Shareholders rights sounds a lot like Board of Directors Rights plan
The so called Shareholders rights plan is exactly what the Starboard guys are describing. It does not protect the shareholders, in fact the reason this stock is up nearly $2.00 since September is because of the investment made by them. This poison pill plan is in place to get rid of the outside investors and will dilute the share price and keep the board insulated from the very people who drove the stock up. I see where they hired two consultants to try and apply specified pressure on the board but my fear is that these guys will get frustrated and start selling off their 14.8% which will drop the stock down to the levels they bought it at ($2.00 - $2.25. I think the shareholders need to send a message to the board to drop the poison pill and get on with business. These guys spent the money yet have no representation on the board, nor it seems the ear of the board. Its #$%$.
It seems obvious that if SOMEONE doesn't go in and straighten this company out, they will never be able to make a profit. They keep finding ways to lose money. ODP is too big and has too many employees to let a bunch of job scared a-holes run the company into the ground. You might also look at the company that owns all the preferred shares reaping millions of dollars of interest a year. I would bet they are solidly behind the board on this one. They don't want to see they gravy bowl turned over.