"I say his post HAD NO EFFECT on the share price..."
I agree. But can you manage to ask why? Maybe because the initiative failed miserably - squelched by the company and the SEC? Maybe because it was a non-issue to begin with? Maybe because the whole concept was lame and ill-conceived? Maybe because the attempt to make a mountain out of a gopher hole was so friggin' obvious to everyone that read it, and actually thought it through? Yup, you're absolutely right....this attempt FAILED.
My understanding is that there are 5M preferred shares ALREADY AUTHORIZED. Brian's initiative was apparently about establishing a requirement that shareholders had to further approve their actual use in advance. That would mean full disclosure, to the world, of whatever action - strategic action - that the company wanted to take using those shares. See my post on this from yesterday.
This was comparable to the old demand that the company disclose its detailed business plans. No company ever does this if it wants to maintain any competitive or strategic advantage. They may share general plans, but not details that may impact their effective execution.
"Let's play poker - but before we start betting, I'd like to tell you all the cards I hold."
Apparently some just can't recognize that RG & Co. are making some - what appear to be - wise strategic business manuevers. The kind of manuevers that many shareholders have demanded for years. What's funny to me is that these some of these same people applaud most of these manuevers, yet act to try to create barriers to further actions that RG & Co. may wish to pursue. Brilliant!
Quite frankly, if the company opts to use those preferred shares in a way that will make me rich, I'm all for it.
JMHO,
SGE
