At a special meeting, Quarto Group shareholders approved an amendment to the company by-laws so that they can take on still more debt (which stood at $64 million as of their last annual report). Just over 10 million shares, or a little over half of the shares outstanding, voted in favor of the proposal. Almost all of the other shares were not voted at all, suggesting that other holders knew that the alliance between co-founder and former ceo Laurence Orbach and Chuk Kin Lau of Lion Rock Group — who control 47 percent of the shares — would have their […]
