I will provide a rebuttal to the SEC in an effort to convince them that PTSC needs to include my name on the proxy ballot or risk enforcement action by the SEC
Mr Lozano,
While I admire your tenacity, I am concerned about your legal knowledge in seeking SEC enforcement action to have your name placed on the ballot.
Rule 14a-8(i)(8) is an SEC Rule, not one concocted by PTSC to deny shareholder proposals, and is therefore enforceable by the SEC, as such, what can be gained in asking the SEC to enforce their own Rules?
The cited "No-Action Letters" are included to also show a nominee, or proposer, how the SEC has responded at prior attempts to challenge a Company's reliance on the Rule which states the grounds for a legitimate refusal:
If the proposal relates to a nomination or an election for membership on the companys board of directors or analogous governing body or a procedure for such nomination or election
It therefore has to be concluded that while the Rule remains in place any attempt to challenge decisions based on it will be unsuccessful and a waste of time. On the bright side, there's always the upcoming 3% Rule, which if satisfied will guarantee a place on the proxy.
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Be well
