It is obviously in the interest of Sovereign management to attempt to avoid a shareholder vote until after shareholders have been deluded.
More Quotes from Orin Kramer:
The announcement is hardly surprising, but I wouldn't necessarily regard it as definitive. I don't assume that the Sovereign board can unilaterally make these decisions.Orin Kramer
It actually would be virtually impossible to exaggerate the magnitude of the state's fiscal problem. And the governor-elect means what he's said about campaign-finance reform. And that intrinsically creates a very tough agenda.
Orin Kramer
We are great believers in democracy and capitalism and we think it would be wonderful if shareholders would have an opportunity to vote before they are deluded.
Orin Kramer
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