John Chevedden's Page

When companies know better than shareholders

By LOREN STEFFY Houston Chronicle

Feb. 6, 2010, 12:18AM

http://www.chron.com/disp/story.mpl/business/steffy/6854111.html



Extract:

John Chevedden says he owns 50 shares of Houston-based Apache Corp. But when he tried to submit a shareholder proposal last month, the company not only rej… Continue

Shareholder proposal that triggered Apache Corp., Houston, (APA) to sue small shareholder

[APA: Rule 14a-8 Proposal, November 8, 2009]
3 [Number to be assigned by the company] – Adopt Simple Majority Vote
RESOLVED, Shareholders request that our board take the steps necessary so that each shareholder voting requirement in our charter and bylaws, that calls for a greater than simple majority vote, be changed to a majority of the votes cast for and against the proposal in compliance with applicabl… Continue

Citigroup challenged Ray T. Chevedden’s submittal of a 2010 rule 14a-8 proposal, citing that he still owns the same 384 shares worth $30,000 in 2000. However these $30,000 shares are now worth only $1900 which is below the $2000 threshold for rule 14a-8 proposals.

AMR is preparing the same response to the same shareholder in 2010.

Briefcase: Your money is gone, so stop bothering us
Published: Saturday, March 19, 2005, New York Times
Companies make a variety of arguments to keep proposals from shareholders off their annual ballots. Here is a new one: we have wiped out so much of your investment, you should no longer have a say in how we operate.

That, in essence, is what AMR, which owns American Airlines, told John Chevedden, an activist investor, this y… Continue

In its Oct. 2, 2009 no action request, Becton, Dickinson (BDX) is suggesting that it will adopt a right for 25% of its shareholders to call a special meeting. This is in response to Kenneth Steiner's August 24, 2009 proposal for a right of 10% of shareholders to call a special meeting.