Ernest,
With all due respect, Spencer is not the owner of the company.
Since Liteglow Industries is a publicly traded company, we, the shareholders, are the owners.
The only reason he still has a mandate (president) is the following:
being a majority shareholder he elects himself as president.
He repeats this every other financial year, thus making it impossible for us to elect another President.
The only way to get rid of him is to find a way to become a majority shareholder (impossible, since he will just keep on issuing shares to himself).
In other words, we're stuck with this clown unless you sell at a loss and decide to move on (poorer but wiser).
As to your third comment, what exactly do you mean by 'paperwork to make more shares authorized'. Normally, only a resolution adopted by a majority number of shareholders is required unless, under Florida State Law, a specific law requires some kind of notice to be given to an organization specifically created to supervise such changes, which I doubt is the case.
Thanks in advance |
