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Vanguard REIT ETF Message Board

kpens 1 post  |  Last Activity: Jun 23, 2014 5:00 PM Member since: Jun 9, 2009
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  • Reply to

    exDirector Yang letter of resignation in fall 2013

    by lemew Jun 19, 2014 6:04 PM kpens Jun 23, 2014 5:00 PM Flag

    In the USA and most other countries, if not all, an individual is nominated and elected to the Board of Directors, by the stockholders of record as of a certain date, either by direct vote or proxy. Their job is to oversee the company on behalf of the stockholders not their individual loan interest, if any.
    A lender can be appointed to the Creditor Committee, generally all the members of that group are in fact creditors. To my knowledge no creditor committee has been ordered by the bankruptcy court. At that point, a member of the creditor committee would be in fact, only interested in their own interest and making certain their firm received the proper amount of assets.
    Now we have CHNG, apparently they work by whatever rules they wish. For example, I have never been notified or received a proxy request for the election of BoD members. Needless to say, even before their loan defaults, they provided scant if any meaningful information to stockholders, that they did provide was at best questionable based on their credibility and that of the former Chairman Ji.

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