Geroge, Larry, and fellow pissed off shareholders,
It's been about 26 years since I had Corporations in law school, and I haven't had much contact with the subject since then. A couple ideas come to mind:
1. We could start an SI thread for "Legal Advice and Opinion in Corporate Misbehavior Situations." We may or may not have a case. Just because "everybody's doing it" doesn't make it right. And if there's case law upholding this kind of behavior, case law can change when someone challenges it and get new case law made. Perhaps there's some lawyer out there who wants to take on WSP for breach of fiduciary duty or some other grounds. If we were to find someone to do it (preferably a Canadian lawyer who practices in Vancouver, for reasons of practicality and possible conflict of laws and jurisdictional problems) there's the chance that the officers wouldn't like any shinannigans to come out in the light of public disclosure. Perhaps if they think we're serious, they'll rescind their dastardly and cowardly decision.
2. We should get a copy of the WSP bylaws to get a handle on what they can and can't do and the procedures they must follow. We need to be armed with these to intelligently act. E.g. we would want to know about rules for calling an extraordinary meeting of the Board.
3. Maybe we can start a guerilla negative PR campaign against the Bd. Anyone got any low cost ideas on how to do this? A billboard with Randy and McDonald's photos on it with a "Shame on you for rippping off your shareholders" comes to mind, but I don't think we have the money for that.
Anyway, those are the thoughts that come to mind. To be taken seriously, I think we need to have a basis of power, whether it be legal or public relations or whatever. I would guess that they're not shaking in their boots if they're reading our posts. I think they will take us seriously when we find their achilles heel. As I finish here, I think I'll e-mail Sophie and ask for a copy of the by-laws (wonder if she is under any duty to send them to me?) I already e-mailed my complaint to the BC Securities agency. I'd suggest anyone who agrees with our crusade do the same. And keep the ideas coming.
Here's the e-mail I just sent now:
ubj: WSP by-laws
Date: 97-06-05 18:40:14 EDT
From: WAaronson
To: randgrp@helix.net(sohpietaylor)
Dear Sophie,
Could you please send me a copy of the by-laws of Winspear. Thank you. My address is [edited]
The people on the thread are serious about doing whatever they can to reverse this option outrage and will take any action necessary to do so. I haven't received a reply from my e-mail to Randy and would appreciate getting one. There are a lot of angry people on SI, some of whom never posted before. The reputation of WSP and its officers and directorshas dropped precipitously. It would be in the company's best interest if the Board reversed itself in this option "modification."
Best wishes to you.
[ketchup] |
