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kingstnap • today at 5:24 PM • 4 replies • view on HN

Bizzare self dealing.

Vote out dude who has 84% shareholder control.

Immediately sign yourself a golden parachute deal for 8 million right before getting fired the next day.

Seems like complete breach of fiduciary duty.


Replies

ImPostingOnHN • today at 5:27 PM

A breach of fiduciary duty" describes Matt's behavior through all his escapades here. Minority shareholder rights are a thing, it just seems there are no minority shareholders willing enough to deal with Matt's nonsense to fight for it.

If there is any litigation, it opens Matt up to liability for the same thing. Unfortunately, as we've seen, Matt is willing to self-destruct himself and the company if it would effect sufficient self-glorification for him.

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cyanydeez • today at 8:35 PM

yeah, because as we know, Corporations are all about ... giving

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hn_throwaway_99 • today at 7:33 PM

Can you tell me where you see Matt has 84% voting control?

I thought the reporting on this (at least in TechCrunch) was downright bizarre. The only thing that ever mattered was who had voting control, and I couldn't see anywhere that this was reported in TechCrunch. I can't even fathom how the other board members thought they could oust Matt if he had majority control. None of this makes any sense to me.

Edit: I see the 84% number further down in the article. Still, that makes this make even less sense to me. How could the other board members vote out Matt as CEO with only a minority vote?

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tjwebbnorfolk • today at 9:25 PM

fiduciary to whom? everyone who invested in the company knew they were buying in to something where one person controlled it.

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