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Microcap & Penny Stocks : TSIS: WHAT IS GOING ON?
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To: BarbaraT who wrote (6010)5/22/1999 11:32:00 AM
From: John S. Baker  Read Replies (1) of 6931
 
Something bothered me about my previous response to this message, and I just now figured out what it is. Here's the minor correction.

My comments remain about the legal and fiduciary responsibilities of Board members ... and the fact that each and every Board member is supposed to represent the interests of the shareholders in general.

And from that stems the inference that, in theory, we should not necessarily need to have a significant shareholder on the Board in order to have our interests looked out for. No rule against it ... just, in theory, not necessary.

And as a matter of fact most large companies do not therefore have a specific "shareholder's director".

What I neglected to mention is that taking a seat on a Board is very much the norm in cases where Venture Capital organizations have been the primary source of funding for a company. This is a clear exception to the general rule, and of course, is not the case with TSIS.

JSb.
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