Posted on 04/17/2013 9:16:55 AM PDT by jwsea55
When faced with a problem or complicated situation it’s not uncommon for a person to ask friends for advice. But would you allow friends to make decisions about how to live your life? In 2008 Mike Merrill decided to split himself into 100,000 shares and set an initial public offering price of $1 per share. Shareholders would get voting privileges and decide what Merrill would do on a daily basis and on a grander scale.
Merrill started out by selling 929 shares to twelve of his friends. He paid $500 to a web developer to create a site with an online trading and voting platform. Within five years, Mike sold over 3,700 shares of himself and his stock price hit a high of $20.
Joshua Davis followed Merrill for over a year for an article featured in the April issue of Wired Magazine. Throughout that period Davis watched shareholders increase their control over many aspects of Merrill’s life.
(Excerpt) Read more at finance.yahoo.com ...
What if the shareholders vote to liquidate?
Does it mean if he was told to go jump in a lake, and there was no lake, someone would pay to get him to a lake ... so he could jump in ?
That sounds like a job for the Obama Department of Energy. The lake could cost as much as $500 million. Remember Lake Solyndra?
How much McDonald’s food will that buy?
Probably Depends on how much he had to drink the night before...or fruitless if you meant monetarily.
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He should have kept 51% of the shares for himself that way he would have the controlling interest.
Mel
In 2008 Mike Merrill decided to split himself into 100,000 shares
Within five years, Mike sold over 3,700 shares of himself
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Mike still has 96.3% of his shares.
Obviously he didn’t get enough attention from his mommy when he was little.
This guy is definitely a few screws short of a widget.
I would be more concerned with people that thought investing in him was a good idea.
So if you buy 10% of him, he leverages the money and acquires $10 million in debt, he skips town, do you now owe his creditors $1 million?
Didn’t Sandra Fluke do something similar, except that she was selling five minute shares for about a dollar each?
From a legal perspective, the whole scheme is unenforceable. It’s basically a contract for indentured servitude. But a fool and his money are soon parted . . .
My favorite: “Shareholders voted down a vasectomy, decided he would wear Brooks Brothers exclusively, that he must be a vegetarian and vote Republican. He even granted voting members the rights to his romantic life, approving every date he goes on and every girlfriend.”
And apparently that did not include bringing your own condom. That is why she needed $3000 more, so she could have more sex.
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