Dave:
You were not the only shareholder who did not receive notice of the Special Shareholder Meeting. I sent an e-mail to Clyde Pittman about the confusion. He responded to this issue and the meeting itself by e-mail, which he has allowed me to post on this thread and it follows.
We now have a new management at ASTG.
Wes
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Wes:
Just received your E-mail. I very much appreciate your bringing the problems to
our attention. I had not referenced the chat line since yesterday morning.
Needless to say, irrespective of the justifiable skepticism of the shareholders,
the shareholder meeting was held last night at 7:00 at the Red Lion Hotel in
Glendale. Those in attendance were myself, director-designate David Larsen, our
attorney Walter Luostari, and three shareholders. The meeting lasted
approximately 2 1/2 hours. During that time we dismissed the former board of
directors and named a new board of directors consisting of the following
individuals: Clyde H. Pittman, Jr., Douglas O. McKinnon, David Larsen, Richard
Peters, and Jonathan Canis. We also informed the shareholders of our plans for
the future and of our interpretation of the events leading to the current state
of affairs of the company.
One of the shareholders present said he had not received notice of the
shareholder meeting. He had somehow become aware of the meeting through another
shareholder who had received notice. We had contacted shareholders through a
certified list of shareholders that we received from the transfer agent, Fidelity
Transfer, in Salt Lake City. We sent notices to all parties who were named by
the Transfer Agent as being shareholders. I asked the shareholder if his shares
were still being held in "street name". He said they were. We can only surmise
that many notices went out to brokerage houses that have not yet informed their
respective shareholders. For that we apologize. However, since this meeting was
held under court order, we had to dispense with several conditions that would
otherwise have been required in order to have a shareholder meeting. We simply
had no access to the company's books or records. This will change immediately.
We pledged to the shareholders in attendance and to all shareholders that the
company will change dramatically from what they had grown to expect in the past.
We expect to be held accountable for our actions and invite the scrutiny. We
have nothing to hide. This company now has a board of directors who, as
individuals, have amassed an excellent record of accomplishments. They are all
telecommunications and business professionals. Not one individual is the vassal
of anyone in the history of Air Star. Nor will this ever be the case. Certainly
we have received cooperation from individual shareholders in our successful
efforts to take over the company and for this we are grateful. These
individuals, some of whom have been castigated and savaged on the Internet,
nonetheless deserve the thanks of all shareholders for their assistance. Each of
these individuals know how grateful we are for their help.
We are not out of the woods yet. Much has to be done to restore to Air Star the
assets that it rightfully should control. We expect to have little, if any,
cooperation from Sprint in this undertaking. Fortunately, we occupy the moral
and legal high ground in this matter and are well equipped to meet Sprint in any
appropriate forum. More to the point, this company will rely less and less on
the Sprint contract going forward. Certainly the opportunities that are
available to this company transcend the minor consequence represented by the
Sprint contract. Indeed, the company's prosperity should never have been tied so
exclusively to this one contract.
Wes, you and I have talked several times in the past. You know me only as a
voice on the telephone plus some E-mail conversations. You, I am certain, have
drawn your own conclusions regarding me and the group I represent. I rely upon
my sincerely-held belief that you know we are sincere in our approach. Whatever
you can do to "bind up" this company's wounds and restore shareholder goodwill
would be greatly appreciated. These new directors deserve at least a short
period of time within which they can work before the shareholders turn on us.
Thank you,
Clyde |
