#ShareholdersFirst a non-hostile governance based board proposal🧵
1/3) This is my proposal or a framework of such, on how
@mcagney,
@elveton101 & the
#IonicDigital shareholders should approach the board. It's purely based on governance, it protects shareholders removing any dangers I currently believe exist with the current approach by
@elveton101,
@SimonDixonTwitt &
@mcagney.
Motive
The purpose of establishing
#IonicDigital was not only to generate additional recoveries for creditors but also to build a company grounded in transparency, avoiding the pitfalls that turned creditors into shareholders. Achieving this required setting up a public company & eventually list it on Nasdaq. When the auditor left in May, effectively halting the listing process, a well-governed board, motivated by
#IonicDigital's foundational principles & its larger shareholder base, should have paused the listing & compelled the previous CEO to address these setbacks, ensuring compliance w/ its fiduciary duties.
Even if the board & chairman ultimately fulfilled their fiduciary duties regarding financials & management, the current communications & actions indicate that they failed in governance. This failure directly damaged the perception of the company's value & governance, leading to the departure of the former CEO & other board members. A significant community effort was required to eventually force the company to communicate, which even reach the court, resulting in some calls from some creditors to liquidate the company w/o fully understanding its financial & operational position.
Proposal
- This proposal, supported by shareholders and
@Figure, seeks to replace or fill 3 of the 7 board seats at
#IonicDigital, retaining Chairman
@mannyaidoo ,
@ThomasADiFiore ,
@Silkee_D, & Elizabeth LaPuma.
-
#Figure will be granted a board seat as per the partnership deal.
- 2 seats will be allocated to creditors who are also shareholders (and meet the requirements outlined in the picture below).
- Once the auditor gains confidence in the Nasdaq listing, these board seats will be vacated, & more competent candidates will be procured to fill them.
-
#Figure will also offer a board seat to 1 of
#IonicDigital's board members (
@ThomasADiFiore ,
@Silkee_D, or Elizabeth).
- The chairman & the newly reconstituted board will execute the mandates mentioned below on part 3.
- Approval of the partnership deal between
@Figure &
@IonicDigital.
1 - A board member can hold two seats in different companies only if there are no conflicts of interest, ensuring that
@mcagney has good intentions in this partnership.
2 - Given that money was saved, risk was reduced, and the board notified Hut of its intent to terminate the deal while executing its duties according to the plan, there is no need to remove the chairman to achieve transparency and better governance.
3 - Michael Abbate will add professionalism to the board, ensuring Figure gets a fair opportunity.
4 - While I'm not fully aware of her performance, her financial background makes the board compliant with Nasdaq's minority requirements.
5 - I’ve interacted with many of the prolific Twitter accounts. These are three individuals I believe can gather enough community consensus, and I can personally vouch for them (I have no affiliations with any of them and met all during the bankruptcy process).
I continue below on the 2/3 and 3/3 tweets.⬇️