matjone Posted July 14, 2015 Share Posted July 14, 2015 Did anyone else holding shares at IB have trouble getting Eriksen's proxy? Normally they are just emailed to me, but I had to put in a ticket to request one. Link to comment Share on other sites More sharing options...
bizaro86 Posted July 14, 2015 Share Posted July 14, 2015 Yes, I got the management proxy but not the dissident proxy. Naturally I'll be voting Eriksen's card, but it's a bit disturbing that it didn't go out automatically. Link to comment Share on other sites More sharing options...
bizaro86 Posted July 15, 2015 Share Posted July 15, 2015 I heard from Tim after this post, IB account holders should be getting their proxy within a couple of days. Link to comment Share on other sites More sharing options...
portfolio14 Posted July 16, 2015 Share Posted July 16, 2015 Could someone explain to me how I should interpret the S-8 filed on 25th April? https://www.sec.gov/Archives/edgar/data/91668/000121390015002559/fs82015_solitrondevices.htm Doesn't it mean the diluted share count suddenly add another 1.1m shares (45% increase)?! Link to comment Share on other sites More sharing options...
Gamecock-YT Posted July 17, 2015 Share Posted July 17, 2015 Nice powerpoint slides by ECM: http://www.sec.gov/Archives/edgar/data/91668/000114420415042933/v415679_dfan14a.htm Link to comment Share on other sites More sharing options...
Cardboard Posted July 17, 2015 Share Posted July 17, 2015 I have reviewed the presentation and honestly, I have never seen anything as bad as that. I have seen poor corporate governance and abuse but, this is well over the top and wonder how he got away with it. This looks illegal isn't? Conrad Black and Dennis Kozlowski were angels compared to that man! Now, the company has only a $9.5 million market cap and a ton of cash on the balance sheet. Why not going for a 51% take-over offer at something like a 30% premium? I have not reviewed how many shares Tim and others control but, how much more do you need to reach that threshold? Who are the other holders who have accepted this bad treatment for years? On the other hand, this may not suffice considering what this guy has done historically. He may resort to have the company give him such a golden parachute that this would become impractical. Anyway, good luck with your fight guys and hope you are successful. However, I am afraid that you may have to sue to force him to lose his power or similar to what Tweedy Browne did with Conrad Black. Cardboard Link to comment Share on other sites More sharing options...
kab60 Posted July 17, 2015 Share Posted July 17, 2015 Tim, did you consider contacting media about the proxy battle? I work as a business journalist (Europe though) and have followed from the sideline, but I do think it's a very good "story" that I'd do in a flash if it was relevant for our readers. The small size of Solitron is the only issue but then again it could be one part of a bigger piece on shareholder activism/abuse. You already did most of the research and layed it out there. Local media where Solitron employ people is one option, nationwide media another since there are so many fascinating aspects in this utterly grotesque story. Link to comment Share on other sites More sharing options...
gg Posted July 17, 2015 Share Posted July 17, 2015 Significant volume today! Link to comment Share on other sites More sharing options...
wknecht Posted July 17, 2015 Share Posted July 17, 2015 I got my "Dissident GOLD Card" electronically from IB today and voted accordingly. Very small position for me though (580 shares). Link to comment Share on other sites More sharing options...
namo Posted July 17, 2015 Share Posted July 17, 2015 @Cardboard: if you read back through the thread (or check out the filings), you'll see that there significant NOLs that would get lost in case of a change of control. Link to comment Share on other sites More sharing options...
wknecht Posted July 23, 2015 Share Posted July 23, 2015 ISS endorsement. Tim...drops the mic http://www.sec.gov/Archives/edgar/data/91668/000114420415043901/v416114_dfan14a.htm Link to comment Share on other sites More sharing options...
