The directors of the company were to consist of five residents of San Francisco, two of Seattle, and two of New York, all of whom were to represent the Preferred Stockholders.
22.
McLean wrote one recent term sheet with a hard-line pay-to-play clause that would have changed preferred stockholders who didn't participate in future financings into common shareholders, waiving voting and stock-selling rights.
23.
Proxy votes issued ahead of the meeting showed 98.2 percent of ordinary shareholders and 96.7 percent of preferred stockholders backed the proposal to shift New Corp .'s corporate base to Delaware.
24.
These facts are important because preferred stockholders would have " every reason to oppose " a proposal to convert the Gabelli Global Multimedia Trust, a closed-end fund, to an open-end fund, according to the suit.
25.
But $ 31 . 3 million in interest and payouts to preferred stockholders left the company with a $ 20 . 4-million loss in the half-year period, said Vitale, Petersen's president and chief operating officer.
26.
Proxy votes issued ahead of the meeting showed 98 . 2 percent of ordinary shareholders and 96 . 7 percent of preferred stockholders backed the proposal to shift New Corp .'s corporate base to Delaware.
27.
Section 543 ( c ) purports to divide the authority to select seven directors between the common stockholders and the preferred stockholders upon conversion of one-fourth or more of Amtrak's outstanding preferred stock to common stock.
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