KOO – “So Don has simply pulled the wool over the eyes of all the insiders at Resverlogix, which is what kept him in power for so long. He dazzled everyone with his footwork. Is that about the size of it?”

The most powerful insiders at the moment are HL and ORI and the low price is of benefit to them. HL has taken over an enormous portion of this company for a very low cost. These companies only care about the price at a certain time and that isn’t now. With the shape we are in, losing the IP to them for a song is a distinct worry. When I have mentioned the CEO, I have used that as convenience as he is the biggest culprit but includes all of those Board members outside HL and ORI of which he has a tight little group picked by him. Also, if you have read the financials, there have been numerous times during this that DM has lent the company $500,000, etc. and family members and other Board members have lent money and they receive 10% interest on it. Not bad side deals in a time of almost zero interest rates for his money but we have to pay it because they have us desperate.

There are lots of things that might turn this around but there has been for a long time and we wait but they just never happen. Hopefully they will in the new year but we have hoped for that many times before. This price was where it is long before tax loss season.

Toinv – I agree with your list of possible triggers but we need one to actually happen and it hasn’t in the past. Lack of communication is an even worse issue than most seem to realize. In my decades of investing, one thing has been clear. Silence is bad and the market takes it as that and punishes a stock for it. That is because when things are bad, managements won’t talk to shareholders but when they are good, they will talk non-stop. Even if this gets pulled out (hopefully), the situation at this time is shown as dire by their silence.

jbot – I agree with your last post but the point in the second paragraph is still covered by the fact that HL and ORI are happy with the price right now and the rest are a comfortable little group that has failed us immensely. I do have issue with the statement below.

“ Or, assuming they use parliamentary rules of order, anyone can nominate a member from the floor of the AGM.”

Although this is true, it is not practical. What happens at an AGM is just a symbolic, compulsory exercise that takes about 15 minutes. I assume you have attended some but the voting is already done. If you add a nominee, their might only be a tiny fraction of shareholders able to vote on it with most of the votes tied up in the existing Board as some of them are there. These aren’t RVX numbers rather just an illustration but if there are 100 million votes done online prior and only 5 million votes in the room, the voting is done. They ask who you are and they can quickly tally how many are in the room and see that even if they all vote one way, it can’t change the result. They ask for a show of hands in the room (I don’t bother as it doesn’t count) and announce immediately that it passed, no counting. The room isn’t big enough to defeat it. I have had shares in personal and company held accounts and they ask my name and I say, what about the ones in my company. There reply is it doesn’t matter. You can’t get much more obvious than that they don’t count. If an item comes up that wasn’t circulated so all could vote and needs a vote, they have to hand out ballots. I have experienced this with smaller local companies. You have to put your name on the ballot so they can assign your number of shares as votes. Scrutineers take the ballots away to count them and there is a delay until you get the results. You move on to something else and come back when they are available. In this case, only those in the room get to vote and that would be the case for a floor Board nominee also. If you assigned your votes to a proxy and they are in the room, your vote will be counted but it will be theirs not yours. You might have given them directions on how to vote on the circulated issues but not on anything arising on the floor. You have just given them the right to vote how they wish and they might not even have any skin in the game themselves so have not put much effort into the decision.

AGMs are quite irrelevant. You might get a presentation afterward but that isn’t part of the AGM. The AGM has already been adjourned.