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Yahoo Proxy Vote Recount Answers Some Questions, Raises Others
Posted Aug 06, 2008 11:43am EDT by Henry Blodget in Internet, NewsmakersFrom Silicon Alley Insider, August 5, 2008:
Companies don't go into tense proxy votes hoping for the best. They hire expensive solicitation firms to poll shareholders in advance, so they know where they stand. If the solicitation firms do their jobs right, the companies have a pretty good idea of where the proxy vote will come out before the ballots are counted.
Which is why the magnitude of the "truncation" error in Yahoo's proxy vote is so bizarre. Jerry Yang and Roy Bostock each lost 19 percentage points of support when the error was corrected. 19 points! The results went from an overwhelming landslide to another-couple-of-big-shareholders-and-you-two-are-out repudiation.
So here's the question for Yahoo:
Given that you probably had a pretty good picture of where the vote was going to come out, why did you certify the original results so fast? Didn't they seem surprisingly strong to you? (They certainly did to us, and we weren't even that mad at you.) Didn't you maybe want to check to make sure the (boneheaded) proxy firm had run its spreadsheet properly before you published the counts? Would you have double-checked the numbers if the initial results had said that Roy and Jerry had both been voted out?
We know the recount doesn't change who won. And we know you're desperate to put this whole nightmare behind you. But before you do, we'd love a bit more information.
22 Comments
Pham vin Diesel - Friday August 08, 2008 12:56AM EDT
i just want when i can get the income please tell me? i work long time still can't find out can some one help me please can some one help me thank i live in108-11/21 Holland st Wellington Tearo New Zealand (021-206-2933) Pham Vin Diesel
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Alain - Wednesday August 06, 2008 07:55PM EDT
Yang it's over tic tac tic tac boom, your out....SELL TO MICRO...