"I find it absolutely astounding that 35-40 people have %80 of the float."

That's NOT what they are saying. IMO, that 80% represents the number of shares voted. Recall that when you vote, it is by PROXY. That makes that vote PRESENT.

So what they are saying is that 80% of the outstanding shares/float were voted. 20% of shares were not voted (no proxy transmitted).

Hope this helps.

SGE