Future of UBS
This post is for the old timers, ok?
In spite of the recent Court judgement in favour of UBS for 1.6 M$, McGoey has refused to pay up.
The Court has done and continues to do nothing about it.
After all it's Canada, eh?
UBS will soon be out of CCAA.
On May 4 there will be a shareholders meeting, when a new board will be elected.
Two slates and business direction proposals will be presented to UBS shareholders to vote on: Ulicki's and Dolgonos'.
Each has their own plan for the future of UBS.
Whoever has the most shares will win the vote and will decide the future direction of UBS.
Having gone through the Dolgonos experience, I certainly will not vote for his proposal, no matter what it is.
Interestingly, there will be no mailing of circulars or proxys.
Instead materials will be available from the web only, from the UBS web site.
That means a lot of shareholders won't vote because they won't even know they CAN vote.
Ironically, because of exchange rules, neither side can go on a campaign to solicit votes.
To top things off, the current UBS board has shrugged off its responsibility to shareholders, and has refused to make a recommendation on which proposal to vote for.
Why? Only the board knows.
Based on the last vote years ago, I estimate Dolgonos and his friends still have about 30 M votes.
My guess is Ulicki has about 20 M votes.
If this is correct, Dolgonos will win, unless more than 10 M votes come in from small shareholders in Ulicki's favour.
If Dolgonos wins I speculate he will then make a deal with McGoey.
It might go something like this: Gerry, just pay UBS back a token amount, say $10,000 out of the 1.6 M$ you owe, and we can call it even. We can even talk about making you CEO again.
I can just see Gerry wetting his pants laughing at shareholders.
The only winners here have been the lawyers, Gerry, Alex and those who abused the shareholders.
And Alex and Gerry can and will milk UBS for all they can and will laugh all the way to the bank.
.
There's only one way to stop them.
Vote for Ulicki's proposal.
OK pumpers, the board is yours. Enjoy.