They are going to do what they want irregardless o
Post# of 154993
(Total Views: 556)
Posted On: 10/28/2021 11:34:44 AM
Re: Evil Rabbit #108907
They are going to do what they want irregardless of todays vote/no vote. They just gave current management more time to accomplish more things. There is no bad outcome of this delay, its the only card left the 13-D had was being sore losers and not sending in proxied so that qourum was not met.
Three things can happen now. None of which will allow any 13-D members anywhere near the company….
Court Petition to Reduce Quorum
If a meeting cannot be held due to a failure to achieve quorum, the board or any member of the association may file a petition in superior court to either lower the required quorum amount or to dispense with the quorum requirement entirely. (Corp. Code § 7515.)
Directors Continue to Serve
If an annual meeting of the members is not able to be conducted due to a failure to achieve quorum, and thus the election of new directors at the annual meeting is unable to take place, the directors then in office generally continue to serve on the board until successors have been formally elected and qualified (typically at next year’s annual meeting). (Corp. Code § 7220(b).) Any vacancies on the board which were unable to be filled through membership vote at the annual meeting may generally be filled by approval of a majority of the board (by board appointment), subject to certain exceptions.
Three things can happen now. None of which will allow any 13-D members anywhere near the company….
Court Petition to Reduce Quorum
If a meeting cannot be held due to a failure to achieve quorum, the board or any member of the association may file a petition in superior court to either lower the required quorum amount or to dispense with the quorum requirement entirely. (Corp. Code § 7515.)
Directors Continue to Serve
If an annual meeting of the members is not able to be conducted due to a failure to achieve quorum, and thus the election of new directors at the annual meeting is unable to take place, the directors then in office generally continue to serve on the board until successors have been formally elected and qualified (typically at next year’s annual meeting). (Corp. Code § 7220(b).) Any vacancies on the board which were unable to be filled through membership vote at the annual meeting may generally be filled by approval of a majority of the board (by board appointment), subject to certain exceptions.
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