Ok, you're on the list.
There are two ways of making our voices heard. First, we could contribute attorney's fees to the attorney for the shareholder who has already made an appearance in the arbitration. Second, we could hire our own attorney to enter an appearance on our behalves. Assuming we get an award, this attorney would represent us before the CCAA judge, who I believe would make any decisions about the amountof the award to Management.
What do we have to gain? If the BOD/management got only 1%, as opposed to 10%, they would still get 20 million, about 20 million more than they are entitled to. More importantly, there would be an additional 180 million to be divided among the shareholders. Of course, all of this assumes a 2 bil recovery, but I had to make some assumptions and so chose this rather optimistic one. 180 mil extra to the shareholders amounts to an extra $.36/share, assuming there are 500 mil shares outstanding. For someone with 100k shares, that would mean an extra $36,000. Each shareholder who wants to participate would contribute some minimal amount based upon the number of shares owned. Another alternative would be for one of us to ask the CCAA judge to enter an appearance in the case for the purpose of expressing an opinion on this issue. I don't think, however. this would be as effective as being represented by a well respected attorney, who would make the points for us.
If anyone is interested, please respond accordingly.
By the way, let me express why the BOD/Fung blackmailed the judge. Management has been paid handsomely for years for doing essentially nothing. Only Fung I think made trips to Vz and since the company was essentially a non-operating company, there was very little for them to do, but they still got paid the same. The point is that for whatever they did, they got paid for doing it. It is also the case that management was not entitled to anything extra to prepare a case for arbitration. They were already being paid handsomely and obligated to the shareholders to do whtever was necessary to benefit them and the corporation. But Fung and the others threatened to leave the company if they weren't given a poriton of the award despite the fact that they were legally and morally obligated to do whatever was necessary to obtain an award, incl. a fiduciary obligation to the shareholdres to do this. Unfortunately, no one in the arbitration, including the one shareholder who was represented. made any of these arguments to protect our interests. It is for this reason I think we need to obtain our own attorney.
