I am a current shareholder of SGGH and I am not a fan of Charlestown Capital's plans for the Company. Exactly what are they going to do after they replace the Board and management? No one knows...it has not been spelled out anywhere. Sure they have plans but for what? I do not feel comfortable voting over control of this Company's assets to a group that does not have a specific plan of action.
Rather, I would prefer to remain with the Board and management team that exist. They are critically aware of the terms and conditions of the Company's NOL and are in a better position to utilize and protect its inherent value. Such an asset can't be ignored nor squandered.
Someone first has to show me why Charlestown is even a factor here. This is about power people. As far as I can tell Charleston has none. I think they control something like 3 million shares. With only 3 million shares, until they let people know that they have major shareholders backing them, they aren't even in the stadium let alone in the game, let alone likely to win the game. As of right now, I consider them just a nuisance filing.
I'm thinking for them to have a chance, they need to show about 30m-35m shares of shareholder support. I think Mac had something like 20-25m in shareholder support and we all know how that board fight turned out for him.