Joe, I'd like to repost your comments from SH, if I may.
They deserve repetition.
The question was: "What do people think of the DATE of meeting?"
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"If anyone had any doubt about the contempt Rebecca Keeler has for the shareholders, let this erase that doubt. First she waits until the 11th hour to announce the meeting, then she schedules the meeting 3 1/2 months from that date. I have no idea what the legal limitation is for actually holding the meeting, however, you can be rest assured that she pushed the limit to its fullest extent.
Regardless of what Ms Keeler's personal opinion is on the MMC's likelihood of success, she, as well as the BOD, have a duty to take the issue seriously, and to determine, as soon as possible, if they still have a shareholder mandate to manage the affairs of the company. The MMC, a legally sufficient group of dissident shareholders, has acted in within the legal and democratic parameters of Canadian securities laws and therefore deserve to be treated with respect, in a fair and expeditious manner.
The reality is that with management's current mandate officially called into question, a dark cloud of uncertainty will hang over the company until such time as the issue is resolved one way or the other. Ms Keeler and the BOD have the duty to see that this issue is not unduly dragged out and that the normal business of the company is resumed in the most expedient manner possible, whether that is under the existing management regime or that proposed by the dissident shareholder group. By stretching the legal procedural limits here, the existing management is showing contempt toward all shareholders (not just the dissident group), as well as neglect of fiduciary duty.
By the time the September 21st meeting arrives, it is very reasonable to assume the company will be in a position where it needs immediate financing again, not just for existing operations, but for the massive November payment to Dr.Kuhne. Whichever management group winds up taking over on September 21, they will be left scrambling to arrange any kind of financing they can get, and will once again be negotiating from a position of incredible weakness. You will see the next deal in that situation likely done in the 20-30 cent range.
The company will now have a few dollars in the bank from the recent PP, however that will be short lived. The meeting should be called now so that the management going forward has the time necessary to work out plan for financing. The situation created by the September 21 meeting, is irresponsible, neglectful and contemptuous. The BOD is already walking a minefield littered with potential personal liability. By acting as irresponsibly as they just have, they have set themselves up for serious trouble, both at the corporate and personal level.
This is completely disgraceful, and all shareholders should take a clue from this behaviour, that there is one hope left and that is to ensure there is not one member of the current management/BOD team left after September 21.
That's what I think of the date.
joe"
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