Hearing from the Proxy Solicitor

To whom it may concern: please send your agent soliciting my proxy to charm school. I don’t like being pushed to give my vote over the phone. I don’t regard it as secure as the internet or paper balloting.

Yesterday was a funny day, I received three communications (in this order) on National Atlantic.

  • The paper proxy and ballot.
  • An e-mail from some dear friends pointing out our former employer’s SC 13D/A, declaring their opposition to the deal.
  • The call from the proxy solicitor.

As I said to my friends: “I suspect that by this time, Gorman [the CEO] plus the arbs hold more than 50% of the shares. I will be voting my 0.15% against the deal, for what good that will do.

There are no appraisal rights, and I think the only possible remedy would be lawsuit alleging fraud, with a temporary restraining order on the deal. I don’t think that a lawsuit would succeed, but the laws of NJ, and the regulators are management-friendly.”

I have already admitted defeat on this one. Should the merger vote fail, I would expect the stock to drop considerably, because without replacing the current management team, there are no good options.

Full disclosure: long NAHC