RE:And The Saga continues......!!!Some closing thoughts for the week......coming from the perspective of a RIOT shareholder 8)....!
A few developments have surfaced recently, two of them actually. The first is Riot & their Ceo Jason "PokerPuke" NoLes challenging the validity of SFarms' so called "Poison Pill". It seems this will be going or already is ....to court... ..& legal dispute willbe in progress, if it isn't already. The BIG sticking point in the "dispute"? The troublesome 15% threshold that SFarm's mgmt has incorporated into the PP & which ultimately triggers it. Riot thinks it should be the " industry standard" of 20% whereas Sfarms decided to lower it to 15.
So the question here is who'sin the right?.....AND.....does Riot & Mr. NoLes have a reasonable chance to argue their case or a foot to stand on? Who knows? I not fully versed in corporate law and don't know ALL the small details & caveats of that regulatory process. One could be right or both could be if some EXCEPTIONS to the rule are considered. So this is the FIRST battlefield,and will be interesting to see WHO the courts side with!
The 2nd war zone is being fought at the BOD of SFarms. With Riot casting the first stone with their attempts as a dissident & activist s/h, of "nominating" 3 of their own "indepedent" directors at a Special s/h Meeting to be scheduled at some future date. To counter this, SFarms quickly responded by nominating their OWN preferences, which they claim as an independent director as well, with the news being released yesterday. So both parties are trying or attempting to "STACK" the BOD with their own lackies.
How will this scenario play out? Who knows? And we won't until these folks or so called nominees, "independent directors or whatever other title you wish to give them, are voted upon at the "Special Shareholder Meeting", which should be upcoming in the next 3 weeks or so. So here too, it should be interesting to see who comes out this the winner. And this battle is much more crucial than the legality of the Poison Pill being fought in court.
Anyway folks, THAT IS IT....for now. I guess.The next piece of info or move should be some news of the Special S/H Meeting details being sent to BITF s/h. And of course a date. SFarms mgmt only has about 30 days to implement & complete this process, starting as of last week. And the clock is ticking for them............and time is short!
Btw, I'm still hoping & have my fingers XROSSED....on both hands 8)....that this stupid TO move by Riot goes away and dies a quick death. It was REDiculous & dumb endeavor, which should have NEVER happened, and with some luck.... it never will. This has seriously damaged the stock, meaning Riot's that is, and will take some time for it to recoup long after this disaster is over & done with.
GLTA