Don't Ever Get Me Wrong I am all for action. I am all for getting my money back. But here's my experience.
I have gone to an EGM. Everyone whined and rehashed the same old stuff. Mgmt agreed to meet with us. They did a dog and pony show plus a tap dance and nothing happened.
I have been in union negotiations on both mgmt and union sides. When on the union side, there were promises to go back to the table and get more.....nothing happened because we were told there was no more to be given.
So....my point is:
Tell me an EGM has the power to:
* replace management
* install an effective BOD (who are they and how do you find them?)
* change the deals and get the true value..or..squash the deals and find a way to delay or pay off the debentures (rights issue?)
Does anyone know if any of the above is possible or a likely outcome of an EGM?
Gathering a list is fine but are we just preaching to the converted?
What do we do that results in action? Is an EGM the answer? Where's the power in that?
Does anyone know?