slowly picking up shares, and if they push hard enough, I may very well end out being a 5 percent shareholder by Jan 1. I won't complain for the price they're giving me. They play for 100 and 200 shares to try and scalp a penny or two at most. You go in there and take 1000 shares at the ask and it messes them all up. They just have to keep playing the game and come to me - this time next year I will be vacationing in the Mediterranean thanks to them.
I have no problem buying any profitable company trading at cash value with no debt. What a stupid market. I'm guessing there are still some pump and dump folks left over from September who are going to take their loss by Dec 31...I'm counting on it.
Totally agree with everything you've posted. There are quite a number of law firms that specialize in these kinds of cases although they end up punishing the defendant more than rewarding the plaintiff but that's O.K. with me.
If you are doing anything underhanded at this time, you can be certain that there will be a shareholder lawsuit filed against you personally and the entire board for breach of fiduciary duty (that can be used against you much more easily than you speak of doing it). I'm guessing that there is already sufficient evidence to justify it today, however as we are on the brink of setting things right, I think shareholders are more interested in welcoming Wise and the new leadership of OUR company. Despite all of your mud slinging, with one presentation, Wise has provided more than enough to show he has a plan, the vision of how to make it happen, the immediate goals, and the right people to do it.
How's the day trading going Frank? That's the first piece of evidence that will be used against you when I petition to be lead plaintiff in the lawsuit against you for breach of fiduciary duty. What corporate officer would be so brazen to take company/shareholder money, play investment banker with it, and then lose 50% of it in one year? What board would be so stupid to approve doing that? The amount that you took to "invest" was even more than the amount raised with the secretly concocted convertible preferred share offering - wasn't it Frank? So, if you didn't take the $2 million to day trade with, there was really no necessity to raise money with the convertible preferreds - was there?
It's my hope that once Terence takes over, we sue your butt and invalidate the convertible preferreds, holding you and prior board members (excluding Terence since you did it behind his back) responsible.
Oh, one last thing, be prepared to liquidate whatever you've invested OUR money in for your day trading escapades - we're going to be taking it all back on January 2.
if you have any questions that you want an official answer to, you can call Innisfree - their number is on the back page of Terence's pamphlet.
Correct, you only need vote FOR one slate on it's appropriate proxy and can throw away the other. Go to proxyvote website and use the id number from the gold proxy (on the right side in the rectangle box with the arrow pointing to it) and then it will pull up the correct voting slate.
We only need to vote on one of the proxies, right? So if we vote for Wise on the gold we don't need to vote against Johnson on the white, correct?
Sentiment: Strong Buy
I know how you feel ... I think the value-oriented guys are taking a disproportionate amount of the heat with the tax selling and the wild gyrations the market is going through this past week. Just trying to keep my head on straight and take advantage of the situation at the expense of folks who are just tossing their shares.
I'm tempted to jump in and buy some of the tax selling too, but have my hands full with other stocks....