Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : RATIONAL SOFTWARE- BUY OR HOLD -- Ignore unavailable to you. Want to Upgrade?

To: Kem Roos who wrote (2501)	7/1/1998 4:12:00 AM
From: spotter	Read Replies (2) \| Respond to of 3115

Just got my proxy statement for the July 16 stockholder meeting. I was amazed to read proposal 2. The summary just about says it all: 'To approve an amendment to the Certificate of Incorporation authorizing the issuance of 5,000,000 shares of "Blank Check" Preferred Stock.' When they say blank check, they really mean blank check. If you read the full description, you'll see that the board would be able to make up the rules for this preferred stock, any way they want to, any time they want. They can make the stock take preference over the common stock in dividends, voting rights, and claim on the company's assets. The argument for it is that it would 'enhance the Company's flexibility'. I'd like someone to write me 5,000,000 blank checks to enhance my flexibility. Needless to say I'll be voting against it.