BRR,
The most significant part of your scenario isn't a question "if" but "when". Far for being pie in the sky the idea that the board will be stacked with ECE director is absolutely the stated intention.
While some might be thinking "yeah right", its worth referring back to the details of the agreement between Mark and ECE dated Nov 15, 2010. In the summary of the proposed transaction, bullet point #3 states:
"ECE nominees to hold a majority of positions on Globe?s board of directors, and the reconstituted board to not exceed a total of seven directors."
In other words it has already been agreed that the new board will contain more ECE directors than their proposed 51% (which is way too much anyway) infers that should have. Mqark has negotiated to give them not only complete control of any matters requiring a shareholder vote but also complete control of the board.
In fact there is absolutely nothing preventing ECE holding all of the board positions. Once they control the board they control board nominations and with 51% of the vote they can just place their own guys in all board positions.
If this wasn't their intention why would they insist on completely dominating the board as well as all voting rights ? IMHO this proposed transaction is completely rediculous.
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