It's not that. Savient's letter is only a Dear Sir, two sentences in length and a one line salutation! Go figure!
Two Interesting articles in today's Tues 5/21/13 Wall Street Journal as they help us to understand Savient's directors and executive Mgmt. In short, 1) today's institutional (large mutual fund shareholders) are becoming more n more active making sure their Co stock Directors performance matches their pay and 2) D&O Litigation Protection Insurance for today's Corporate Executives. (see references to articles below)
If we, as mere retail SVNT shareholders wish to have our complaints and wishes heard and/or apply pressure on the current Savient Mgmt, we have to somehow get help from the bigger institutional mutual fund & brokerage house shareholders. Anyone having experience/knowing the best way to go about doing this and very quickly - please let us know.
What I learned from the D&O Insurance article is that all Savient Directors and Execs have this insurance to protect them against lawsuits of all kinds, including from within their own Co and from the SEC, let alone the public shareholders. Also, because they all have the insurance, they are used to and routinely count on lawsuits. According to the article this is especially true after mergers "where a Co acquires another, for instance, a lawsuit against directors and officers is virtually guaranteed post deal".
1) "Funds Get Active Over Director Pay", front pg 1, Money & Investing
2) "Protecting the Corporate Executive", pg B9, Risk Management
If I could afford another 20000 at .57 ($11,400) right now I'd do it. That'd bring my Avg CB down to $2.32 Shr.... (and to think I've paid $92,800 for my existing 20K shrs!!!!!!) kg
imat, I'm not sure what your point is? It's a known fact in current Sec doc's that the 'poison pill' is expiring this August 2013. Are you saying SVNT Mgmt are inclined to renew it and maintain it and if so, what process might they be following to do so? It's not on the upcoming June 13th Annual Shareholders Proxy Meeting.... kg
Hi j_butler, I'm still all in. Yes would have been nice to have had a crystal ball and sold two years ago. But after holding SVNT(BTGC) for 13 frigin years - who's in a rush?!?!?!
kg2931 (Long n Strong 20K Shrs SVNT(BTGC) Long @ $4.64 Avg CB ($92,800) since 2/11/1997)
I must confess my naivety. Up till SVNT's latest snafu and now ignoring my formal requests as a shareholder, I thought I'd seen it all or enough unfairness & malicious wall street corporate behavior - but SVNT takes it all! I guess you're right - apparently Savient doesn't have to answer anything to retail shareholders!
Do you or anyone here have any ideas on how we might contact institutional shareholders to be a voice at the shareholder meeting?
Yesterday I got a snotty two sentence response from someone in Savient regarding my request to have a ReVote/Renewal of the Aug 2013 expiring 'poison pill'. Called IR this morning, left a detailed VM requesting a call to discuss. No response so far. Totally unacceptable! kg
I don't know what Yahoo does or how they're doing it but they are. Been happening to me for past month. I've tried to cut n paste the letter in at least 5 times, used both IE and Mozilla Firefox. Tried pasting just part of it and even tried just summarizing using my own words. I hit Post, the message comes back displaying as though it's accepted. But after I go out and come back in, it's gone.... kg PS: I'm going to try one more time right after this and call it Test6.
Today I rec'd an email response to my letter(above) back from Savient but they refused to give an answer. Yahoo won't let me post the the contents of Savient's letter!
I have just sent another letter to Savient requesting IR to call me to discuss the letter instead. If they don't do that, my next move will be to start calling securities law firms here locally. kg
logic, us little shareholders can attend the teleconference meeting all we want but there's no option available for us to speak, just the institutions/analysts on the Call.
I am so disgusted! Yahoo's doing it again! Just typed in a very important response letter I just rec'd back from Savient re the 'Poison Pill'. Yahoo won't post it. Deletes it! Go figure! I really think the company's that have stock on Yahoo Msg Bds must have some under the tbl agreement to filter out certain id's - now mine. Doesn't have to be inappropriate or abuse or anything - just whenever/whatever the sponsoring co stock says so... Really feel cheated! kg