Subscribe to this topicForums > Sky Power Fund > Topic: New ceo... how with out a vote??
| Nov 21st 2007, 13:10 Pj Crosley |
New ceo... how with out a vote?? | |
| How does sky become ceo with out a vote with less shares then the majority?? I was part of the original psg, in fact i was second in command. As you all well know quintin vanished and so did the money from psg. There was 3 in charge.. Quintin, Me and sky. Now i left the game for about 3 weeks and when i came back, Sky here claimed to be the ceo and Quintin was gone. Yet he put zero dollars into psg and just assumed the role. Kind of like now i guess. So i kicked his sorry ass off the sim and contacted travis ristow so we could work on trying to save psg just like travis did. If i didnt, psg would have went down in flames with Sky here sitting in his office. Oh yea and wile quitin was gone, sky just assumed the biggest section of rental space, we had on the vegas sim for his new office. Never paid a dime for it just said he and Quintin had a agreement. I guess the agreement was to take the company down the tubes wile you 2 guys put zero into it. Good job your doing here sky. Taken over were u left off because the stock just hit 32 cents. |
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| Nov 21st 2007, 15:35 Cash Yiyuan |
Re: New ceo... how with out a vote?? | |
| Pj you may have missed Travis' announcement, I quote "I am Very Pleased to announce that We have negotiated the sale of PSG (Power Investment Group) to Sky Hedge Fund." Sky Hedge fund is the controlling interest in this investment, hence SkyRanger is the CEO. |
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| Nov 21st 2007, 15:50 Pj Crosley |
Re: New ceo... how with out a vote?? | |
| how does he have controlling interest when he has less then the majority. | ||
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| Nov 21st 2007, 19:12 Cash Yiyuan |
Re: New ceo... how with out a vote?? | |
| Excuse me for my misuse of working - SkyRanger bought the shares off Travis, whom was CEO. SkyRanger Hammerer 371,533 35.4% Single largest shareholder and Travis behind him. |
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| Nov 21st 2007, 20:06 Xavier Mohr |
Re: New ceo... how with out a vote??
Edited by author Nov 21st 2007, 20:15 |
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| Cash, I believe what Pj is saying is that Travis and Sky together only had 44.9% of the total outstanding shares. He is curious to know how this deal was accomplished without a majority agreement. It is extremely curious. In cases where a CEO holds more than 50% of shares, a shareholder vote does not matter because the CEO's vote is majority by default and nobody else's vote matters. In this case Travis and Sky together did not nave 50% of outstanding shares. Perhaps more shareholders agreed to this decision and mentioning it was simply overlooked in the original announcement. Xavier |
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| Nov 21st 2007, 20:49 Dezmond Martinek |
Re: New ceo... how with out a vote?? | |
| Yes, exactly. Pj isnt the only one with questions regarding this either. Travis did have more shares but sold them off before completing this transaction. It seems pretty peculiar. Take a company... sell off majority holdings.. and then transfer it to someone else. I think an explanation is due. You can't have it both ways. Either you keep enough shares to control the company or you sell them off at bidding price and lose control of the company. You can't just sell off your controlling interest and then do whatever you want with the company without consulting the other shareholders. Basically you can sell your shares, but the company... well you don't own it anymore. | ||
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| Nov 21st 2007, 21:38 James619 Bagley |
Re: New ceo... how with out a vote?? | |
| I agree with Dezmond. In fact, if I was a shareholder, I would DEMAND a emergency shareholder meeting to discuss what just happened, and weather or not to allow it. And if a majority of the shareholders choose to oust the new company management......OUT YOU GO. Glad I don't have any shares. I hate crooked, underhanded dealings like this. Good luck. |
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| Nov 21st 2007, 21:44 James619 Bagley |
Re: New ceo... how with out a vote?? | |
| Now, if presented with a take it or leave it attitude.....I would dump the stock. Why own it if it doesn't mean anything? Again... I don't own any....but i will be watching to see what happens. This ought to be interesting..... |
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| Nov 21st 2007, 21:56 James619 Bagley |
Re: New ceo... how with out a vote?? | |
| Maybe I'm getting ahead of myself....I would like to ask if any other shareholders agreed to this business. With 44.9% of the shares, it wouldn't take a lot to complete a majority ruling. However, it still should have been brought out for a public vote of ALL shareholders. Or am I still too new, and this isn't the way it is in SL? |
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| Nov 21st 2007, 23:22 SkyRanger Hammerer |
Re: New ceo... how with out a vote?? | |
| I have been involved with PSG since it was a sim in its early Los Vegas days, and have always enjoyed working here. Unfortunately when the previous CEO abruptly left SL, it became mismanaged and eventually ran to the ground and Travis Ristow took over it via a loan that it had with BCX bank. After PSG moved to CAPEX I took over its day to day operations as COO and handling investments due to my vast background and expertise in the same field. PSG Announces NEW Vice President 11/01/07 We are pleased to announce that Skyranger Hammerer has Joined the Management team at PSG. Sky Is well suited for the position & runs a Very succesful Hedge fund. This will allow me to concentrate on a few other areas of the business that desperately need attention. Since that time, I have continued to manage investments and most of PSG, until I approached Travis and offered a full take-over since I had been managing most of its day-to-day operations as a COO and my track record of handling investments. He went over my vision in details and even weighted his options on what could be better, so the deal was finalized and completed. This deal was done with the best interest of investors in mind, I have laid the plan and foundation for the train to run, we will find grease along the tracks but that will only slow us down, because we are taking off. For the investors that started dumping the stock, that is your option and discretion- I have disclosed this company's Net Asset Value Per Share should double in the near feature with my own injection of cash, not to mention the buyback plan that I have in place, so sell at your own risk. Please contact me inworld for further details and I will be happy to discuss. We are looking ahead and not behind, thank you and Happy Holidays, SkyRanger Hammerer CEO - PSG |
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