Your Royal Highness,
Sounds fishy to me. It seems to me that I've received proxies in the past from other juniors, and I always owned the shares in street name, if that's the correct term, i.e. the broker has held the shares for me - if they don't they charge a lot more and you have to mail them back to them certified mail, RRR, insured, anytime you want to trade - not a very efficient method of holding and trading stock. Plus you need to get a safe deposit box to hide them in. I wouldn't think many people hold the actual certificates - it's just too cumbersome and inefficient.
When the broker holds them for you, aren't they holding them in trust for you? I would think so. If they somehow lost them, I would think it would be a breach of trust.
In any event, the timing of when they sent out the proxies, the fact that it was an additional 4.5 million options involved on top of the 2.2 (if I've got that correct now), these and other facts lead me to believe that all was not done according to Hoyle. |
