Jenny Yu votes with Wise - she is a colleague of Wise's. If you read some of the prior propaganda, Yu was asked to attend board meetings by Wise, but Frank had issue with that since she is not a director and claimed information being discussed was "confidential". I believe Frank tried to claim that Yu's holdings was actually causing the situation which he was arguing to the court in that Yu + Wise was over 20% and they were essentially a "voting group" because of their relationship but didn't claim to be...essentially a way for Wise to control more shares though not directly attributed to his ownership.
Frank knows that Wise will carry sufficient votes - that is why he is going PR insane these past couple weeks.
Morgan is also a dissident - currently a director as well.
As far as the incumbents and the number of shares held - go pull up the 424B3 from April and jump down to page 6 - it shows how many shares each owns as of that date. The amount you have for LaGrange is what is shown in the prospectus.
"What I don't understand is why LaGrange et al doesn't just buy the outstanding shares and take this private...the amount of money is tiny, in relative terms of public companies"
LaGrange or Wise? I could see either buying the whole thing.
"I would've bought shares today but no size was on the ask so I didn't bother chasing it."
I noticed same when I was jumping in past few days. Very few shares bought or sold can move the prices quickly. While the sellers were pushing down, I'd pick my price, then just watch it slowly fill. Happy with those prices now, but would really love to grab a nice gob of shares in the 70s.
don't be silly - we all want the right outcome and would be kicking ourselves if there were some technicality like this that negated the effect of our votes.
you're welcome to call and ask specifically about the scenario. call during business hours and they answer on the first ring.
the rep told me if you submitted multiple proxies the last one received would be counted. it says as much somewhere in Terence's pamphlet that if you had already voted the white, you could still vote the gold after. implication is that only one will count.
broker non-vote probably comes into play only if you do not submit either the gold or white proxy.
"We anticipate that shareholders would foot the bill for Mr. Wise's hostile proxy campaign, which as of two weeks ago was already approximately $250,000 solely for proxy expenses. Mr. Wise has four different teams of Skadden and ex Skadden lawyers working out of their New York, Palo Alto and London offices on his proxy campaign and related litigation so we expect his expenses will be a multiple of that reported amount. Don't risk getting stuck paying Wise's legal fees!"
But Frank, how much shareholder money have you spent on attempting to prevent Wise from even nominating anyone from the director vote? I believe that last quarter alone it was about $300,000 - no? How much more this quarter? How much this year? How many times did you go to NY courts filing lawsuits? How much in legal fees are you personally racking up for the company? In defending your positions are you spending your own money or shareholder money? You are a bloody hypocrite.
Your continual flurry of bogus PRs is what is a distraction. You sound like a little kid whining to his parents. Give it up - let shareholders have their vote and decide for themselves. If you wouldn't have been a jerk from the beginning attempting to control the board as a personal rubber stamp, you might not find yourself in the situation you do today.
Yet again, you do not address any of the issues and look to distract attention into left field.
What are you day trading today with our money? Markets are at all-time highs - how is it possible to have lost 50% and collect fees for losing it? Any bonehead could have put it all in a low cost index fund and made 50% over the past two years.
Why has ISS endorsed Wise and not you, the current board, and Garrett?
You are pathetic Frank and your days are numbered. Quit spending our money.
market maker playing games throughout the day. it's a tough game.
I watched the Level 2 quotes and trades very carefully...I've seen market makers in other low float/liquidity securities I own do the same - I think he has some automated function that lets him sell 100 shares at the bid every 90 seconds. I watched it during the last 90 minutes of the day as he whittled down a 2000 share bid at $2.71, then pushed them under $2.70. as he was beginning to hit bids at $2.63 I stepped in putting my bid at $2.70, I got a few shares at $2.69, then he jumped it to $2.71.
I'm guessing he might make one more attempt to push shares lower before Jan 1. I will buy more...I will play if he wants to.
I expected Innisfree to return my call today, but apparently they've ignored their voice mail. I will call during business hours tomorrow.
What swayed me:
1. The facts Wise presented which clearly show how Johnson uses the company as his personal piggy bank - scheming for ways to have more money flowing to him.
2. Wise is the single largest shareholder. He has more riding on this than anyone. Johnson was unloading shares earlier in the year.
3. I have seen and been involved with probably 4 or 5 proxy fights in the past two years, and all very similar to this one. In every case, the dissident board won the vote, and in every case immediate change took place and every one of the companies performed better going forward. All have seen their share prices double and triple only one year after the board was overthrown and CEO terminated.
4. Johnson has not once addressed any of the charges levied against him by Wise - nothing regarding the secretive convertible preferred notes, nothing regarding renting office space to the CEO and jacking the price from $30k one year to $120k the next, nothing regarding the $2 million which he had the company let him invest (aka day trade) and lose 50%, nothing regarding attempting to get the company to give him a paid position for $300k/year as the head of the company's M&A.
5. Of course Wise's objectives and assertions are self-serving - do you understand how many shares he owns and the bath he's taking on the value - having lost about 50% in the year or two since he purchased?
6. The company is operationally profitable today, we know this. Is it not obvious that the expenses that Johnson is loading the company with to support himself and his actions prevent the company from posting bottom line profits?
7. So what that Wise owns the sourcing company. What did Johnson say - that he's getting $1.5 million/year? Is that so outrageous? The company did $30+ million in sales - is some other company really going to supply the same for significantly less? Look at the numbers - I don't really think so.
Change is good - we need change, Wise means change for the better.
like you previously said - oil is likely going to stay low for an extended period. if anything, better to play with company shares than these ETFs.
shouldn't play games with it...it is a day trading toy, and will always go down long-term because of how it's constructed. if you get stuck, you'll lose. the historical part which sticks out to me is that last two 1 for 10 reverse splits were roughly 20 months apart - and it's approaching that timeframe...within next 6 months or so.
I left a message with Innisfree to get the answer as I can see how this may be an issue if we throw away the white proxy and then broker defaults to vote as the board recommends.
When I hear back from them I'll post the answer.
I'd personally like to see the convertible preferred nullified, those who purchased them only getting back the amount they invested, if not less. I believe, as stated in one of Wise's communications that there is a stipulation in them that in the event of change in control of the board they'd automatically get redeemed at a premium.
I think that as part of this restructuring, Wise should make the channels available for shareholders to communicate directly with him and the board and not necessarily have to go through investor relations. If the objective is to be transparent and give shareholders a voice, I think it will go a long way to re-instilling confidence in the company as we move forward. This would allow you to tell your thoughts/views directly to Wise...though I have to believe it's on his agenda as he's been affected by their actions more than any of us has been individually.
Ditto...I was taking shares at .9101 on Wednesday, .8855 on Thursday, and 8325 on Friday. I'm prepared to grab the mother load if we see shares being offered in the .70s.
Wise has done a good job communicating current problems and his vision going forward. Clearly ISS also recognizes he's the right choice and time for the entrenched board/officers to go.
It's going to be a landslide win for Wise and team.
Not so...cash bleed stops Dec 31. Look for clear GAAP profitability within two quarters. Gravy train has been derailed by Wise. No reason to trade below cash value...short sellers taking advantage of tax sellers. Just a few more days until I take advantage of them all and rip their faces off.