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View Diary: How You, Me and 10 Million Others Could Buy Clear Channel (53 comments)

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  •  Another snag (5+ / 0-)

    revealed by shareholder meetings is that most companies are under no constraints to listen to their shareholders' input.

    The board of directors relies upon their own counsel, and it is ALWAYS their own bottom line they are concerned about.

    So, until you can change the management, buying shares is not necessarily going to change anything.

    I have a lifetime of experience. It took every moment of my life to get that experience too. It was hard work, believe me.

    by spotDawa on Sat Apr 05, 2008 at 01:07:52 PM PDT

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    •  owning stock (4+ / 0-)
      Recommended by:
      Phoenix Woman, murphy, spotDawa, AikoAdam

      gives you votes for whom the board of directors is, no?

      I own direct stock through my 401(k) and I just mailed in my election choices for the Board.

      "Cynicism is a sorry kind of wisdom" - Barack Obama

      by pacified on Sat Apr 05, 2008 at 01:08:47 PM PDT

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      •  Well, did you get to nominate your choices, (4+ / 0-)
        Recommended by:
        Phoenix Woman, pacified, Pager, AikoAdam

        or just vote for them?

        I'm sure in theory it's possible to take over a company in this way, but it is not as a straightforward as simply voting in a new board member...

        I have a lifetime of experience. It took every moment of my life to get that experience too. It was hard work, believe me.

        by spotDawa on Sat Apr 05, 2008 at 01:11:48 PM PDT

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        •  i think you're correct (2+ / 0-)
          Recommended by:
          spotDawa, AikoAdam

          it was their choices.  Was there a write-in?  Ha!  I can't remember.  I voted No on them all, and against everything they wanted, and for everything they were against.

          Maybe that's how it'd work...  they say "we want these people" and if we all vote no, something else kicks int.

          Nothing is ever easy! :(

          "Cynicism is a sorry kind of wisdom" - Barack Obama

          by pacified on Sat Apr 05, 2008 at 01:14:45 PM PDT

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          •  My guess (3+ / 0-)
            Recommended by:
            pacified, rougegorge, AikoAdam

            is that the bylaws are written in such a way that this would be little more than an exercise in frustration.

            There is such as thing as a proxy fight for control of a board, but it has to be a concerted effort by an organized entity who has the capacity to run the company.  The SEC gets involved and all of that.

            One things fer damn sure: Corporations are kingdoms, not democracies.

            I have a lifetime of experience. It took every moment of my life to get that experience too. It was hard work, believe me.

            by spotDawa on Sat Apr 05, 2008 at 01:19:01 PM PDT

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            •  If you get a certain percentage, it's (3+ / 0-)
              Recommended by:
              murphy, spotDawa, AikoAdam

              not that hard to get people on the board.  Proxy fights are expensive and difficult because the insurgents don't enough stock to vote someone in themselves.

              IIRC, 15% ownership is usually enough to vote in some directors.

              "[G]lobalization is...increasing the efficiency of resource allocation through stronger capital markets" - Barack Obama

              by burrow owl on Sat Apr 05, 2008 at 01:43:00 PM PDT

              [ Parent ]

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