Corporatist democracy in action

[elizilla]

About ten years ago, I was given a small number of shares of Adaptec stock. Long story, not terribly relevant here. The stock's been nearly worthless for a long time. In the last two or three weeks, though, it has started providing some totally unexpected entertainment value.

Every couple of days, I get another letter about a nasty fight for control of the board of directors! Adaptec's management would like me to know that Steel Partners is a nefarious evil hedge fund that wants to destroy the company. Steel Partners would like me to know that Adaptec's management is incompetent and stupid and that I should have no faith in them. Both sides want my vote, and each group insists, INSISTS, that the other is lying and scamming and trying to take advantage of me when they ask for my vote. I should sign this proxy or that proxy, vote my very small number of shares for one side or the other. Both sides sound darn near hysterical, and the accusations are escalating with every letter.

I've long said that these proxy things I never send back, are probably the closest thing I have to a say in how the country is run - it's the guys who control big companies, who really run the world. The proxies rarely have more than one viable choice. This time there are two, but I have no way to make an informed decision. The letters these groups are sending me, are reproduced here and there on news sites, but there's no actual reporting - it's like the news sites just print the press releases.

These guys are acting like fans having a spat over some small convention thing. It's kind of depressing.

Comments

[c-maxx.livejournal.com]

Well, at least someone is attempting to involve a citizen in the process, not all bad!

Or if better- did Shakespeare say this? "a pox on both their houses!"

[(Anonymous)]

At lest you're entertained by it. Not being "investment savvy", the stocks I have are some shares in an auto maker start-up from (iirc) the 80s. An acquaintance had become a stock broker and this mfgr was wanting to float a public offering. If I remember right, they needed a minimum number of shares in cirulation before they could "go public" so I was offered these for free. I never heard from the company again (nor the "broker"). I remember running across the shares in my firebox something like 10 or more years ago and doing a web search on their name (unsuccessfully). They're worth every penny I paid for them. The paper might be worth something as a novelty wrt the history of failed start-ups.