President vows to resign if no quorum at annual meeting. Election Manual to be revised before Board vote.

After a long discussion among shareholders, President Frank Mezzatesta, and legal counsel about the draft Election Manual and Proxy Form, the Board agreed with Mezzatesta’s suggestion to continue the matter to another meeting and meanwhile to revise the draft. Most of the comments were on the question whether the changes would make it more difficult to get a quorum at the annual meeting.  Shareholders were split on that question.

One shareholder suggested the Bylaws could be amended to lower the percentage requirement for a quorum and that that be on the agenda for the next annual meeting. Although our reporter heard nothing that sounded like an actual plan to increase turnout, Mezzatesta and former president Sol Chooljian expressed confidence that getting a quorum under the new rules would not be a problem.  Mezzatesta ended the discussion saying, “If we don’t have a quorum, I will resign.”

The discussion was uniformly civil and substantive and had somewhat the feel of being a workshop, which shareholders seemed to appreciate.  The Board had informally agreed at the beginning of the meeting that the President should use his discretion in setting time limits on shareholder comments in Board meetings, with a goal of 3-5 minutes for each speaker.  Mezzatesta announced that comments directed to a specific agenda item could be made when that agenda item is raised or in the period set aside for “Shareholders’ Public Forum.”  In this meeting, there was a timer onscreen, but nobody was actually cut off.

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