Shareholder action
posted on
Sep 21, 2010 11:13AM
Last year Brian posted the following message: http://agoracom.com/ir/patriot/forums/discussion/topics/371449-we-can-complain-all-we-want-about-replacing-the-bod/messages/1239130#message
Here are my thoughts almost one year later:
1. We contact an SEC attorney perhaps one in CA who also understands CA law as it relates to changes in corporate governance. This attorney should advise us as to whether or not a lawsuit against the company/BoD is the appropriate action or....????
2. We ask the attorney to set up some sort of an escrow fund to which shareholders may contribute money from which attorney fees will be paid.
3. We have one or two key shareholders who will be in contact with the law firm. This serves to limit the amount of calls from shareholders to the attorney. These folks will report back to the rest of us who have made a financial commitment towards this endeavor.
4. We have one accountant (or accountant like) person who will keep track of shares, money pledged and contributed vs. spent on attorney fees.
5. According to Milestone, a fair and equitable solution for those shareholders who want to contribute to a "fund" would be for every 1,000 shares owned, $1 is contributed.
6. My husband and I will contribute $1000 which is more than what our contribution should be based on Milestone's formula.
Who is ready to do the same now? Perhaps we need to have our own interested shareholders meeting in CA to get things moving.
Laurie