Re: From the heart
in response to
by
posted on
Apr 26, 2010 02:41PM
What exactly is the plan to get around these difficulties?
<It is possible for a shareholder to nominate directors, but the company does not have to include these nominees in the company's proxy statement. In an attempt to elect nominees to the board in a proxy fight a shareholder is forced to comply with arcane rules for prior notification and to prepare and circulate his or her own proxy statement at great expense. A proxy fight can cost millions of dollars out of the shareholders pocket. Faced with a contested election for the board, management will spend the company's money (the assets of the shareholders) fighting to reelect themselves and their handed picked nominees. >
Isn't Carl Icahn saying that until the rules are changed, the cards are severely stacked against shareholders? I thought this subject already had a good airing awhile back. Or is the plan to replace the PTSC BOD by some other means?
Opty