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  • pjv2xyw9dww4b5 pjv2xyw9dww4b5 Nov 16, 2011 8:20 AM Flag

    3% Holder Supports BUYOUT!

     

    If the company buys preferred shares, they're no longer outstanding and become ineligible to vote. It seems that the company intends to "buy" preferred shares and then to tell their (former?) owners how to vote them before settlement. What's the point of requiring that preferred stock be "outstanding" to vote if a transaction like this is possible?

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