THE SPECIAL MEETING - AUTHOR SIDEBAR
Wed, 2008-01-30 17:35
This writer is not a stockholder in HDP and
maintains an arm’s length and impartial position as to this process and its
outcome. I do not have the paper copies of the proxy statement sent to all
shareholders of record. I have been monitoring this process via the online
versions of SEC documents concerning this acquisition (among hundreds of other
sources). I have found apparent discrepancies in the posted effective proxy
statement as to the several appearances and meaning of the terms “not more than
20%” and ”less than 20%,” and one other point on the mechanics of tending
shares. I had a detailed conference call with Bruce Lederman, HDP Secretary,
and Robert Meyer, HDP CFO on January 29th about these and other
questions. Some of the nuanced details mentioned to this point, particularly as
to definitions and voting mechanics, are based on what was discussed. The term
“less than 20%” is considered by HDP to be the effective phrase as defined
above. According to HDP, the potential consequences of the difference between
the use of “not more than 20%” and “less than 20%” could be ignored. See
discussion to follow on the adjournment proposal for the reason why.
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