So it appears that the proxy will come out soon (I assume it will be in the shareholders hand well in advance of the August 8 response deadline, otherwise, it would not be possible for shareholders to comment.)
In view of the termination of the Simple Mobile contract and the resulting cost pressure on the company, it is going to be very interesting to see what the proxy and the proxy voting yields.
Certainly, there are many issues that the proxy and proxy voting can answer, including the issue of what BOD members should be re-elected now that the company arguably has to be leaner and meaner, what the compensation policy should be for the management team and the BOD when the company is losing the multi-million dollar contract (should, for instance, the management team's compensation go down, rather than up?,) and what incentive equity related dilution is acceptable to to the shareholders now that the per share price has dropped to the level that it was at in August of 2012 (one could argue that dilution is unacceptable at this stage, and one could also, I think, argue that it inherently is unfair to issue options or shares with current market strike prices given that there are shareholders that are between 100% and 200% under water.)
Errata: I wrote "...August 8 response deadline..." I meant to write"...July 8 response deadline..." consistent with the company writing: "Shareholders wishing to express their position on an agenda item may do so by submitting a written statement to our offices at the above address no later than July 8, 2013. "
P.S. Actually, I think it is possible that the proxy will *not* be available before the deadline for "statement of position" by the shareholders (paragraph 88 of the Companies Law is a little muddy when it comes to the timing of it all.) Certainly, if the detailed proxy is not available before the deadline, it is hard to see how the statement of position can be meaningful.