Artaflex Inc V.ATF

Board of Directors

[wormbuster]

When they inserted Vlodinger "offcially" on their website, I am almost certain Oren's name had disappeared. Now it is back. Which means a Board of 10 members.
I don't remember voting to increase board membership from 9 to 10. Will have to investigate....

[jackbnimble]

Wormbuster: When I checked a couple of weeks ago, I was told that the Articles allow for a board of up to 12 directors. If so, then the board has the authority already to add additional members without going to an annual meeting.As far as I am concerned having an additional stakeholder on the board is a good because of the questionable governanace that has been provided in the past by the pre RH

[wormbuster]

Thanks. Didn't have time to go back to the articles but that's where I will look first. Don't think we ever had 10, let alone 12. But if the articles allow, then they don't need to have a vote from shareholders.Now I think that RH has formal majority control of the Board, given that  a non executive Chair would (I think)  only vote to break a tie. I may be wrong

[jackbnimble]

Wormbuster: speaking of fiduciary duty, I am less concerned about RH members fulfilling their responsibilities than the none RH group after all it was the non RH group that has ensured that ATQ has been functioning at a suboptimal level for many years and spending like drunken sailors when a little parsimony would have made this company consistently profitable years ago.If the non-RH group of

[wormbuster]

Jack - I understand your criticism of the the previous Board...but given that you seem to have faith in RH and that RH controls the board, I think it would be fair to say that we will see what decisions will be made in the coming months wrt the CEO's location, the audit firm, or the membership of the Board. If nothing changes on those topics, than would you agree that RH

[jackbnimble]

Wormbuster: There is no stakeholder that would approve of the current situation. That is the difference between employees and fee and option collecting board members. Stakeholders want ROI, not a big expense account. No stakeholder is going to wait another nine months for the next AGM. Corrective improvements are needed now to stop the waste. No point trying to save a nickel on parts if you are

[wormbuster]

So you then agree that RH having invested $6M is the major interested stakeholder, with direct control of the Board, and if not  happy with the situation would remedy to any aspect of the company and its operations - as was done in Q2 I believe. So let's see how the future unfolds.