Let me help u here is some of the ajenda I especcaly like the second paragraph below read for your enjoymnet
Given this development, we wish to highlight our position and ask for your support for Proposal 5, Approval of the Reverse Stock Split. The reality is that if Proposal 5 is not approved, the Company likely will need to shut its doors given its inability to honor its obligations discussed above. While we appreciate that the Reverse Stock Split may not make our long term stockholders happy because they may experience further stock dilution, the alternative may be the loss of your entire investment in the Company
For the reasons set forth in the proxy statement, dated July 8, 2013, the Board of Directors unanimously recommends that you vote “FOR” Proposals 1, 2, 4, 5 and 6, and “FOR Every Three (3) Years” for Proposal 3.
Since a RS doesn't change the market cap, how does carrying it out help the company meet its obligations? All it does is artificially raise the PPS at the expense of reducing the share quantity by the same factor. Then they mention stock dilution, which can only occur if they also raise the quantity of adjusted PPS shares authorized (two separate issues). Will someone please explain their reasoning?
Is there any proposal made for a stock buyback? Doing that would raise the PPS without a RS.
Is there anything there about reducing Laura's salary to a reasonable amount (divide the current $1M amount by the proposed RS factor sounds fair)? She has definitely demonstrated that she doesn't deserve what she receives now.
In the end, all of this shows that we definitely need a new BOD and CEO. They are taking this company down and only a new group that knows what it is doing will allow it to recover.