valueyoda Posted July 28, 2015 Share Posted July 28, 2015 http://www.sec.gov/Archives/edgar/data/91668/000135448815003431/sodi_defa14a.htm Solitron is actively engaged in a few potential value-adding takeover deals that could be transformative for the company. Not only would a deal increase the revenue and cash flow signficantly, diversify its revenue and customer base, but it would allow Solitron to fully utilize its NOLs within 3-4 years and provide a deep management bench that could replace Saraf eventually without having to worry about succession plans. In addition, Solitron will create a shareholder advisory committee composed of delegates from investor groups that hold more than 100.000 shares. This solidifies the shareholder position in the future, even beyond a board seat win by Tim Eriksen, or my involvement with the company. Link to comment Share on other sites More sharing options...
valueyoda Posted July 29, 2015 Share Posted July 29, 2015 http://www.sec.gov/Archives/edgar/data/91668/000135448815003452/sodi_defa14a.htm Solitron increased its buyback program ending in Feb. 2016 to $1mln from $500 (almost 10% of the outstanding shares at the current price). Link to comment Share on other sites More sharing options...
oddballstocks Posted July 29, 2015 Share Posted July 29, 2015 The big question is whether they've actually purchased any shares. There are hoards of small companies that issue PR about authorized share repurchases that never purchase a single share. Saraf should put cash where his mouth is and buy stocks. Link to comment Share on other sites More sharing options...
valueyoda Posted July 29, 2015 Share Posted July 29, 2015 I have suggested that last month, but he said that the process would start after the Annual Meeting when the silent period ends. I guess he has to do a negotiated deal or tender offer, otherwise the price will be driven up quite quickly. Link to comment Share on other sites More sharing options...
ragnarisapirate Posted July 29, 2015 Author Share Posted July 29, 2015 Is there anyone here, that is actually voting for management in light of recent events? Link to comment Share on other sites More sharing options...
bizaro86 Posted July 29, 2015 Share Posted July 29, 2015 Is there anyone here, that is actually voting for management in light of recent events? I can't imagine... Management has been doing shareholder unfriendly things for literally decades. The fact that they might lose their spots is causing them to project change, but that doesn't seem as good as actual change. Sure, if the CEO gets replaced (not likely with only two activists on the BOD) that might affect operating performance, but this seems like the type of business where you could find a competent manager to run it. Link to comment Share on other sites More sharing options...
oddballstocks Posted August 4, 2015 Share Posted August 4, 2015 Anyone know the results of the election? Meeting was at 9am this morning, should be over by now. Link to comment Share on other sites More sharing options...
Jurgis Posted August 4, 2015 Share Posted August 4, 2015 Anyone know the results of the election? Meeting was at 9am this morning, should be over by now. Donald Trump won. ... oh you meant different election... Link to comment Share on other sites More sharing options...
gg Posted August 5, 2015 Share Posted August 5, 2015 Has anyone heard anything about the meeting yesterday? Vote results or any other worthwhile news? Seem to have a lot of the large holders represented on this board....someone must have been there or have some news? Link to comment Share on other sites More sharing options...
ValueHippie Posted August 6, 2015 Share Posted August 6, 2015 News are out now. Gratulations! Link to comment Share on other sites More sharing options...
bizaro86 Posted August 6, 2015 Share Posted August 6, 2015 The scale of that win suggests that management will need to work with Tim/David. They received approximately twice as many votes as managements nominees, suggesting that if they're not happy they would likely win more seats next year. Also, (and a bit pedantically) I'm curious who voted 2 shares for Tim but withheld them for David. That seems odd to me. Link to comment Share on other sites More sharing options...
merkhet Posted August 6, 2015 Share Posted August 6, 2015 I noticed the 2 vote discrepancy too. That was rather strange. Link to comment Share on other sites More sharing options...
namo Posted August 6, 2015 Share Posted August 6, 2015 Congrats! I'm looking forward to seeing what comes next. Be (somewhat) gentle with Saraf, he's still useful. ;) Link to comment Share on other sites More sharing options...
Guest Schwab711 Posted August 7, 2015 Share Posted August 7, 2015 Congratulations Tim! Great to see change and I really hope this works out for you! Link to comment Share on other sites More sharing options...
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