Some late questions...
posted on
Jan 19, 2011 04:11AM
I don't think I can get online for the VSHM but a re-read of the docs brought up some questions...
PAGE 5: Johnson seems to have a finger in many pies... just how much time does he spend on these versus PTSC?
PAGE 6: Felcyn has a personal business focus on 'forensic accounting'. Was she in a position to investigate the books of all these failed and investments before they happened?
PAGE 9: last para - Unbelievable! They draw huge fees and/or salaries yet are not obligated to attend the [V]SHM? I guess if they know they have enough proxies to continue to drain money from PTSC for another year then why should they care?
PAGE 10: just how many hours do these officers/directors "work" for these "fees", especially the Chairman? We're looking at close to $100K just for one person on the Audit Committee.
PAGE 10: Who is Mr Mistry and why is he there? Of course, none of the other Board members seem to have much computer technology background, except perhaps Mr. Shrock, so maybe this position is a safety blanket. What has he done for his $42K salary, plus options? How much of his time is dedicated to PTSC rather than to other sources of income? Do he have a relationship with any Board member?
PAGE 13: this counting of Abstentions and "Broker non-votes" as being AGAINST the motion seems morally wrong. If I abstain I expect it to mean count me out of the voting - otherwise I would have voted Against in the first place. [Also on Page 4]
PAGE 14: (middle) with 400,000,000 shares outstanding, how come over 300,000,000 were not voted, if 47,600,000 constitutes more than half of the votes received?
[It's late but I'll add - why wouldn't the missing 300M voltes default to AGAINST as noted on the previous page?]
PAGE 15: (top): what is so significant about the date which is 60 days from November 23, 2010? Why are all these options (a) being offered and (b) set to expire so soon after the VSHM?
PAGE 16: Why would PTSC pay anyone a "discretionary bonus" at a time of trauma for PTSC? Under what logic did the Compensation Committee permit these unwarranted payments?
PAGE 18: Why is Mr Flowers receiving a raise of over 25% in 2009 (and of unknown value in 2010)? How can that be justified?
10-K
PAGE 13: what can be done to prevent Preferred Stock being issued (to the detriment of Common shareholders) by a Board which has clearly an atrocious track record of handled the company's finances.
PAGE 16 - why state "Removed and Reserved"? Reserved for what? What was removed?
PAGE 40: Is Mr Shrock, based on his position as M&A Committee Chair, liable for the disasters we have encountered? In general, with all the Board and senior management, are there no grounds for damages for failure of fiduciary duty to the shareholders?
AND...
Somewhere I think I read that Board Meeting Minutes are available "for a fee". Why can't they be made public via a secure area of the website available only to registered shareholders?
I wish you all luck at the VSHM. I hope somehow the makeup of the Board (and ultimately senior management) can be changed to a group of stockholders driven to try to turn this company around, although I fear the incompetencies of the past several years have already taken us past a point of no return.
Roy Good