Dissent vs. Voting No.
posted on
Mar 23, 2011 08:57PM
Hey All,
I'm new to Agoracom, but not new to CMM. Been a shareholder since November 2010. I've been reading the posts here regularly and just want to say thanks for the insight.
As of today, we have 77+ million shares signed up on Stockigloo as dissenting shareholders. While there seems to be great support for enhancing minority shareholder value, the organization seems to be a bit lacking thus far. I just us all to start thinking about some important issues that we will have to decide on as a group going forward:
1. When we finally set up a private venue to discuss our strategy or negotiation tactics, we will likely have a mole or two amongst us (obviously planted by Finskiy). We need to be sure that even in spite of these moles, our strategy will not be inhibited.
2. Although 77+ million shares may seem like a lot, we need to understand that not all 77+ million are going to want to dissent / vote 'no'. We could only do one or the other. If we are able to get everyone to agree to dissent together or vote 'no' together, then our negotiation position becomes a lot stronger.
3. We need to think of a realistic price to sell. While most of us will agree that the current offer is insufficient, I feel that many of us have unrealistic expectations of CMM's value. Please understand that CMM is still in ramp up stage and not quite a 100k oz producer yet. Getting there hasn't been easy (even though I have no doubt we will eventually get there). If Finskiy/management decides to drag their feet ramping up Lamaque, our stock price will languish for a very long time. This is obviously a lose-lose situation for Finskiy and minority shareholders, but it is a possibility. The way I see it is... Finskiy needs to give us an incentive to sell our shares to him, but we also need to give Finskiy an incentive to buy our shares from us. Finskiy is not going to pay $1.50 for our shares... what's the point of buying something at fair value? If we give him a discount to fair value (i.e. $1.10), he's a lot more likely to pay us out in cash. That way, it's win win... we don't have to be stuck with WTG shares and Finskiy could get CMM at a cheap price and get on with developing lamaque.
4. We need to stop wasting our time and energy complaining about securities fraud, manipulation, breach of fiduciary duty, etc. I come from a law background and I can tell you it'd be extremely difficut to prove fraud, price manipulation or breach of fiduciary duty with the evidence we have here. Save your energy / complaining. Like it or not, we're probably stuck with Daniel Major. Finskiy controls the board... and the board chooses the CEO, so like it or not, Daniel Major is here to stay. While I have no doubt that Finskiy is manipulating CMM's share price, and Daniel Major only cares about Finskiy's bottom line, we can't do much to stop them.
Cheers,
Uall