The HDP Board of Directors, as required in SPAC transactions, approved of the proposed acquisition of NHRA’s professional drag racing assets on May 29^th, 2006. The required proxy solicitation statement became effective on December 24^th, 2006. The next step in the acquisition process, in accordance with Delaware law, as stated in the HDP certificate of incorporation, and in accordance with SPAC procedure, is to hold a Special Meeting of HDP stockholders to vote on several issues related to this proposed acquisition. The meeting is scheduled for 10:00 AM on January 31^st at the law offices of Latham & Watkins in Los Angeles.

This is a “special,” or “extraordinary” meeting because it has been called outside of the usual regularly scheduled annual general meeting of shareholders.

This meeting is not just a mere formality—as others have claimed. Such comments also been found going all the way back to June.  In the absence of any official statement that one or both parties has opted to terminate the acquisition agreement, this meeting will occur, as scheduled, and is an essential legal component to the process—far from a mere formality.

Len Romanick dissects today's meeting and explains the intracacies of this gathering. 

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