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Non-Tech : PSUN A new breakout at $30+!
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To: Mathon Dabasir who wrote (934)2/12/1999 3:44:00 PM
From: Toby Zidle  Read Replies (1) of 1622
 
Mathon, Sir,...Several of the LARGEST shareholders in a corporation are often represented on the Board of Directors. But rarely, if ever, are they a MAJORITY of the voting shares.

A board is usually composed of the upper executive management of the corporation plus selected outside directors who may represent substantial share holdings or even no shares at all.

The point is that company executives are often made redundant in a takeover. Directors have to resign their positions in order to keep the Board at a manageable size. The executives lose hefty salaries and bonuses plus option. The directors lose big retainer fees and meeting attendance fees. [As as aside, pre-merger Bank of America directors just got $300,000 bonuses plus payment of meeting fees for future meetings they won't attending.] These are NOT neutral people, Mathon, and they may not vote for the best interests of the shareholders.

When it comes to takeover offers, let the shareholders vote. It's THEIR company and the issue of determining ultimate ownership is not a matter for delegation. Poison pills are not in the shareholders' best interests!!

(Note: This discussion is about takeovers and poison pills, in general. It is not intended to refer to the executives and directors of PSUN, specifically.)
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