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Technology Stocks : GX Investors Thread
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To: Area51 who wrote (501)1/31/2002 1:28:03 PM
From: Gary Stern  Read Replies (2) of 586
 
The officers of a company serve at the pleasure of the Board of Directors. The Board is elected by the shareholders. If the Board directs them to propose to wipe out common shareholders it can only be because they theoretically have the majority votes to control a decision that will wipe themselves out along with the other common holders. My problem is that the "Plan" will include their being able to rebuild their own capital position with new options and other cheap shares or the use of other private capital to allow a preferential buy in. Also, the deal could have provided a bone to current common shareholders of, let's say, 25% of the company. I resent the fact that there is no offer for current owners (who took the real startup risk) and believe it is a simple outright swindle.
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