Amazon Natural (AZNT) Message Board

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Microcap & Penny Stocks : Amazon Natural (AZNT)

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To: antibash who wrote (12803)	11/21/1998 4:07:00 AM
From: wonk	Read Replies (3) of 26163

..Where do you wish to go with this? ??? I wrote: I don't believe the corporate shield protects mgt and the Board from personal liability since this is blatant"self-dealing" You responded: If it has anything, and I mean anything to do with business, it's covered! and off we went. Correct me if I am mis-interpreting, but your position seems to be that the conversion of "insider" common to preferred, without notice and offer, is permissable. However, it is not permissable. The board and mgt have a fiduciary responsibility to act in the best interests of all shareholders. Treating the corporate coffers as a private piggy bank is an artifact of control. That is different -- legally -- from the instrument of ownership. The Board and management cannot discriminate between shares -- certificate 1 has the same rights as certificate 2. To take -- what appears to be your position -- to its logical extreme, hypothetically, the Board could arbitrarily assign all future earnings to a single share of common stock, or a random grouping of shares, at their whim. Is it your position that mgt and the Board can discriminate between shares of stock of the same class? ww

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