Richard, This may be one of those cases where we read into this event much too much. Consider this...Naxos was heading into the AGM with dueling proxies costing the company each time one went out. Naxos is down to a point where smart use of funds is critical. They make a conscious choice to invite Father Gregory to appoint members of the board to lead to a general agreement to in turn cease all dissident activity. The result of which would be a more productive AGM as well as the end of spending on useless Proxies, one canceling out the other.
BUT, behind the scenes, Bob makes sure Naxos is protected on votes to prevent being blind sided.
Final outcome?
Sure enough, Father Gregory had no intention of working together and made the AGM a useless session in legal wrangling. Bottom line he did NOT have the votes to oust Mr. Gardner and the board. Bob still stands as president, his side has 5 votes on the board, while Father Gregory has 4, effectivly muting their impact on future plans. Plus, the dissidents must wait at least 9 months before any further proxy activity.
I would bet that Bob and all the board were upset beyond words to spend the whole AGM vying for power, but Father Gregory forced their hand. But my opinion is there must be something worth fighting for for Bob and his crew to work so hard to maintain control.
So, the good Father can be credited with the following...
Wasting a very large chunk of OUR money turning what could have been a good AGM meeting into a failed ambush attempt.
Completely misleading shareholders as to his intentions with the last "agreement".
Disrupting progress at the plant (an assumption from other posts)
Electing members of the board who were SOOOO interested in our success, they didn't even attend the AGM.
For Bob, none of this was easy my friend. He bargained in good faith for the good of the company. Unfortunately, this was not recipricated.
That is my take based on the what lead up to the meeting and the final outcome.
FWIW,
Tom F. |
