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just in case any of zilg's shareholders has a good idea for how to spend the $31 million     23-Feb-09 05:49 pm    
darin has found a way to spare all the company's the shareholders the "potential cost and distraction" of having to listen to them.

lets all marvel for a second at his timely and not at all self serving change to the company's bylaws, that reaffirms the extent to which the company will be managed as his personal property, without any attention paid (now or ever) to the interests of the shareholders.

after all why would they have wanted to receive $4.50 a share when they had the chance when they can enjoy watching the value of the company continue to further erode below 1/2 that and have the much deeper satisfaction of knowing that darin will get paid in full for another few years until he's blown the $31 million.....

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On February 19, 2009, the Board of Directors (the "Board") of the Company amended Section 2.2 of the Company's Amended and Restated Bylaws (the "Bylaws") to remove the ability of stockholders holding at least 25% of the outstanding shares of the Company to call a special meeting of the stockholders. The Board determined that this amendment was in the best interest of shareholders as it provides the Board with sufficient time, without the potential cost and distraction of a special meeting, to evaluate the use of proceeds from the transactions described in Item 1.01 above and the Company's strategic alternatives post transaction. A copy of the amendment is attached hereto as Exhibit 3.1 and incorporated herein by reference.


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just in case any of zilg's shareholders has a good idea...
laughter_in...
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(1 Rating) 23-Feb-09 05:49 pm  
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Zilog Inc. (ZILG)

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