I think it is amazingly tactless for a CEO of a major firm to say if you do not like the majority vote of shareholders on a key issue, the only alternative you have is to sell the stock. That is, however, always true, whether with Rambus or any other company. Few other CEOs admit that.
If the options distribution becomes truely disruptive to the company and its stock price, I am sure that more shareholders would vote, and more would vote against it.
What the majority vote is telling us is that the employee stock and options plans are not seen as a problem or enough of a problem to the majority of shareholders, regardless of how we, vocal few, feel.
Whyte is holding a hearing on post-trial business from Phase 2 on June 27th.
There is also a hearing on May 31st, if my memory servers me correctly, on Phase 3 pre-trial stuff (again, that's from memory).
and we did.
I don't understand how he or anybody else can claim he didn't get his wish.
There's more to come and if you think this is shaking out the weak sisters, understand the rest of the sisters need to get a cut of the action if the stock is to get folks interested in it, you got to cut your money with shareholders, or you lose the boys.
I wouldn't be surprised to see the low thirtees play for a while. until the next news item.
Re: "What the majority vote is telling us ..."
It was not a majority vote.
I have no doubt that more votes were cast against the options plan than for it. But that probably half of all shares did not vote at all, either way. And that almost all of those were then cast as directed by the board.
Ok, we lost, I accept that. But I am certain that we lost because the system is rigged, not because more shareholders voted in favor of the plan than voted against it.
Tom, I disagree, why is the only alternative to sell, why can't shareholders work to make changes? SO how close was the vote? Pretty darn close when you consider there wasn't an organized effort to defeat to it. Back out the shares management contols,plus shareholders that didn't vote, I think the vote was much closer than most appreciate. If someone like SS would campaign to the institutional investors, I believe management can be defeated on this issue. Again, I'm not against rewarding the employees, it's just not equitable to the shareholder in its current form. BTW, John Dowd, you're the man!
"What the majority vote is telling us is that the employee stock and options plans are not seen as a problem or enough of a problem to the majority of shareholders, regardless of how we, vocal few, feel."
That comment is misleading tom. If we were able to an actual head count on who voted "no" I believe it would be a landslide for the "no" vote. A million small investors and SS still can not overcome the big voting power of management and institutions - plain & simple!
seat48 I did not mean to be misleading, and I do not believe I was. I posted earler that my guess was the actual yes vote was 30%, the non reponsive votes that count as yes 35%, and the no vote 35%. If that guess is close to true, as I have reason to believe is true, that is not a landside in the yes vs. no vote. The issue was decided by the undecided. That is my point. Until the issue becomes large enough for the undecided to decide, the majority rests with mangement, as it should IMO.
You said "What the majority vote is telling us is that the employee stock and options plans are not seen as a problem or enought of a problem to the majority of shareholders, regardless of how we, vocal few, feel".
WRONG. A great majority of shareholders did vote against, it was the FEW large and institutional voters that cast block votes, AND PEOPLE WHO DIDN'T VOTE AT ALL THAT PASSED THIS CRAP.
But, hey, this ain't democracy; it's economic clout. I always thought Hughes never had shareholder interests at heart when he gave away the store to IFX.
Then he popped off at the mouth about a TRILLION and a HALF market, what the hell is he talking about? I was hoping for an answer today-of course that didn't come up either.
One would think that we lost the damn case. We need some good news and where is it coming from? I thought the clock had already started on the docs, so we don't even get that, do we?
Hughes, you ain't worth Sh*t as a CEO.