No, you don't vote on execution of the poison pill, you vote on the plan to allow it. Basically, you will vote on the plan. If it's approved then they do not need to ask for a vote to use it until 2017 or something.
I own no shares, have no short, or any financial interest in this company at all. I'm simply interested in this based on the recent news. I'm telling you right now, you're wrong.
This is NOT good for shareholders. I don't know enough about the company to know how many shares management owns but if they own no shares then this could be construed more as a management protection plan than a plan to protect from a hostile takeover.
You posted this nonsense before. You have no understanding of the poison pill. It allows JCP to sell additional shares. Those additional shares will dilute the price of the current shares. That's actually good for shorts, not bad. It's bad for current shareholders since their current shares will drop in value and they will then be buying additional shares directly from the company. Those funds used to buy additional shares will be funding the company's operations directly. In other words, you will spend more money and that money will go directly to operating the company and you'll see the value of all your shares drop. Shorts will make a lot of money.
You do not understand the poison pill. If they double the share count then the share price drops by 1/2. That's great for shorts and AWFUL for shareholders. Shareholder cash will be used to directly fund the company.
No one would buy their company. It was nonsense and their ability to dilute shares is even more important. Current shareholders will see their shares devalued repeatedly now as they increase the float in order to fund operations. I would not buy this company and if I owned shares, I would sell today.